Just Asking, Other/Just Looking in Santa Ana, CA

Are there rent options to buy out there?

Asked by Just Asking, Santa Ana, CA Mon Jun 8, 2009

Help the community by answering this question:


Just looking, Yes, there probably are numerous lease option possibilities out in the market - but you probably don't want one. Here's why.

A traditional lease option requires a substantially larger "option" deposit, than the typical security deposit of a straight lease. If you do that, and then you end up not wanting to buy the house in a year or less, you would usually forfeit that deposit.

Here's what I think would be a better plan. Enter a standard lease, but include in the contract a "first" right to purchase the property at the end of the lease. Normally, the two parties - landlord and tenant - would then obtain one to three appraisals - to determine a mutually agreeable price - and go into an escrow to complete a purchase/sale.

I do a lot of leases every year and have implemented such a right in most of them. I hope this is helpful to you - good luck in your search.

Here is a venue to search for properties for sale, or for lease: http://tinyurl.com/Free-MLS-search
1 vote Thank Flag Link Tue Jun 9, 2009
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