Need a lease to own option home?

Asked by Patty Chavez, Eastview, El Paso, TX Fri Feb 18, 2011

I'm looking for a realtor here in El Paso, TX that deals with lease-to-own homes. I am a registered nurse but unfortunately I still have some debt to pay off and student loans. I would like to look at homes that are listed with lease to own option. My apartment lease is up this April, so the sooner the better. I am interested in the area codes 79936 and 79938.

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6
Michael Bray, Agent, El Paso, TX
Fri Feb 18, 2011
Don said:

Bad News: Texas is the one state in the country that severely restricts lease-options. So while they're very easy to find elsewhere, Texas is a whole other story.

Don - I don't know where you got that information. I am not aware of any state law or state regulation, for that matter, that places any restrictions on a lease-purchase transaction in Texas (perhaps you have a different situation in your part of the country).

Most loans in the secondary market in the past 20+ years have had a due-on-sale clause. Your blog does not clearly point this out and may lead the reader to believe that most properties on the market are free and clear.

But Don, you are correct that Patty should find a local agent with the necessary experience to help guide her through the process.

El Paso is fortunate to have a stable real estate market without many of the issues other cities are facing.

There is a good supply of affordable properties and and equally good supply of affordable financing programs which means choices for today's buyers. Put my 25+ years of local experience to work for you!
1 vote
Pam Sparks, , El Paso, TX
Tue Apr 5, 2011
Hi Patty, have you tried getting pre qualified for an FHA loan? You may qualify and not even realize it. I would suggest you get with a local lender as there re severl programs available on the eastside of town for first time home buyers. You may be surprised! Have a nice day.
0 votes
Judy Self, Agent, Kailua, HI
Fri Feb 18, 2011
You will find many of these in Oregon. Affordable too!
0 votes
Don Tepper, Agent, Burke, VA
Fri Feb 18, 2011
Good news/bad news:

Good News: Lease-options are generally quite easy to find. I wrote a blog on how to find them. See http://bit.ly/findaleaseoption

Bad News: Texas is the one state in the country that severely restricts lease-options. So while they're very easy to find elsewhere, Texas is a whole other story.

Suggestion: Contact a good Realtor in El Paso who is familar with a broad range of creative financing techniques. There are a number of other strategies you could use that are acceptable in Texas that would accomplish what you're looking for.

Hope that helps.
0 votes
Michael Bray, Agent, El Paso, TX
Fri Feb 18, 2011
Patty:

Lease to own properties are difficult to find because many sellers have a mortgage that has a due on sale clause that prevents that. We would need to find a property where the seller has already paid off their mortgage (free and clear).

There are some mortgage programs available for those who have a less-than-perfect credit profile. We need to discuss your specific circumstances to see what choices might be available for you.

Please feel free to contact me anytime.

Michael Bray, ABR,AHWD, CSP, GRI, eCertified, TAHS
Texas Affordable Housing Specialist
Prudential BKB, REALTORS
El Paso, TX
Vice President, El Paso Housing Finance Corporation
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Feb 18, 2011
If you don't have a response here on Trulia contact a local Trulia agent direct . Not all agents see your post
0 votes
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