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My name is Melissa and I am looking for a single family home 3 bed rooms 2 full bath in Raleigh,North carolina. I am interested in Least Option. If anyone knows anyone or is interested in that please let me know.
There are Lease/options all over on craigslist.
And if you post that you want one, you will ahve a ton of opportunities.
A Word to the wise:
Hire a good real estate attorney to review your contract and advise you about the impact. If the Seller discourages you from doing this, RUN AWAY AS FAST AS YOU CAN!
There be monsters in the L/O world!
Commonly, these are overpriced homes and you will deal with a Seller who does not care if you ever are able to buy, since many just want your nonrefundable deposit and a high monthly rent.
DO NOT proceed without a good attorney.
If you have any credit at all, you can own a home without risking the lease/option route.
Please consider just outright renting until you are ready to buy instead. I know it is a pain to think about "moving twice", but Mike is so right. Most lease options favor the seller. I just had a listing that the seller got anxious on and coverted to a lease option. He suddenly got many calls and made an agreement that greatly favored himself. He is actually a good guy and the contract was honest but still hard on the buyer. The buyer was willing to go along with it because it is a nice house and he had just gone through bankruptcy and cannot buy for four years. People do not realize that it is set up as Mike said. You usually pay more up front, more per month and more for the final sales price, if you ever do end up buying, People think that part of their monthly rent goes toward the final sales price. This is ususally not true unless you are paying more than the going rate for the monthly rent with the EXTRA going to the sales price. If you look through books for real estate investors you will see all this outlined for them. They feel, and I guess rightly so, that the extra is their due for taking a risk on the potential buyer. Most people looking for rent to own situations have poor credit ratings. If that is your case, please work with someone to raise your credit rating and buy a modest home. You will be better off financially in most cases. As Mike said, if you still proceed, please have someone who knows review your contract and the price of the home, deposit and monthly terms. Good luck!
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Rent instead
