Market Conditions in Madison>Question Details

Ashley Trowb…, Home Buyer in Bloomington, IN

Are lease-options on homes in Madison common? How do I find them?

Asked by Ashley Trowbridge, Bloomington, IN Wed Jan 2, 2008

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RealEstateGuy3’s answer
First are you talking about Madison WI?

If so, here, they are uncommon. I am sure there are times where this might work for a seller to have a responsible person occupying a property to give cash flow, however, most times a seller does not have the equity to allow this. (most want the $$ so they can move on) also banks do not like owners renting out.

My question to you. What benefits do you see in doing this? I think you will get a better price and terms if you just negotiate a purchase outright.
1 vote Thank Flag Link Wed Jan 2, 2008
Ashley,
Most homeowners in Madison do not make a common practice of the Lease with Option scenario. However, that being said, I know of about 5-10 properties in the Madison and surrounding areas in which the seller would consider such a scenario.

You see more Lease With Options occuring when the inventory of houses on the market is high, as has been the case in the last couple years.

Let me know if I can get you the information on the properties I am aware of that have a Lease With Option available.
Web Reference: http://MyMadison.info
0 votes Thank Flag Link Tue Apr 1, 2008
I would agree they are not as common for homes in Madison. There are some condos that are working with this option. I have shown the condos at http://www.bestrentals.us/holborn.htm . I have shown them to another client. They are nice and the seller is willing to work with rent to buy.
0 votes Thank Flag Link Wed Jan 2, 2008
Ashley,

I have noticed it increase in the last year or so but I wouldn't consider it common.

If you're not in the area, you can check madison.com on-line in the classified section - you will find a few listed.

Also, a REALTOR would have properties that are available for lease. Feel free to contact me if you would like further information.

Hope this helps.
0 votes Thank Flag Link Wed Jan 2, 2008
I don't believe they are common, but some sellers are open to that. Real Estate Agents can search on the MLS specifically for homes on the market that are open to lease options. Let me know if you'd like me to email you all the lease-option listings that are in your price range/location/etc.
0 votes Thank Flag Link Wed Jan 2, 2008
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