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Old 01-04-2009, 07:07 PM
 
161 posts, read 564,831 times
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One of the tough things about moving is selling current property, especially in this market, and moving from way up in the NY area to a new area in NC. It would be much easier for me to rent out my current property for a year and rent a house in the Charlotte area.

Even better would be to get a lease on a house with an option to buy it a year from now.

Ordinarily I have no idea how common this is. But given the market these days, I would think some owners or builders would be willing to derive some income from their properties, which aren't exactly selling like hotcakes, and also have at least a likelihood that the property will be bought within the year.

Do these types of situations exist and how common are they?
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Old 01-04-2009, 07:45 PM
 
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Find a house you like, then inquire. Owners may be open to the idea, especially if the home's been on the market for awhile.
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Old 01-04-2009, 11:14 PM
 
6,269 posts, read 9,974,521 times
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Quote:
Originally Posted by movingover View Post
One of the tough things about moving is selling current property, especially in this market, and moving from way up in the NY area to a new area in NC. It would be much easier for me to rent out my current property for a year and rent a house in the Charlotte area.

Even better would be to get a lease on a house with an option to buy it a year from now.

Ordinarily I have no idea how common this is. But given the market these days, I would think some owners or builders would be willing to derive some income from their properties, which aren't exactly selling like hotcakes, and also have at least a likelihood that the property will be bought within the year.

Do these types of situations exist and how common are they?
You can easily find flexible sellers ANYWHERE!!! They are here in Charlotte also. Pick up the classified ads in the Charlotte Observer and look for the sellers that say "rent to own", "owner financing", "lease option", or "motivated seller". There are SEVERAL other terms used, but the bottom line is that these are all clear signs of a flexible seller. Once you find your flexible seller, set a time with them to see the house. Many flexible sellers will "jump" at the opportunity to show their real estate that they are having trouble selling (you probably will be asked to see it the same day you called LOL).

Whatever you do, make sure you protect yourself. In other words, don't send rent payments to an owner that is not keeping up their mortgage payments . It happens!!! How do you protect yourself from this you might ask...Well.......... I'll have to charge you for that info LOL

I can't give away ALL real estate tips for free you know. That would be un-American!!!
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Old 01-05-2009, 06:11 AM
 
Location: Union County, NC
1,891 posts, read 5,540,309 times
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Yes there are definitely options to lease-purchase out there right now. Your realtor can search the MLS for those and send them on to you. Also, as you stated, some owners may consider this even if it is not listed as a lease-purchase.
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Old 01-05-2009, 07:04 AM
 
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You can also search craiglist rental and search for "purchase" or "option"

There is a major downside to a lease option in this market. Since most sellers want to lock in the price up front, the chances are pretty high that the sales price at the time you exersise will be lower than the price when you signed the option. And most likely much lower than any rent credit you would have built up. The bank would expect you to make up that difference at the closing.
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Old 01-05-2009, 09:05 PM
 
206 posts, read 452,819 times
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Just rent a house. I am yet to know a person (buyer) who came out happy with a lease to buy deal. Also, with falling prices, you are more likely to regret locking into a current price.
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Old 01-06-2009, 08:50 PM
 
221 posts, read 648,124 times
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There seem to be more and more lease options all the time. As stated previously, a real estate agent can pull a search to find homes that meet your criteria that are offered as a lease purchase. You can also search on craig's list, rentals.com and the local papers.
Home owners that have their homes listed for sale may even entertain the idea of a lease purchase or even just as a rental.
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