I am looking for a lease option. I, like BrightFuture, am finding a lot of websites that supposedly provide lists for a fee. I ask the same questio

Asked by Abby, Greensboro, NC Fri Nov 9, 2012

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Ron Thomas, Agent, Fresno, CA
Fri Nov 9, 2012
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
1 vote
Kathy Haines, Agent, Greensboro, NC
Fri Nov 9, 2012

Our company does engage in lease options and we have a great program that we have been using for years. I will be happy to go over how that works and help you in your quest.

Just give me a call at 336-339-2000 or email me at khaines819@gmail.com
0 votes
Ayesha Mintor…, Agent, Greensboro, NC
Fri Nov 9, 2012
Hi Abby,

Lease options are not as easy to find as a traditional sale or rental because they involve elements of both. What you would really need to do is have your agent (you do need one in this instance OR an attorney) find out if the owner is willing to do a lease-option on their property.
You will need to "prove" to the owner that you are going to be able to purchase the home by the date you two negotiate on, and that would involve talking to your lender that's helping you, and having them create a document for you.
An attorney would need to drawn up the lease option agreement because it isn't a traditional form. There are a few other elements that I would be happy to discuss with you if you would like.
0 votes
Mallard Real…, Agent, Chapel Hill, NC
Fri Nov 9, 2012
Lease options are usually rare, but I would recommend asking a few agents in Greensboro what is currently available. They should be happy to help!

Here's the link: http://www.trulia.com/voices/directory/Greensboro_NC---16823
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