Lease with option has it's pitfalls, however can be a great alternative to selling your home. In this economy there are many people that will not qualify for a traditional mortgage for one reason or another. Many times it's not because they don't pay their bills. It may have to do with how they declare their income. For example, someone that is self employed may have perfect credit, however on their tax returns deduct all of their expenses to lower their taxability. Traditional mortgage mandate that 2 years of tax returns with sufficient income be required. Income is calculated from gross income for a W-2 employee and Net income for someone that is self employed. So you can see how they may become disqualified very easily. This would be a great person to sell your home too, however?
In order to do this successfully you'll need to require a down payment. Don't skip this step to rush to get them into contract. 3-5% is always suggest to make sure they take care and conduct themselves appropriately. The fear of loss is always greater than the fear of gain.
Payments need to be in line. Just because they can't buy through traditional means doesn’t mean they are desperate. Many sellers have a strategy to charge a high rate, down payment and hope to get the home back due to default. Good buyers watch out for this. It's like the most recent mortgage crisis, it may work for the short term, but it rarely works out. Most lease purchase options I see or write have a short term period the buyer has to obtain their own permanent financing. How do you expect this to happen if you are taking advantage upfront and during the process. Most of the time they don't get the financing needed because they don't have funds to document ability to pay. So if you want to sell your home and move down the road be careful. If you're willing to keep it for a long period of time, then I guess none of this matters.
If you need more information please give me a call. For buyers reading this I have a list of homes that are willing to carry.
Displaying results 1-21 of 9423
Hwy 169 106Th Street
Owasso, OK 74055
Prime location! adjacent to the new tcc which is to be completed by spring 2013. corner of hwy 169 & 106th (e of hwy 169) commercial potential. pro...
N 50Th West Avenue
Sperry, OK 74073
Rare in the sperry area! 10 acre tract with available water tap: great location to build on. mature trees, pasture, and pond. awesome location, min...
Catoosa, OK 74015
All mineral rights included
12300 S Memorial Drive
Bixby, OK 74008
Prime development potential with over 650 of memorial drive frontage.
11436 S Louisville Place
Tulsa, OK 74137
'chateau nouveau' is a new home in tulsa, oklahoma that is dedicated to an era in art history that ushered in the 20th century, known now as 'art n...
Hwy 51 Street North
Mannford, OK 74044
20 minutes from downtown tulsa! nearly 500-acre peninsula has miles of shoreline with views and deep water at keystone lake, plus close to 1/2 mile...
N Aspen Avenue
Broken Arrow, OK 74014
688 ft (m/l)of frontage on aspen & 414 ft (m/l)of frontage on 51st st. 966 acres (m/l) of commercial potential land. according to the comprehensive...
Glenpool, OK 74033
Great location. close to hwy 75 (1/4 mile). commercial/industrial potential. 104.4 acres m/l. easy to develop. prime land next to current operating...
0000 Hillside Drive
Broken Arrow, OK 74012
Will subdivide. high visibility, broken arrow expressway frontage in midst of hillside drive development area near bass pro shop. all public utilit...
8414 E 101St Street
Tulsa, OK 74133
Tours by appointment only. do not disturb existing business/tenant. deed will be restricted from particular future uses.
103 Benge Road
Fort Gibson, OK 74434
7000 sq ft of office, 120,000 sq ft of warehouse, 6 loading docks, 480 three phase electric, zoned i-1,
56650 E 299Th Road
Monkey Island, OK 74331
Private estate on 5.98 acres with 1,300' of shoreline on grand lake. adjoining guest house, private pool, gourmet kitchen, 5 bay - 10 spot garage/...
1351 E 27Th Place
Tulsa, OK 74114
1.95 acre estate designed by forsyth in normandy style, 1/2 block from philbrook. dramatic landscaping & pool. newly updtd bths & kitchen. 2 bdrm ...
0 Hwy 75 Road
Bartlesville, OK 74006
Land with frontage on highway 75. owner will consider dividing.
19393 Clear Brook Road
Owasso, OK 74055
This french country inspired mansion designed by rick hoge sits tucked away on 3.8 ac m/l wooded lot.front circle drive features courtyard w/founta...
7700 S 33Rd West Avenue
Tulsa, OK 74132
Custom built house. master suite has bath,closet,exercise room. 1st foor theater and office. open kitchen to dining and living area. 3 bedrooms ups...
30736 S 4539 Road
Afton, OK 74331
Property consists of 12 rental units: 1,2,3 bedroom units all fully furnished, 2 with jacuzzi tubs, units all equipped with flat screen t.v's, full...
10931 S 69Th East Avenue
Tulsa, OK 74133
Stunning home, tastefully decorated. cul-de-sac, private backyard.100ft covered patio overlooking spectacular pool & gazebo. high ceilings, beamed ...
23700 E Cobbs Corner Road
Tahlequah, OK 74464
Must see to appreciate! unique resort style property on illinois river. 3 homes all with river view & access, 161 acres m/l with over 1/2 mile of r...
8446 S Kingston Avenue
Tulsa, OK 74137
Absolutely stunning home! 3 masterfully designed floors - elevator, theatre, 2 laundries with chutes, gameroom, safe room, 2 gourmet kitchens, top...
14232 N Memorial Drive
Collinsville, OK 74021
305 ac great for development or comm. front 142 memorial 136th memorial & 136 between mem & sheridan - and 146th st north 3 parcels