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Is the lease purchase back? Oh, I hope not
"Would your sellers consider a lease purchase?" two separate agents have asked me in the last two days on two separate listings.
And each time, I've explained the pros and cons of such an arrangement to my sellers. Both sellers passed and here's why.
First, the Wikepedia Definition: "A lease purchase contract (or lease option contract) is the abbreviated form of the appropriate term lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home."
The initial challenge of a lease purchase is to make sure everyone knows what they are talking about, even the agents. Often, the buyer is thinking "lease with option to purchase" while the seller is hearing "purchase with delayed closing."
This hybridized contract has come and gone over the years, most recently with the soaring interest rates in the ‘80s, and now with the difficult market we face today. It's a product of desperation, really no better than simply renting a house. In the end, it's like like trading in house futures.
Here's a typical scenario:
Mr. Buyer has a home ... more

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