Looking for a lease to own home. Don't know where to start? Any help would be great!?

Asked by Kesha8806, Huntsville, AL Mon Aug 19, 2013

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Jan Garrett, Agent, Huntsville, AL
Mon Aug 19, 2013
Hi Kesha,

Id be happy to help you with this and there are homes in Huntsville that are lease to own :-)
It would be fabulous if we could meet at our office and just discuss the process AND I also Tammy with Progress Bank in our office . We could get her to meet with us and discuss the pros and cons of a lease purchase or better yet we may even discover that you can purchase !!!

Im here to help you it will be a pleasure !

Jan Garrett
Legend Realty
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, ,
Mon Aug 19, 2013
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.

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 options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Jennie Champ…, Agent, Madison, AL
Mon Aug 19, 2013
Hi Kesha,

I would be happy to sit down with you for a buyers (lessee consult) consultation. No obligation:) We will go over all of your wants, needs, budget and areas you are interested in. Please call, text or email me.

Warmest Regards,
Jennie Champion, Realtor
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