my wife and i need a lease with option to buy or a lender whom can help us with a loan to purchase 6 months out of bankruptcy and ideas? in massachuse

Asked by lacroix123, 01923 Sat Oct 20, 2012

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Kevin Vitali’s answer
Kevin Vitali, Agent, Tewksbury, MA
Sun Oct 21, 2012
Im sorry I have to agree with Ron....

First off it it is a ton of work to see if a seller is willing to do a lease option to buy if they are not advertised as such. Most sellers are not in the position to even do so.

Secondly, every lease option I have been part of or privy to, has been very heavily seller weighted. The sellers has all the advantages and the buyer has all of the disadvantages.

The best advice I can give is take a few years to regroup and get you finances in order and then try to go a conventional route for financing where you are not heavily handicapped by your financial situation. In most cases you can start to think about buying again about 2 years after bankruptcy. This levels the playing field for you financially as it will not limit the properties or sellers that are available to you.

The lease option to buy is considered by a seller, because they have a difficult property to sell. They want more money then the buying property is willing to give or there are other factors making it difficult to sell. Remember any property in any market will sell...... doesn't mean the seller will like it. Hence they seek out buyer's in your position who are heavily handicapped. This get their white elephant sold while taking advantage of your difficulties.

There are parts of the country that are extremely slow and depressed that makes it a win win for both parties. But not in the greater Boston area.

If you have any questions please feel free to call me.
1 vote
Louis Wolfs…, Agent, Needham, MA
Sun Oct 21, 2012
Kevin I agree that it is a lot of work for an agent to locate a willing seller, but not all situations in all markets are weighted in the sellers interest.

Just because a home is on the market for more than the average market time, does not mean that it is over priced or a white elephant either.

if a buyer finds a property they like at an agreed price with an option to buy how is that in the sellers favor especially where the buyer does not have to exercise the option to purchase, and if they do, part of the rent would be going to the purchase price.

Lacroix start with a buyers agent in the market you are interested. It sounds as though you want to buy and will be doing so within a short time if you can find the right situation. As kevin mentioned most sellers don't advertise that they will do a lease with option, so you may want to have the agent explore the home rentals in the market 1st.

Many buyers have gotten very rich with lease purchase options as well.

Not that it will be an easy road or may not even work out, but if it does your efforts will be rewarded, either monetarily or and you will have the house you want.
1 vote
Dbelisle396, Renter, Salem, MA
Thu Jan 31, 2013
Please email directly at
0 votes
Dbelisle396, Renter, Salem, MA
Thu Jan 31, 2013
Please email directly at
0 votes
Dbelisle396, Renter, Salem, MA
Thu Jan 31, 2013
Hello, My name is David Belisle. I have just started a company called EasyHomes. I have identified that there is a market for lease to own properties since I went through the same situation. Our company is somewhat new. I would love the opportunity to talk with you and find out what your situation is and give you some backround on our program.
0 votes
Jeff, Home Seller, Danvers, MA
Mon Dec 31, 2012
I own a condo in Danvers in which I plan to put on the market on July 1, 2013. If I were to offer a lease with the option to buy, I would set my sale price higher than market value to mitigate the opportunity cost of selling my unit to another party who has sufficient funds.

Also, because inflation has been steadily increasing since 2008, I would keep the option to buy for no longer than 6 months, and then readjust according to inflation. So, not only would you pay more than market value, but you wouldn't even have a price guarantee.

So Kevin is right, it would take a lot of work to find a willing seller.

Rent-to-buys only work in the buyer's favor if the seller is 1) a relative or friend of the buyer (this is the most common case), 2) nearing the end of life and has no heirs who have rights to the property, or 3) clueless and gullible. If the seller is none of the aforementioned, then you will definitely pay more than market value for a property. This is the trade-off.
0 votes
Heath Coker, Agent, Falmouth, MA
Thu Oct 25, 2012
I would find a comfortable rental and plan your next purchase for the future.
Many lenders will help you with the plan.
Many real estate professionals will help you with the plan.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes
Louis Wolfs…, Agent, Needham, MA
Sat Oct 20, 2012
I disagree with Ron,

Desperate and need to be creative are two different things. It is certainly not a Caveat Emptor

There are 69 homes on the market in the Danvers market, get a good buyers agent explain your situation and see it they are willing to put the time and effort in, to accomplish your objective.

One does typically pay a premium for situations that are different from the norm, but that does not mean it is bad for either or both parties.

The terms written in should be fair to both parties, the rent that will be going towards the purchase is always at risk, but you know that going in.

How do most people know what their financial situation will be in 2-5 years (especially is Obama gets re-elected)

The rent will be what is agreed upon by the parties. T

he maintenance and repairs will also be written into the agreement as it always would be.

The market value in 2-5 years again if Ron knew that he would be buying homes everywhere or having his sellers sell everything.

An option to buy is an option with uncertaintites to both parties, it does weigh more to the one who has the right to exercise or not to exercise it.

0 votes
lacroix123, Home Buyer, 01923
Sat Oct 20, 2012
Just the bk on credit is holding us back on conventional route.. Financially we are much better off now
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Oct 20, 2012
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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