I had a question this morning from someone who called about lease options after reading my articles here on Active Rain still didn't quite understand how they worked.
So I explained it this way...
At Christmas time, you have found the perfect toy at a great price but you can't afford it today, so you put 5% down to have the store hold the item at the present price until a certain date, when you can afford it.
But, if you don't buy the product by the date you agreed to pick it up by, the store keeps your 5% and puts the toy back on the shelf for someone else to buy.
A lease option home is the same thing. You have found the perfect home and you can't afford to buy it today. So, you pay the seller a percentage to hold the price until a date you both agree upon when you can, hopefully, afford to purchase the home. If you don't purchase the home by that date, the seller puts the home back on the market for someone else to buy, and they keep your down payment.
I hope that clears up any mis-conceptions or answers all your questions about lease options. If you still have further questions about lease options, feel free to e-mail or call me anytime, I would love to help.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/
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