Are you presently renting a home and want to make the step to homeownership, but don't have a large down payment, good enough credit, or been in your present job long enough to get a traditional mortgage?

Then getting a home with a lease option may be a great way for you to get in to your first home. A lease option requires very little down, usually equal to the first months rent, and then monthly payments usually not as high as if you were paying a traditional mortgage.

Unlike rent, the down payment is yours to keep if you exercise the option to purchase the property, in the time set in the contract, and it goes toward your down payment or closing costs. Also, part of your monthly rent may also go toward your closing costs or down payment depending on your contract with the seller.

If the reason you are doing a lease option is because of past credit issues, then I may be able to help you repair your credit for FREE. (Click here to find out why I help you for free)

Another reason lease options are so wonderful is that it locks in the price of the house that you are buying. The seller, and you the buyer, set a predetermined price for the home that you are buying, and that price is locked in for the term of the lease. So, if you set the price of the home at 5% above today's price and the value of the home goes up 15% you have made 10% equity in the home. Between August 2006 and August 2007 prices in the Washington County, Oregon area raised an average of 5.8%. So you can see where locking in today's price can be of great benefit to you, the buyer. (Click here for a simple explanation of lease options)

For more information on buying a home on lease option feel free to contact me by phone or e-mail anytime.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

creative financing

 


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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4 Comments on Lease Option a great way to own a home in Washington County, Oregon

NOV
04
2007

Great posting Todd,  I'm starting to see a lot more of these out there.  People that are trying to sell over priced houses are trying to get people to do  'Lease option/rent to own thing.  One thing that I have found in trying to do these is that the owner wants a huge down payment, one the is nonrefundable if the tenant doesn't buy the house.   I think their is a lot of pro's and con's for both the seller and the buyer in this type of situation. 

 
9:46am • #1
597,777 Points 39 Featured Posts Outside Blog

Todd,

Now is a great time to consider 'lease options'. I haven't done one for some time but they happen in bunches! You need to be aware of any liens created by the owner during the option period! Thanks,   Fran
11:21am • #2
105,006 Points 6 Featured Posts
Todd, I explain that there are no set formulas for lease options, there are no standard contracts. I do recommend the use of a Real Estate Attorney, besides that it can be a no brainer for most, and no liablilty for me!! Do you use an attorney??
8:13pm • #3
1,929,481 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Vincent, no they don't get their deposit back if they don't excercise the option, it isn't called a deposit. It is called a option fee. It also can be as little as $2,000 and I've seen a lot of peoples lease options never even get an offer because they have such high down payment requirements. Very foolish!

Fran - I write that in to the contract to make sure no liens are taken out on the property.

Mike - I do use an attorney and a escrow service to collect the rent and pay the mortgage.

 
8:18pm • #4

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