Lease Option? (real estate, foreclosure, credit, financial)

[findingmesomeday]

I hope this is posted in the right forum.

What is the general opinion out there about lease option, particularly in this generally soft market. We had to sell our house because of financial disaster (long term unemployment, failed business, etc.) and didn't want to go through foreclosure. Now we're renting, both working FT again and trying to get back on our feet. We want to buy again but need to clean up our credit, not to mention figure out how to save up a significant down payment again (had to use our equity in the house to pay down debts, etc. We have a small sum left). We were thinking that approaching a seller with a lease option idea might be a good thought. I'd love to hear from people who went through it, or people in the real estate and/or lending business with any advice.

Thanks!

[renriq02]

if you're attempting to obtain a lease-option-to buy then it maybe a good idea of the home has equity or the neighborhood is experiencing high appreciation.

if i were in your shoes....i would rent an apartment.
it's cheaper.....you dont have to maintain a whole house...and the rental agreement can be used later to help you obtain a mortgage.

you can cut your costs from decorating a whole house...maintaining....cutting someone else's grass


if you didnt have a foreclosure...you can rebuild your credit 1yr..and buy a home with FHA with only 2.25% as a down payment.

you can buy a foreclosure for maybe 2/3 of the value...instead of paying the full price of a home..and hoping the value goes up!