In the past four weeks it has become very common place that in our market we are going to have to take lease purchases since we are unable to secure a conventional purchase agreement on properties that are listed for sale.
The biggest problem that we are having to overcome so far is that a lot of the potential buyers don't have a lot of downpayment. SO my first recomendation to a potential purchaser is that if you need creative terms until you either sell a home or straighten our some credit problems you need to have cash to put down for a deposit. In other words Money Talks!
The second problem that I keep running into is Pets. Don't get me wrong.....I love my dogs!! More than anyone else! Trust me. I take Gizmo to St. Martin in the Carribean with me believe it or not! BUT when you are doing a lease purchase that is considered a Lease unless there is a large down payment put down.
SO please consider these things. Also the shorter the term the better. In other words the sooner you can get your own financing the better!
In these trying ecnomic times we have to work together and I have a lot of sellers that are very willing to be more creative than they would have been a year or more a go. But we still have to protect their interest in the property.
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