ArticleMeeting Your Real Estate Needs . . . One House at a Time ! ! !
Properties for Lease and Lease PurchaseWhat is a Lease Purchase?Lease Purchase Agreements are used when the Buyer is unable to get a standard mortgage. There are several reasons why this might be the case, but here are a few common scenarios: Bruised Credit - ranging from late payments to bankruptcy or foreclosure. The time to repair credit ranges from a few months to 3 years after a foreclosure. Pending Divorce - buyer does not want to take title to a new property because it would become part of community assets. Newly Self-Employed or Commission Sales - usually two years of tax returns are needed to qualify for a standard mortgage. A Lease Purchase Agreement negotiates the purchase price and sets the time for closing - usually in 12 to 36 months. A deposit is given to the Seller - usually 2-5% of purchase price that is credited to the Buyer at closing against the purchase price. An inspection of the property is ordered within 14 days of acceptance of the Agreement and any repairs are negotiated at this time. At the same time, a Lease is set up to coincide with the term dicated in the Lease Purchase Agreement. The Buyer pays a monthly rental payment. The Seller pays the property tax payment and the Buyer is responsible for repairs and maintenance. Because this is a Lease Purchase, the Buyer is allowed to make cosmetic changes to the property, but is not allowed to make any structural changes without consent of the Seller. Please contact me for additional information or to set an appointment to see one of our homes available for Lease Purchase. Available Properties
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