I am looking fot a lease to own house in irving, tx

Asked by hipolito_nancy, Irving, TX Wed Aug 22, 2012

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T.E. & Naima Sumner’s answer
T.E. & Naima…, Agent, Dallas, TX
Sun Aug 26, 2012
There is only 1 house currently in Irving that would be a possibility.

These are pretty rare now (most were taken months and months ago) and they are more complex to do than ordinary sales.

The term lease-to-own is a finance company term used for appliances. But the concept of paying "rent" while you build up a chunk of money to apply to purchase is still alive.

State law has really curtailed the usage because of the danger to the renter, that the owner might take the money, not pay the current mortgage, and wind up losing the house to the bank in foreclosure. Such contracts require the papers to be drawn by an attorney, and you'll need someone familiar with the type of transaction.

Note that many sellers don't want to do this type of contract because of the potential liability the law imposes on them now.
Web Reference:  http://www.SumnerRealty.com
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Pat O'Reilly, Agent, Irving, TX
Wed Aug 22, 2012
It is very dangerous looking at lease to own unless you find the right landlord/owner and read all the fine print. . I would suggest that you lease, work on your credit and down payment and then buy.
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Ron Thomas, Agent, Fresno, CA
Wed Aug 22, 2012
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!
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