What is a Lease Option?
A Lease Option is an exciting emerging trend in today’s real estate market. This flexible program allows the Option Buyer and the Seller to agree upon a time period in which the house will be purchased at the agreed upon price. The Tenant Buyer provides a modest option fee to the Seller, in exchange for living in the home as a Tenant with the security of being the exclusive Buyer until the purchase and sale agreement can be completed.
More people are discovering that they don’t have to cross the bridge of decision between buying and renting. This is possible because of a choice called “lease options.” Lease options give you the freedom and choices needed in today’s economic environment while eliminating the mobility worries found with traditional home ownership.
If you are interested in selling your house on a Lease Option, we offer a complimentary Lease Option Consultation and Special Report on Lease Option for Sellers – email us to request your FREE copy. Fred@paramountrealtysolutions.com or call Fred Fetterolf at 919-559-1844.
Benefits and Features of Lease Option for Buyers
Feature: Exclusive right to purchase
Benefit: The owner cannot sell the property while you are renting. This means that there will be no disruptions to your family half way through the rental. Your right to purchase prevents the owner from forcing you to live with a for sale sign in the yard. You don’t have to deal with a parade of traffic that comes with a trying to sell a house.
Feature: You select the option period
Benefit: The typical option periods are 12-36 months. You can select the time frame that best suits your needs based on things like trying to sell another property or time needed to repair credit.
Feature: Negotiate the down payment
Benefit: If you are on a tight budget you can start with a shorter option period. As more funds become available you can renew the option period or buy an extend option term. In some cases, there are “work for equity” or “work for your down payment” opportunities.
Feature: Control the purchase price
Benefit: If housing prices go up during the option period you pay the lower option agreement price. If house prices go down during the option period banks will not provide a loan unless the option prices matches an appraisal. This means that you can negotiate a lower option price.
Feature: Kick the tires
Benefit: The house might be great but what about the community. There is really no way to know the true feel of an area until you have been there for awhile. If you try the house out and decide not to purchase you are not obligated to purchase. Meanwhile, you were able to keep all of the great benefits listed above.
If you are interested in purchasing a home through our Lease Option or Rent to Own Program, please contact us at Info@paramountrealtysolutions.com or 919-794-4772.
How Does a Lease Option Work?
Can a Lease Option work for my property?
Schedule a Free Lease Option Consultation