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

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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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