Real Estate Agents - Clinets open to lease purchases?

[yourwayre]

Originally Posted by mjpinto

I have a question for Real Estate Agents. Do you find that your sellers are open to accepting a lease-purchase offer on their home? Is this something that is typically stated in the listing from day 1? Or something that is considered after the house has been on the market for awhile? Generally at what point do the sellers become open to this option if they weren't at first (house for sale for 6 months, etc.)?

In your experience do think buyers will be insulted at a lease to purchase option offer? I know the best scenario is to sell a house outright and be done with it. I am hoping that that view has changed a bit since the market has had so many ups and downs lately. We plan on buying this summer but may go the lease purchase route.

Thanks for your opinions.

I am a Realtor in MA... in southern MA to be more specific... I do not see many sellers taking this route. In FL where there are SO many homes on the market the sellers are much more open...

Be careful... There are ups and downs to both sides (seller and buyer)... If you as the buyer have an agreement to close say 12 months from now for a given price... but when it comes down to it the home doesn't appraise for that amount... you will most likely lose all down payment and perhaps the house. I have seen someone lose $30,000 because of that very situation.

I say the best thing to do is save your money and buy when your credit will allow... Unless you are looking for an investment and you just can't get another bank loan... then you have no choice but creative or owner financing.

Get a lawyer who understands creative financing on your side... and I think avoid Real Estate Agents that tell you it is a bad idea (they don't get paid until you close... which truth be told is not that often).

If you still choose to go the "Lease Purchase" route... seek out rental homes that are also for sale... they are open to lease with option to buy.

Also empty homes will be more open to rent with option. If you can Owner Financing is better... where the owner becomes the bank for say 5 - 10 years... That way the deed is in your name and the owner may foreclose on you rather than evict you. -- I think this is the better route.

Good luck

[Mark Brian]

I have had very very very few clients that were willing to do a lease purchase. And if they were I was always sure to include this information in the description of the property when marketing.

As yourwayre pointed out, the negatives outweigh the positives for many buyers & sellers.

If a deal sounds too good to be true..............

[mjpinto]

Thank you for all of your professional opinions - this helps me to better analyze our situation.