Is it an impossible task to find a lease-to-buy home in Rockwall? I fell in LOVE with one home on sale and can not get mortgage until october.

Asked by carmensiya, Rockwall, TX Sun Apr 29, 2012

We are being relocated from Europe to Rockwall (Yay!) and the Company is now paying for an apartment. We can lease-rent through the company but will not be able to get a mortgage until next October.
It's heartbreaking to find a home I really love and find out it has been sold in the next weeks. Could it be a good idea to make a serious proposal to owner through our Real Estate agent?

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Brian Rayl’s answer
Brian Rayl, Agent, Dallas, TX
Mon Apr 30, 2012

The problem that Texas has with lease/purchase contracts is that there is significant liability placed on the owner in such situations. The state does not allow for a lease/option where the option period is greater than 6 months.

With that being said, you are looking at purchasing in October, which is right at 6 months away, so it may be possible to get into a home now and pay rent until then. You will likely have to put the full "earnest money" (typically 1% of the price of the home) up front now and if in October you were not able to purchase, you would likely lose that deposit.

You would have to find an owner who would be willing to do that. If they are needing to sell their house in order to pay the down payment on a new home, then it wouldn't work. However, if we can find an owner willing, we can definitely work something out.

Please feel free to contact me if you would like to get started or if you have any additional questions.
0 votes
Crystal Jones, Agent, Heath, OH
Sun Apr 29, 2012
Yes you can find a lease to buy in Rockwall. I'm an agent with Keller Williams in Rockwall. My website is
1 vote
Rosemarie Ku…, Agent, Las Vegas, NV
Fri Jun 8, 2012
If you are interested in renting ask the owners at the home on 1015 Pinehurst Dr.,
Rockwall, TX 75087... I happen to know that they are willing to Lease Option as I am trying to
move them out of there home and relocate to Las Vegas, NV.... Tell your agent to present an offer
for Leasing Option with the intention of buying it in October... If you have any questions please give me a call and I can help you find someone in TX to do this transaction for you..

Rosemarie Kudo-Realtor
FORTRESS Real Estate Service
Las Vegas, NV
0 votes
Lisa Montes, Agent, Carrollton, TX
Tue May 8, 2012
Rockwall has a lot of great homes. I would say wait til you qualify for a loan on a mortgage in October and start shopping then. I am sure that you will fall in love with other homes on the market at that time. Becoming an outright home owner is the best way to go. You have an asset, you can build equity, and you get a tax break. That is so much better than rent to own.

I am a former resident of Rockwall and know the area well. If you need any help please let me know!

Lisa Montes-"Your Home Retriever"
0 votes
Building equity assumes home prices will always rise.
Flag Sat Nov 24, 2012
T.E. & Naima…, Agent, Dallas, TX
Mon Apr 30, 2012
Here's a link to the property I was talking about.
0 votes
carmensiya, Home Buyer, Rockwall, TX
Sun Apr 29, 2012
Thank you very much, Mr. Sumner,

The company my husband is going to be hired by, has actually given us some useful information and is willing to cover most expenses derived from buying - leasing a home.
They have also informed us that we could get a pre-approval next August.
Renting is not a big problem here as Company has already leased an apartment for us to stay while going from USA - Europe - USA.

Waiting would be the easiest option, but I just felt like asking and doing some research just in case it could be possible to make a leasing/buying contract where leasing would be just a way to make sure we can get that home we like and seller would be sure that we are going to accomplish.
It seems it's not easy but not impossible either as we have been talking today with a realtor while visiting an open house.

It's very different, the way mortgages and credit is approved here. Here you need to get a Credit report based on how many credits you got and how good you are paying them and there where we come from, having no debt is necessary to get a good credit based on family income. They work on the idea that the more money you don't have to spend paying for credits, the more money you've got to pay your mortgage.
This way, you will find our credit report in Europe is more than excellent and here it would be impossible to get a mortgage even when I am talking about a 6 digits salary.

I really appreciate kind, fast and good advice from you and Mrs. Jones.

I'll come back with any news, just in case there is someone in the same situation as me.

Thanks again!
0 votes
T.E. & Naima…, Agent, Dallas, TX
Sun Apr 29, 2012
The rental market is pretty hot right now, making rentals difficult to find in the first place.
Many people are facing the same situation as you, having difficulty getting financing to work. Changes to the law (especially Federal law) and changes to regulations implementing the law require higher levels of scrutiny in loan application, greater diligence in verifying borrower information, and tougher performance standards (higher credit scores, paying off past collections, larger down payments, etc).

Do sellers want to sell their homes, yes. Do lenders want to lend money, yes. But there is risk in leasing that the renter simply won't complete the buying process. So, sellers are looking for a very low risk (high degree of confidence) of the sale actually closing. Reducing risk can involve putting substantial renter money at risk for failure - which renters often don't have, or else the seller may wind up with renting a place out that he needs to close and eliminate the mortgage payment on.

Right now I have a listing that the seller is flexible on, but a delay of 5 months would probably ruin the deal. So, on a case-by-case basis some sellers may be willing to accept the risk and the buyer may be able to mitigate the risk (by putting his own money on the line), but nothing is for sure.

You need help finding homes that are ripe for making a deal and you must be willing to do what it takes. Otherwise, plan on waiting until you can get your loan.
Web Reference:
0 votes
carmensiya, Home Buyer, Rockwall, TX
Sun Apr 29, 2012
Thank you very much!

I'll take a look at the link you posted here.
0 votes
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