I host a very popular web site named www.JustRentToOwn.comhere in Phoenix, AZ. Many people are forced to enter into a lease option for the following reasions:
- Foreclosure
- Bankruptcy
- Unable to get approved for a loan
- Lack the down payment needed to get into a home
- Divorce or death in the family
Many people need a second chance in life. However, they do not know who to call. Hence, I decided to take action. Lease options are a great way for both parties when structured in the correct manner. It must be a Win-Win scenario for both sides. Please review my checklist for buyers before entering into a lease option agreement:
- Ask the seller to review the mortgage note and to verify seller is in good standing with the mortgage company. Furthermore, please ask what type of mortgage is on the property
- Buyer to pay for an appraisal to verify current value of the home. Furthermore, I would advise to conduct a home and pest inspection before moving in to avoid any issues before moving into the property.
- Read over the lease option contract to ensure all details have been spelled out for both sides. We want to avoid any misconceptions as time goes on
- Always let a real estate lawyer to review lease option contract to ensure accuracy and good standing before signing any paperwork
- Conduct a thorough background check on the seller and be willing to pay for it. If seller disagrees with this request, then take it as a bad sign and move on.
- Verify that the owner owns the property by contacting a title company to do a title search
- Set monthly payments up via a third party service to ensure mortgage is being each month to avoid any negative information in the near future. Plus, record all documents at title to ensure one can exercise their option to purchase property under contract
Recent Activity
We did some improvements to the site to make it easier for people to find. Well, I am receiving 2-4 new lease purchase prospects on a daily basis. I am about to hire a Realtor to manage my lease purchase division of my company because people need this type of service. We were able to negotiate a lease purchase candidate into a great home in less than a week. We did everything through title. She will be moving in this week. We made a nice commission for performing this task. Also, we will add another commission when she exercises her option to purchase the home. It does work.
Conclusion:
Lease options are a great tool to add to ones real estate business. Provide a superior service that nobody delivers in the marketplace. Then, people will come to you for the service. I help 3-5 people per month when it comes to lease options. I have it down to a science. I have lease option candidates call me before they enter into a lease option agreement because they are not represented in the transaction. I feel honored to assist.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
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That is a great niche. .congratulations. . perfect for these days.
I agree.Lease options are popular. It should be structured properly and I recommend they use an attorney .
Quite frankly, I wish I knew more about lease options. I get questions all the time from potential buyers who probably think it's a cutesey way of getting a Seller to rent to them. Very few of them realize the Seller is going to want a nice, big deposit up front to do a leasse option. On the other side, I have Seller clients who might go for the idea if they knew they were protected.
That is a great niche!
All great comments. I advise to learn more about this to assist more people
Good stuff Harry....The website is very user friendly. Your points are well made and should be followed to ensure favorable results. It's funny (prudent) to hear sellers going under the microscope as well as the buyers. Great post.
L/O's were heavily used in Texas until they were all but outlawed by the politicial heroes in our state legislature. Can't have an L/O for a term greater than 180 days in Texas so they've gone the way of the dodo bird.
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Hi
I read this post 2 times. It is very useful.
Pls try to keep posting.
Let me show other source that may be good for community.
Source:
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Best regards
Jonathan.