Would the owners consider a lease/purchase with a substantial down payment?

Asked by debbiehartsog, Indian Trail, NC Sun Jul 15, 2012

I will be in a position to buy in the next months but not quite ready yet due to relocating to the area. This is the exact type home I am searching for (brick, wooded lot) - please feel free to contact me at 818-620-0150 or debbiehartsog@yahoo.com

This question is about this property: http://www.trulia.com/property/1046106356-8624-Canter-Post-D…

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Daniel Fisher, Agent, Charlotte, NC
Mon Jul 16, 2012
Good evening, Debbie,
You could lease purchase a short sale, but the amount you would need to pay to bring the mortgage current and the much higher purchase price generally would not make it worth it. There are a good number of other homes in this Northlake area that would be solid alternatives. See link below. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. ... if you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
1 vote
dave, Agent, Charlotte, NC
Mon Jul 16, 2012

This home is a short sale. In a short sale the seller owes more on the house than it is worth. In lieu of letting the house go to foreclsoure the bank has agreed to do a short sale on the house. basically, the home owner finds a Realtor to list the house for sale and prepares the necessary paperwork for the house and sale and presents ti to the bank. it is then up to the bank to decide if the offer is a fair one or not. They go through a lenghty process where the bank will send out an appraiser to verify the value fo the house.

if the bank feels the price is to low then they will counter back at a higher number....During thsi process the foreclosure proceedings (if they ahve begun) will continue and if the bank cannot get an acceptable offer they will take the house via foreclosure.

Doing a lease purchase on such a house is not advised. You are in danger of losing your moeny down, the bank may no accept the terms you have presented. The bank could foreclose on the hosue and you woud be out oyur down payment. There are to many negatives to pursuing such a transaction on a short sale. On a regular resale there is potential for the seller to accept a lease purchase depending on the curcumstances...

Dave diCecco
1 vote
Thank you for responding -- this makes sense. I'll keep looking and possibly find something that is not a short sale then. I'd think that if I had a good down payment, if it were a pre-foreclosure situation they could take the money, get it out of foreclosure and then sell it a year from now. Anyway - I'll read more about all of this but if you see anything come up that is a lease purchase I'd love to know. Thanks again.
Flag Mon Jul 16, 2012
Kathleen Tur…, Agent, Charlotte, NC
Sun Jul 15, 2012
Looks like that listing is a short sale. Because the bank had to approve any sale, it is unlikely that this property would be a good candidate for a lease purchase. The seller is trying to sell the house for less than what is owed and mOst likely is behind on payment, which may have triggered foreclosure proceedings as well. Best of luck!
1 vote
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