RentToOwn-HouseFinder.com
Ever bought a house on a lease option?
I am currently renting a house. The house is older and not in the best of shape but, it has lots of potential. I would love to work on it, and build it up to it's full potential but, I want to do that to my own property, not my landlords.. When I first rented the house, the landlord expressed that he eventually wanted to sell the house. I would buy the house from him but, I have bad credit and I doubt I'd be able to get a morgage. I could try to assume his morgage but, that could be risky. That leads me to think that a lease option is a good idea. It's not really talked about much though. Could anyone give me some insight on Lease Options?
Public Comments
- If you are fore sure you want this property, then lease purchase is a good ideal.
- Lease options are a WIN-WIN. A WIN for you, because you clean up your credit and learn to love (or hate) the house you are in... you can NOT exercise the option (if you hate it) or you can make use of EQUITY (if you love it) the seller will give you in the form of closing costs paid, gift of equity, etc. It is a WIN for the landlord, because you are paying for his equity, and if you buy the house... great! Get with a mortgage professional to help you KNOW what things to work on with your credit such as: 1) HOW and WHICH bills to dispute 2) Open 2-3 credit cards (secured if you have to) and KEEP THEM EMPTY to PULL YOUR SCORE UP 3) payoff collections/lines/etc that report each month This will take time. So, get on the phone with a pro!
