Hse ownd by Deutsche Bnk. I wnt 2 buy via lease/purchase w/a 3yr opt 2 buy. Price droppng wise-for bnk 2 let me rent-own & lock in price-Is this poss?

Asked by Mzjanea, Palmyra, NJ Wed Oct 17, 2012

I am in the midst of trying to rebuild my credit, but I have had steady income for over 15 years and I would be willing to pay rent via EFT.

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Gregory S. M…, Agent, Upper Darby, PA
Sat Jan 26, 2013
Mzjanea, taking on a lease purchase is a risk but if you are willing to meet the sellers demands and can deliver your part of the deal it can be a great opportunity for you. You have to be sure that whatever credit or income challenges that you have can be realistically resolved when the option period is due or you risk losing most if not ALL of your escrow money. Executing a lease purchase agreement is all about negotiating the right terms and having the right Broker that understands the process representing you. It makes it that much easier. Good Luck in your search!

Gregory S. Moton II
Broker
Moton Properties
215-252-6084
gregmoton@motonproperties.com
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Nov 5, 2012
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes
James Gordon…, Agent, Hamilton, OH
Mon Nov 5, 2012
A bank can not do a lease purchase or rent to own on a property. Your best bet is to continue to rent and rebuild your credit. Your second best bet is to find an investor that will purchase the property and rent it to you with an option to purchase. If you fail to purchase the home at the end of the option period be prepared to lose your option fee.
0 votes
Tracy Robins…, Agent, Yardley, PA
Sun Nov 4, 2012
Hello Mzjanea

It depends on your credit and the bank if they are willing to allow a lease purchase with the option to buy in two/three years. They might because you said you have a fifteen year work history. Some banks are willing to work with a renter to do a lease purchase especially if your credit score is not to far from being mortgage ready. You have nothing to lose by asking. If it does not work out then call me and I will be happy to help you get a lease purchase.

Thanks
Tracy Robinson-Realtor
KELLER WILLIAMS PREFERRED
62 South Main Street
Yardley, Pa. 19067
Office: 215-493-0200 ext 1087
Direct: 267-395-0251
tracyrobinson@kw.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more