Who has heard of a lease-to-own? Who knows what it is? Is it a good thing or a bad thing?
Also called rent-to-own or a lease option, the lease-to-own arrangement can benefit both buyer and seller in certain circumstances.
What if you own a house and you want or need to move…but it’s going to be really hard to sell your house at the price you want? At the same time you don’t want to rent out your home and risk potential property damage by tenants. Lease-to-own may be the best solution to your dilemma.
What if you are ready to buy a home to live in for years to come…but your mortgage lender tells you it will be a year or more until you can qualify for a mortgage based on issues with credit, income, or job history? You have to move, but you want to live in a comfortable home of your own, and you don’t want to move again a year from now. You’re ready to take on the responsibilities of home ownership and establish your family in a place that you can make your own. Lease-to-own may be the perfect opportunity for you to get out of your current living situation and into something better – a place that you will own in a year or two when your credit, income, and job history is better.
A lease-option is simply the signing of a lease (to rent) and a promissory note (to buy in 1-2 years) by the same person/people at the same time.
Lease-to-own is not for everyone. If you don’t want to sell your house, or you don’t want to or won’t be able to buy in 1-2 years, this is not the best plan for you.
But for those in the situations listed above, I would be happy to help you learn more about this great option that can be the perfect solution for your specific needs.