Rent/Lease Opitions vs Purchased Homes

Asked by Cassandra Skipper, Canal Winchester, OH Fri Dec 7, 2007

If I were to find a home for sale and my credit isn't good, what are the chance the home can be purchase through lease/rent opition to purchase? Are sellers willing to go from selling to rent/lease opitions?

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Rosie Bolin, , Raleigh, NC
Fri Dec 7, 2007
BEST ANSWER
Lease Options/Purchases are most appealing to sellers in a buyer's market. Now that the subprime market has taken such a big hit, and it's more difficult for people with credit issues to get a loan, these arrangements are on the rise. It doesn't hurt to try, if you find a home you love!

I've seen them work beautifully for both buyer and seller. I urge you to only proceed with the help with a Realtor, as this is a tricky contract. In our area (Raleigh, NC), the Real Estate Commission has urged buyers to also go through an attorney to draft a purchase-specific contract rather than using a standard form.

Below, you'll find a link to a great article that explains the difference between lease/option and lease/purchase:

Best of luck!
1 vote
Irena, , Newton, MA
Fri Dec 7, 2007
It all depends on how desperate the seller is to sell his property. If the house has been sitting on the market forever than you might be in luck. It never hurts to ask the listing agent or if you have buyer agent they can find out for you.
Web Reference:  http://www.irenamagzelci.com
1 vote
Don Bush Team, , Columbus, OH
Sat Dec 22, 2007
Get YOUR own Realtor. They have the resourses. I have had greaT luck for both paries in Lease/Purchase or Land Contracts; Purchase Options, etc; Get your own lawyer, as well--it can be a mine field to negotiate..
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