Would like to look into lease/purchase a home in Chester County PA - 4 bedroom. Downpayment is not a

Asked by Reenie, Delaware Wed Feb 20, 2008

problem; the problem is finding a home?! Are lease/purchase homes really hit or miss? Where is the best place to look?

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pwanner56, , Coatesville, PA
Thu Nov 1, 2012
looking for at least a four to five bedroom house for parents,daughter and husband with 3 children in the Chester county area. Now paying 1125. a month which only includes trash pickup. Interested in a 2 year lease option agreement. Willing to do remodeling work.Must have a back yard for the children. Would prefer out of town but will consider proper areas in town as well.Currently in the city of Coatesville..Would like children to be able to stay in coatesville school district.,
0 votes
i would like to lease option my home contect me if interested
home in coatesville pa
Flag Sat Feb 9, 2013
Craig, , Chester County, PA
Mon May 24, 2010
Im also looking for a Lease option anywhere in the Avon Grove School District.
Please advise @ acdiienno@verizon.net

Thanks,
Craig
0 votes
Dp2, , Virginia
Sat Mar 28, 2009
Keep in mind that you can also (have your realtor to) write an offer to purchase any property--except short sales, (pre-)foreclosures, and REOs--for sale using a lease-option.
0 votes
Craig, Home Seller, 19335
Sat Mar 28, 2009
If you are interested in the Downingtown School District, we would be interest in doing this with our house.

See the website:
cmsteiner61.googlepages.com

or check realtor.com and email me.
0 votes
Don Tepper, Agent, Burke, VA
Wed May 14, 2008
Here's an answer I posted recently for a similar question. Here are some ways:

To find lease-purchase properties, you often have to use some creativity. Most aren't listed on the MLS.

If you use a Realtor (a good idea, by the way), your Realtor has to go beyond searching key words. And there are plenty of ways you can find a lease option on your own, as well.

The main point is that a large number of homes for sale or for rent are owned by people who'd be interested in offering the properties on a rent to own or land contract. But most won't be listed that way. So you really have to go beyond the obvious--having an agent look in the MLS for "lease option."

There really is no "best" way to find them. It depends on your neighborhood, what you're looking for, what you can afford, your comfort zone. (Are you willing to call up people who are advertising their houses to rent and ask them if they want to offer a rent-to-own? Some people are; some aren't.) So, read through the list and pick 3 or 4 that make sense to you.

Here are just a few ways.

**Using a Realtor**
[Note: If you use a Realtor--which is fine--ask them how they'd find lease-purchases. If they can't come up with more than 1 or 2 of the answers below, find another Realtor.]

--Some lease-purchases (for simplicity's sake, from here on I'll call them lease-options--in other parts of the country, similar arrangements may be called rent-to-own, land contracts or contracts for deed) are listed in the MLS. Not too many, but some. That's where to begin. However, that's not where to end.

--Search for homes that are listed both to rent and to sell. There may not be any comment that the property is a lease-option, and maybe it didn't even occur to the seller. But a property that a seller is willing to lease, but is also willing to sell is a perfect candidate for a lease-option.

--Search for homes that are listed for rent, but were previously listed for sale. It's likely that the owner was trying to sell the house, but wasn't able to. Now he/she is willing to rent it. That's another perfect candidate for a lease-option.

--Search for homes that are listed for sale, but were previously listed for rent. In today's market, there will be fewer of them, but it happens. Again, another great candidate for a lease-option.

--Search for homes with expired listings. The owners wanted to sell, but weren't able to. Many will consider renting the property, especially if it's vacant.

--Search for homes listed for sale that are vacant. The owners are hurting. They might appreciate the cash flow they'd receive from leasing the property.

--Search for homes listed for rent that are vacant. Again, the owners are hurting. And most owners of single family homes are "reluctant landlords." That wasn't their long-term strategy. Especially if they're bleeding, they may just want to get the property off their hands.

***Not Using a Realtor***

I'm not advising doing it yourself, but you certainly can. Any competent Realtor--and there are many--should be able to find you plenty of lease-option opportunities using the strategies above. However, here are a few other ways to do it.

--Advertise on sites like CraigsList for a lease-option. Advertise under both the rental and purchase areas.

--Go through the papers and look for properties that owners are trying to rent out. A lot of them won't be listed in the MLS. Approach them and explain that you'd like to rent their property for awhile, then have the option to purchase it.

--Look for FSBOs. Same basic pitch to them. You'd like to buy their house, but would like to rent it first.
--Choose a neighborhood you like. Knock on doors. Ask, "Do you know anyone in this neighborhood who might be interested in selling their home?" Often, you'll turn up people before the home is listed. Again, you explain you're interested in buying, just renting awhile first.

--Put cards up in your local supermarket.

--Attend a meeting of your local real estate investors club. It may cost $10 or $15, or maybe nothing. There's usually a time near the beginning of the meeting when investors can stand up and offer or solicit deals. You can stand up, too, and announce that you're looking for a rent-to-own. Specify what you're looking for (number of bedrooms, baths), geographic location, type of property (townhouse, single family home, etc.), maximum amount you're willing to spend on rent and purchase, and anything else that's relevant. Print up some one-page factsheets with details. Make sure you put all your contact information on there. To find your local real estate clubs, go here: here: http://www.creonline.com/real-estate-clubs/index.htm
0 votes
Jim Conlin, Agent, Exton, PA
Wed May 14, 2008
How much are you looking to spend on the home? Lease purchasing would probably NOT be the way to go if down payment is not a problem. Interest rates are great, and there's not much sense paying someone else's mortgage. Shoot me an e-mail, and I'll compile a list of everything available in your price range and area. We have plenty of inventory here in Chester County, and I'm sure we can find you something great!
0 votes
Deb, , Paoli, PA
Tue May 6, 2008
Reenie, I don't know what your looking for but if your interested in a 4 bedroom 2 bath home with a full finished walk out basement in the Exton/Downingtown area I have one coming on the market soon that will be available for lease purchase at owners request. Nice neighborhood location 3/4 acre property. Roof and siding just a year old. If this is something that may interest you, give me a call.
Debbie Haley Realtor ABR
Weichert Realtors
610-620-3007
Web Reference:  http://www.dhaleyhomes.com
0 votes
Cheryl R. Su…, , Schwenksville, PA
Tue Feb 26, 2008
What price range are you looking? What monthly amount and to lease/rent for how long? The best way to find these homes is to look up rentals, most sellers who are renting with the option to purchase will note this online or via the realtors system. Any help I can give you, let me know.
0 votes
Gwynne Barnes, Agent, Devon, PA
Mon Feb 25, 2008
The best way to find a lease purchase is through a realtor. They can do the leg work for you. In most circumstances it would be a home that the seller needs to sell and has not as much action as they would like. A realtor can then contact the selling agent and see if a lease purchase is an option before you go and lok at the home. If you need assistance, I would be happy to help. Gwynne Barnes RE/MAX Main Line 610-578-4141
Web Reference:  http://www.soldinpa.com
0 votes
, ,
Fri Feb 22, 2008
Hello Reenie,
If you have the down payment, why are you looking for lease to own instead of straight purchase?
0 votes
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