How do I find a home with lease to own option? Any info would be helpful.?

Asked by Bacon_jeff, Columbus, GA Fri Feb 14, 2014

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Don Tepper, Agent, Burke, VA
Sat Feb 15, 2014
Here's a link to a blog I wrote on how to find lease-option properties: http://bit.ly/findaleaseoption

Hope that helps.
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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Feb 15, 2014
Doing a lease purchase/rent to own can be a very risky for a Buyer. I do not suggest doing lease purchases/rent to own. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.
Web Reference:  http://www.rodneymason.com
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If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
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Flag Sat Feb 15, 2014
Tamber Lewis, Agent, York, ME
Sat Feb 15, 2014
Although I am in Maine and you are in GA... the best thing to do is to work with a Real Estate Broker. If you see a house for sale that you like... the listing Broker has direct contact with their seller client and they will be able to inform you if a lease to own option is available. Let a Real Estate Broker work for you! Hope this helps.... Tamber.
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Rebecca Bart…, Mortgage Broker Or Lender, Flint, MI
Fri Feb 14, 2014
You can check with a real estate agent in your area and they should be able to help you with this.
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