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General Area in 90248 : Real Estate Advice

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  • Home Buying1
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Activity 3
Wed Jun 2, 2010
Michael Magaw answered:
Mary,

Do you already know of a house that is available for a Lease with Purchase Option? Or are you looking for a Realtor to find one?

Lease with Purchase Option brings up many uncertainties. The Option needs to make sense for both Owner/Seller and Tenant/Buyer. There typically needs to be some consideration, such as Tenant pays non-refundable fee (or increased rent) for the Option. This Option gives the Tenant the right to purchase if the market looks good, but there is no obligation.

Have you recently tried getting pre-approved with a lender? If you can qualify now, then you should consider purchasing now. If you cannot qualify now, then you should have a plan for how you plan to get pre-approved before your Option expires.

Also make sure that the current owner is not in default or may go into default before your option expires.

There are many variables to this. If you want further details, feel free to call me.

Michael Magaw
New Homes and Land Brokers
310.259.6850
M@NHLBrokers.com
DRE Lic #01384088
... more
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Tue Feb 17, 2009
David Chamberlain answered:
Normally distressed sales are not used but most of the market is distressed at the moment. They might have been foreclosures but were they similar to your home? Why are you selling in a down market, Maybe your home is a distressed sale? ... more
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Fri Jan 21, 2011
Sheyenne Schultz answered:
Monique...I do alot of work in Gardena....Just put an LAUSD school teacher into a beautiful townhouse on Vermont. I do alot of work with first time homebuyers too...you guys get special benefits right now from the government...you can get up to $7500 back as a refund at the end of the year..awesome! I have lots of properties in the Gardena area and some in alittle better area than this...and in this price range. Give me a call at 310-429-4170. And I don't know where you work etc..but I have a lender that specializes in these situations..and has access to loans with 3% down and some you can still get in for zero down and all your closing costs paid...I have some bank owned deals that are awesome...Shy
Sheyenne Schultz
Call Realty
310-429-4170
shy@shysells.com
... more
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