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.

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3RD Street
Calera, Ok 74730
Commercial

MLS# 1736097 / Active
18438 sqft, 5.00 acres, type: Multi-family
permitted use: n/a

 

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$6,995,000
Provided courtesy of Vince Haney of Quality Realty

5977 E 121ST Street
Bixby, Ok 74008
Tulsa Co Unplatted
Residential

MLS# 1733921 / Active
3 br, 4 ba, 2 half bath, 5035 sqft
20.00 acres, year built: 2003, style: English

Quiet, Private Nature Preserve With Pond And Wildlife. Every Detail Of The Home Meticulously Chosen To The Highest Quality And Feel. Unique Oppor... 

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$6,250,000
Provided courtesy of Chet Wilson of Keller Williams Preferred

3413 N 14TH Street
Ponca City, Ok 74601
Crown Heights
Commercial

MLS# 1735637 / Active
39545 sqft, 1.94 acres, type: Hotel / Motel
permitted use: n/a

Beautiful New Construction To Be A La Quinta Inn. Three Stories With 70 Rooms, Outdoor Pool, Breakfast Area And Reception Area. Great Location On H... 

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$5,300,000
Provided courtesy of Jerry Sisco of C21/Ultimate Realty

5412 E Princeton Street
Broken Arrow, Ok 74014
Wagoner Co Unplatted
Residential

MLS# 1726676 / Active
4 br, 6 ba, 2 half bath, n/a sqft
26.20 acres, year built: 1997, style: Other

Impeccably Maintained Private Gated Estate On 26+ Acres. Attention To Every Detail. Breathtaking Grounds W/manicured Gardens. All Bedrooms W/ Priva... 

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$5,000,000
Provided courtesy of Sherri Sanders of McGraw, REALTORS

1102 N 305TH East Avenue
Catoosa, Ok 74015
Rogers Co Unplatted
Residential

MLS# 1726397 / Active
5 br, 7 ba, 12620 sqft
6.00 acres, year built: 1970, style: Other

Iconic Home Designed By Architect Cecil Stanfield In Shape Of A Fishing Reel.. The Focal Point 28 Curved Beams Extend Over The Swimming Pool 25FT O... 

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$5,000,000
Provided courtesy of Janet Youngblood of Chinowth & Cohen

3201 E 65TH Street
Tulsa, Ok 74136
Tulsa Co Unplatted
Residential

MLS# 1729963 / Active
4 br, 5 ba, 2 half bath, 9664 sqft
4.39 acres, year built: 1961, style: Contemporary

Custom Built Designed By The Late O'neil Ford, Who Was Nationally Known Architect From San Antonio. Located On 4.39 Acres Adjoining Shcc Golf Cours... 

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$4,950,000
Provided courtesy of Peter Walter of Walter & Associates, Inc.

452237 Eagle Bluff Drive
Afton, Ok 74331
Eagle Bluff
Residential

MLS# 1716535 / Active
5 br, 7 ba, 1 half bath, 11280 sqft
0.54 acres, year built: 2009, style: Other

 

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$4,500,000
Provided courtesy of Sheryl Chinowth of Chinowth & Cohen

11710 S Memorial Drive
Bixby, Ok 74008
North Heights Amd
Commercial

MLS# 1714967 / Active
9870 sqft, 2.48 acres, type: Church
permitted use: n/a

Fronts Major Artery With 2 Cutouts From The Property, 35,000+ Vpd (M/L). Just 2 Mi From New Costco & Target. 1 Mi From Walmart & Lowes. Adjacent La... 

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$4,000,000
Provided courtesy of Roger McClure of Coldwell Banker Select

36066 Redbud Drive
Afton, Ok 74331
The Points I
Residential

MLS# 1726349 / Active
5 br, 5 ba, 2 half bath, 5833 sqft
0.73 acres, year built: 2016, style: Spanish/mediterranean

Nestled Within The Gated Community Of The Points Is This Santa Barbara Retreat W/mission Flair, 4 En Suite Br's & 2 1/2 Baths In The Main House.the... 

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$3,950,000
Provided courtesy of Diana Patterson of McGraw, REALTORS

4025 S Yorktown Place
Tulsa, Ok 74105
Royal Oaks Resub
Residential

MLS# 1710801 / Active
4 br, 5 ba, 2 half bath, 11163 sqft
0.82 acres, year built: 1938, style: Other

Original Residence In Royal Oaks! Exquisitely Updated Throughout. Formals. 3 Gamerooms. Theater Room. Office Plus Library. 4 Bdrm Suites Each Havin... 

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$3,750,000
Reduced -$540,000
Provided courtesy of Rodger Erker of McGraw, REALTORS

3166 S 432 Highway
Pryor, Ok 74361
Airport North
Residential

MLS# 1734412 / Active
1 br, 1 ba, 600 sqft
19.95 acres, year built: 2008, style: Other

Live Where You Work! Cozy Living Quarters In This Fabulous Equine Facility: 1 Br,1 Ba, Living, & Kitchen. Bunk House Also In The Facility. Build... 

