Lease purchase what are your thoughts and experience on this method?
By apples99
@apples99 (6556)
United States
June 1, 2011 3:53pm CST
I have heard a lot of horror stories about obtaining a home through lease purchase, but there are a few pro's to this method such as more flexible requirements and less strict credit scores guidelines using this method
The con's of lease purchase are bad contracts and sellers backing out of sales agreements and so on
What is your general thoughts and experiences on lease purchasing a home?
1 response
@peavey (16936)
• United States
1 Jun 11
We bought our first house on a lease purchase agreement. Rent to own, we called it and the reason we did was because we needed the house right away but couldn't get the money for a downpayment for another year.
While there are scammers out there, there are scammers in every situation. I see nothing wrong with lease purchase if you know the person and/or make sure you have a good, solid contract that he can't wiggle out of.
@apples99 (6556)
• United States
14 Jun 11
Yes I've been doing a little research and learning what to watch out for, it seems like the hardest part of dealing with this option is finding all the good lease purchase listings, and also finding a realtor with a open supportive mind that fully understands and deals with lease purchases
Got any tips on how to get started and find lease purchase listings I'd really appreciate it thanks.
@peavey (16936)
• United States
14 Jun 11
No, I'm sorry. We kind of fell into our deal. We found the house, then asked a realtor about buying it on lease purchase. It wasn't even for sale, but it was empty. The realtor happened to know the owner, so he talked to him about it. Just luck, maybe. If you know of a good realtor, ask him.
@apples99 (6556)
• United States
16 Jun 11
WOW! that was truly a blessing the way things turned out for you, oh well I guess I'll have to just do a bit more research on this home buying option. thanks for coming back and sharing your story its nice to read something positive with regard to lease purchasing a home.
