Home Buying in Bedford>Question Details

Ltcsmw, Both Buyer and Seller in Bedford, NH

We are moving to Bedford, NH in June. Our House is currently for sale. I have a mortgage pre approval for 650k putting 20% down. Unfortunately our

Asked by Ltcsmw, Bedford, NH Mon May 10, 2010

20% is in equity in our current home. We are looking for a home in the 500k to 700k range that would be willing to do a lease to buy contingent contract starting in late June. We will be in the area May 27 - 31st if anyone has a suggested home for us to look at. Thank you.

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Saxabbott’s answer
I am the seller of a home in Bedford you might be interested in. It's currently on the market, MLS# 2833349. I don't know what sort of home you're looking for, or what your requirements are, but this is a unique waterfront property that's only 3 years old. I have taken back a 2nd mortgage in the past to give the seller time to sell their house, and would be willing to consider this option again for the right buyer. I think it might potentially be a cleaner solution than a lease/purchase. The listing broker is an MLS service, so contact me directly if you are still in the market and might be interested in talking. There is a full description of the home and many more pics than the MLS has at http://saxabbott.com Thanks for your consideration,

Michael Abbott
97 Sebbins Pond Dr
Bedford, NH 03110
Web Reference: http://saxabbott.com
0 votes Thank Flag Link Mon Jun 21, 2010
Yes, I would agree with Scott as all of those facets of a lease purchase are addressed in the tools that I have already developed from past lease purchase transactions.

Another useful service that an agent working with you should provide to make this go smoothly is to take your list of candidate homes and before contacting the seller or seller's agent, take the time to research the situation of each seller such as how long they owned the property, what the status of the outstanding financing is, etc.

Not every agent is willing to do this detective work, but it pays off in time spent educating those sellers and their agents about what you propose.

If you will let me know more about your wants and needs I can get this ground work completed before you arrive so that your time on the ground here in NH will be well spent. I look forward to hearing from you.

Warm Regards, Chuck Braxton, REALTOR GRI, cbraxton@metrocast.net, 603/677-2154
Web Reference: http://www.ChuckBraxton.com
0 votes Thank Flag Link Sun May 16, 2010
Good Morning,

You will receiv lots of offers to help however Chuck has a good point that there are several factors to consider before jumping into a lease option. The first thing is you need to find an agent who specializes in lease option or lease purchases and can assist you through each added step as this in not a straight forward purchase as most would think. First is you nee dto find a seller that is able to do this. Most sellers are in teh same boat as you that they need the money from a sale to be able to move to their next house. So before seeing any homes, the seller has to be able then be willing to do this, if not there is no use looking at that home. You will need to bring your preapproval with you as well a listing sheet on your house for sale and perhaps a letter from your listing broker staint what teh market is like in that area and how long they think it will take to sell your house. Now with teh right agent and the right property that will consider a lease purchase. When you find what you like, you need to make an offer to lease and an offer to purchase. Both need to be negotiated out and attempt to protect you in the mean time. So you need an agent who has worked with leases and rentals and even some property management experience. The lease needs to state how loing they will give, is anything from the lease amount going to be credited to you at closing, who is responsible for maintaining what, and it needs to be in great detail not just lawn care but roof, plumbing, heating and ac. Most important it needs to stae what happens if you dont sell your house. You need to have an out or an opportunity to extend. The purchase and sale swill alos nee dto be negotiated as would any other but knowing because teh seller is bending to your requirement of needing a lease, they may play hardball on price. Good luck with your sale and you trip to NH. If you need assistance or have any questions please feel free to email or call me.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri May 14, 2010
Hello, Colonel:

One of the most important considerations when you are seeking a lease purchase is to work with an agent who has the tools to assist the seller (and the seller's agent and the firm's broker) fully understand the advantages, pitfalls and structure of this type of transaction and also appropriate tools to ensure that the transaction process goes smoothly before, during and AFTER taking possession.

Having worked on such higher value residential lease purchases fro buyers and sellers in the past, I have created and compiled a set of communications, analytical tools, as well as draft agreements and term sheets vetted by attorneys that facilitate the entire process you are looking to make happen. For more details, you can visit my website or give me a call.

Warm Regards,
Chuck Braxton, REALTOR GRI
Roche Realty Group, Inc.
Web Reference: http://www.ChuckBraxton.com
0 votes Thank Flag Link Tue May 11, 2010
Hi Ltcsmw,

I'm a realtor with Keller - Williams Metropolitan - right in Bedford! Call me - Amy Lavin (603) 494-9423, our office has several great houses that should fit your criteria whose sellers may be able to accomodate you. It would be my pleasure to assist you in negotiating for any of the homes in our community that are for sale.
0 votes Thank Flag Link Mon May 10, 2010
Greetings from New Hampshire!

I would love the opportunity to help you find your new home in Bedford. I am very familiar with the area and have quite a few homes to show you in your price range.

I also have a good list of local mortgage companies if you haven't found the right one yet.

I do have a few other questions to ask you as finding that special place requires a bit of research; i.e. previewing these homes for you, etc.

Please contact me from any of the below methods.

Thank you,

Kim Overby
Jack Lavoie Real Estate
Web Reference: http://www.kimoverby.net
0 votes Thank Flag Link Mon May 10, 2010
I would welcome the opportunity to help you....would you mind contacting me on a private forum?

There are a lot of homes in the Bedford area in your price range - I would like to narrow down your needs and we can go from there.

I look forward to hearing from you!

Thank you,
Laura Scaccia
0 votes Thank Flag Link Mon May 10, 2010
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