WHAT IS A LEASE OPTION?
A lease option is a way for someone to purchase a property over time, on a rent to own basis. It consists of two parts: a lease, and an option. The lease describes the terms under which a potential buyer occupies a property for a specified period of time. This is very similar to the lease which you currently have with your landlord. The option gives you, the TENANT-BUYER, the right to purchase the property at any point during your lease.
IS THIS YOU??
Your credit is shot. You're tired of renting. You want to own a home, but you're unsure of where the market is going. You don't have much for a down payment. You're not sure of a certain area and want to try it out. You're new to the area, and you like a certain part of town. You're sick of throwing money away every month, but you don't have all the funds yet to purchase your own home. As a potential homeowner, you know what you want, but the right one hasn't come along yet. You want to make sure an area's school system is right for your children before you commit to living there.
If this is you, then a lease option is PERFECT for you!!
HOW DOES IT WORK?
We simply find a house that meets your specific criteria and where a lease option is available. An option consideration is a non-refundable deposit that you pay that secures your right to purchase the property over time. When you decide the time is right to purchase the property, this amount is credited to the purchase price. The option consideration is based on the market conditions for a specific property and is determined on a case-by-case basis.
As the lease begins, you will find it is very similar to the leases you have dealt with in the past. When you eventually decide to purchase the property, we make sure you are connected with the right mortgage broker and attorney, credit you with your option consideration toward the purchase price, and guide you along the process to owning your own home!
BUT WITH MY BAD CREDIT, I'LL NEVER OWN A HOME!
We can help there too! See, most lenders won't lend money to people with shabby credit because it presents too much of a risk to them. Throughout the time you're leasing this property, you are building up a very positive record of steady, consistent payments. Banks LOVE to see this! It gives them faith that you will be as consistent in your mortgage payments as well. It also helps your credit score. In addition, we can also set you up with a credit counseling agency.
BUT WHAT ABOUT REPAIRS?
You want to own your own home, right? Well if you look at a lease option as a bridge over the gap between renting and owning your own home, this next part will make a lot of sense. As the future homeowner of this property, you will be responsible for the minor repairs. So if the toilet stops up, that responsibility will fall to you. Think of it as a warmup to homeownership. However, if serious repairs become necessary, the current owner of the property will be responsible.
THIS ALL SOUNDS GREAT! HOW DO I GET STARTED?
The first step in qualifying for our Lease Option Program is to fill out our Buyer's request form. This will give us some basic information about you and gets your foot in the door. Then one of our associates will have a phone conversation with you and will get to know YOU and what you really want in your first home purchase. This conversation will help us determine if our Lease Option Program is right for you. Once we decide that you're perfect for the Lease Option Program and you're good to go, we find you the right place and you move in!
Visit our website TODAY for more information about Lease Options and fill out our Buyer's Request form.
Russell Bradchulis is the CEO and Founder of Foresight Home Solutions, a full-service real estate solutions provider specializing in residential redevelopment, lease options, and foreclosure assistance.
Visit http://www.foresighthomesolutions.com TODAY for the solutions to your real estate challenges!
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