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Century 21 Gold Country Newsletter

Lease-Purchases a Viable Alternative for Some

If you'd like to purchase a home but just can't seem to scrape together a down payment, you're not alone.

According to the 2009 National Housing Pulse Survey, an annual survey conducted by the National Association of Realtors, 82 percent of those surveyed say that having enough money for a down payment and closing costs is the biggest obstacle they face in buying a home.

Financing is another hurdle, with 70 percent lacking confidence in their ability to be approved for a home loan.

For those who want to purchase a home but lack the down payment or the ability to qualify for a mortgage, a lease-purchase can be a way to achieve homeownership.

Under the terms of a lease-purchase agreement, the buyer leases the property with an option to purchase it at a predetermined price later. A portion of the rent is applied toward the down payment and is essentially "forced savings" for the buyer. The buyer locks in the price of the home and buys himself time to get qualified for a mortgage.

Structured right, a lease-purchase arrangement is a win-win for buyer and seller. Here are some tips for anyone thinking of a lease-purchase.

• Don't be afraid to ask sellers if they would consider a lease-purchase. Many sellers are willing once they understand how they work.
• Consult an attorney familiar with these types of transactions.
• Make sure all the terms of the deal are spelled out in writing. Buyers need to negotiate the rent, option rice, closing date, how much of the rent is applied to the down payment and who-buyer or seller-handles maintenance and repairs on the property.
• Do all your due diligence as if you were purchasing a home outright. That includes getting home and pest inspections, a title search and an appraisal.

For more information about lease-purchases, or to learn about available properties in your area, call our CENTURY 21 Office today

posted on 11/05/2009

Archive

• Lease-Purchases a Viable Alternative for Some - 11/05/2009
• Lower Your Heating Costs This Winter by Weatherizing Your Home - 11/04/2009
• Short Sale Basics - 06/30/2009
• Maximize the chances of selling your home - 06/29/2009

Last Updated: 05/24/2013
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C21 Newsletter

Lease-Purchases a Viable Alternative for Some
11/05/2009

Lower Your Heating Costs This Winter by Weatherizing Your Home
11/04/2009

Short Sale Basics
06/30/2009

Maximize the chances of selling your home
06/29/2009

C21 Newsletter Archive