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$3,600,000
Provided courtesy of Daria Coffield of Keller Williams

23701 E 730 Road
Tahlequah, Ok 74464
Cherokee Co Unplatted
Residential

MLS# 1722936 / Active
4 br, 2 ba, 1 half bath, 2941 sqft
400.00 acres, year built: 1980, style: Country French

1 Mile M/L Illinois River Frontage, 30x40 Shed For Rv (water&septic) 30x50 Shop With Bath, 30x50 Hay Barn, Spring Water, 20 Ft Irrigation Rights Fr... 

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$3,500,000
Provided courtesy of Billie Crosslin of Cochran & Associates

12829 S Lombard Lane
Skiatook, Ok 74070
Osage Co Unplatted
Residential

MLS# 1713137 / Active
3 br, 2 ba, 1588 sqft
476.00 acres, year built: 1949, style: Bungalow

476 Acres M/L, 2 Miles S Of Hwy 20 In Skiatook, Beautiful, Productive Farm Land, Crop Potential, Prime Development Property For Commercial, Industr... 

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$3,500,000
Provided courtesy of Earl Burden of Coldwell Banker Select

103 Benge Road
Fort Gibson, Ok 74434
Commercial

MLS# 1727666 / Active
127000 sqft, 20.00 acres, type: Warehouse
permitted use: n/a

7000 Sq Ft Of Warehouse, 6 Loading Docks, 480 Three Phase Electric, Zoned I-1 

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$3,500,000
Reduced -$200,000
Provided courtesy of Steve Clinkenbeard of C21/Clinkenbeard Agency

3535 SE 44TH Street
Newcastle, Ok 73072
Commercial

MLS# 1733607 / Active
8000 sqft, 21.00 acres, type: Business Service
permitted use: n/a

Great Location. 1.5 MI From Riverwind Casino & 4 MI From Ou. 8,000 Sq Ft Building On 21 Acres. Softball Baseball & Soccer Field Fully Fenced W/dugo... 

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$3,500,000
Provided courtesy of Shaina Crites of Campbell Real Estate Group

3442 S Atlanta Place
Tulsa, Ok 74105
Oakview Estates
Residential

MLS# 1722894 / Active
3 br, 3 ba, 3 half bath, 6733 sqft
2.59 acres, year built: 1995, style: Contemporary

This Beautiful Home In The Middle Of The City Sits On 2.58 Acres. 

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$3,400,000
Provided courtesy of Peter Walter of Walter & Associates, Inc.

19393 Clear Brook Road
Owasso, Ok 74055
Clear Brook
Residential

MLS# 1730042 / Active
7 br, 7 ba, 5 half bath, 13308 sqft
2.74 acres, year built: 2012, style: French

Step Inside & Discover Elegance In This Breathtaking Estate Surrounded By Woods & Wildlife. Gourmet Kitchen W/ All Thermadore & Hearth Room. Multip... 

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$3,400,000
Reduced -$200,000
Provided courtesy of Cindy Hand of Chinowth & Cohen

404 W 81ST Street
Tulsa, Ok 74132
Tulsa Co Unplatted
Commercial

MLS# 1715955 / Active
3362 sqft, 2.96 acres, type: Retail
permitted use: n/a

Three Acre Commercial Hard Corner; All Utilities Available; Presently Improved With Single Family Residence Which Could Provide Interim Use (3400 S... 

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$3,250,000
Provided courtesy of Dennis Hall of Dennis Hall

380 Bluejack Oak Lane
Ringold, Ok 74754
Mccurtain Co Unplatted
Residential

MLS# 1730941 / Active
4 br, 3 ba, 2940 sqft
570.00 acres, year built: 2010, style: Ranch

The Triangle R Ranch Is A Working Ranch Currently Handling 150 Momma Cows.the Main Home Is A Gorgeous, Well Constructed, 2940 Square Foot Solid Log... 

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$2,977,000
Provided courtesy of Jonthan Price of Midwest Land Group

10914 S Marion Avenue
Tulsa, Ok 74137
Belmont
Residential

MLS# 1731897 / Active
5 br, 5 ba, 4 half bath, n/a sqft
0.00 acres, year built: 2008, style: Country French

Spectacular, Private Estate On 1 Acre M/L, Pool, Spa & Casita. 1ST Floor Theatre & 2 Bedrooms Suites. 3 Beds Up All With Private Baths. Gated, Jenk... 

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$2,850,000
Provided courtesy of Lisa Suhomske of Chinowth & Cohen

27950 S Skelly Road
Catoosa, Ok 74021
Rogers Co Unplatted
Residential

MLS# 1734218 / Active
9 br, 8 ba, 1 half bath, n/a sqft
89.90 acres, year built: 2009, style: Country French

Sportsman's Paradise. 89 Acres Sets On Top Of Hill W/verdigris River Flowing Below And Breath Taking Views M/L With 25,000 Sq Ft Unfinished Mansion... 

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$2,800,000
Provided courtesy of Julie Shew-Dikeman of Chinowth & Cohen

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