Is it at all possible that the owner would consider a lease/purchase for a first-time home buyer?

Asked by crowdersoup, Philadelphia, PA Wed Dec 12, 2012

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This question was asked from this property: http://www.trulia.com/property/3092863831-134-E-Walnut-Park-…

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6
Billyoung222, Home Buyer, Lansdowne, PA
Sat Jan 11, 2014
You have everything to lose by doing a lease purchase. In over 75% of the cases, the deal does not close. Think. You have paid a lump sum down, right? You will probably be asked to pay a higher than market lease with the agreement that the "excess" will be applied to the eventual purchase price, right?

An unscrupulous seller may be able to sell the house to another buyer at any time before the deed is transferred into your name. He can also mortgage the property to the hiltt, making it more difficult if not impossible for you to qualify for a large enough mortgage when it comes time to buy. You can't buy, he keeps the proerty and your money. What if the seller gets into financial trouble and loses the house to foreclosure? How many liens, judgments and vioations will there be on the house? Even perfectly scupulous owners can die, or get divorced, which means the house can end up in an estate or marital dispute. If you elect to proceed with the lease/purchase, make sure you hire a REAL ESTATE attorney, not the guy or gal who handled that traffic ticket for you!
0 votes
yanamingo, , 33182
Fri Dec 14, 2012
Anything is possible. Present it to the seller if he/she says no then on to the next one.
0 votes
Sheri Curci, Agent, Newtown, PA
Wed Dec 12, 2012
Good Evening Crowder Soup.....

You may not have to go this risky route... terms and conditions with Lenders are changing daily that will favor YOU the buyer.

It sounds like you need some updating on the Market conditions and also on what lenders are now and will permit in the near future for you to be a CLEANER + STRONGER BUYER

Feel free to give us a call
All the Best John Curci RE/MAX 215-757-2889
0 votes
Robert Moore, Agent, Warrington, PA
Wed Dec 12, 2012
Hi, thanks for your interest. I would be happy to ask the home owner about this but I know they are looking to sell it. Have you seen the property yet? If not I can show it to you. Let me know. My cell# is 267-241-0833 and email is robertpmoore@realtor.com.
0 votes
Dmytro V. Bo…, Other Pro, Havertown, PA
Wed Dec 12, 2012
Anything is possible.
Need to ask the owner.
Negotiate an offer.
Get pre-qualified by a lender and see what and how much $ you can play with first, then approach the owner.
I respectfully disagree with my fellow Realtor's comment below.
First, you do not know who is desparate - the buyer or the seller.
Second-a bit inappropriate.
If you need a Realtor to approach your owner/landlord and get referrals to lenders-let me know.
Sincerely,
Dmytro V. Bova
610-348-8389
Realty Mark
Main Line Investors Group, LLC
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Dec 12, 2012
Lease/Option
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!
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