One of the more popular blog posts that our readers have enjoyed is called “What Sellers Should Know About Lease Purchase Agreements” and it was posted back in March of this year. The reason that I wrote the article about alternative home selling processes is that I suspected that market conditions and the glut of homes would require different solutions in the coming years. Those times are definitely upon us.
Another popular blog post titled “Creative Financing Offers Challenged Home Buyers Potential Solutions.” was also posted in March as a way of explaining methodologies other than traditional bank borrowing to buy a home. It covered a few techniques that home buyers with credit challenges should consider when buying a home.
Today brings us a question from “Joyce” who has the start of a plan for moving to a new home in the Tallahassee real estate market. She wants to know if her “rent with an option to buy” plan has any merit.
My husband and I are thinking about renting with an option to buy in Tallahassee next year. We would give a non-refundable deposit of $10,000-$15,000 and rent at fair market value for a year or less. We’re probably looking for a home in the $300,000-$375,000 range. Do you think we will have takers for this? We are probably going to look in the northeast area, though we don’t know the area well.
First of all, thank you Joyce for a great question that should stimulate some discussion on the Tallahassee Real Estate Blog. I think the easiest way to answer your question is to break it down to “small bites” and go from there.