There are many people who have lost their homes in the last two years during this terrible real estate bubble. Families do not wish to rent an apartment. So, they search for a rent to own home so that they will be able to rebuild their credit in order to purchase the house in three yearss or more. However, many lease option candidates cannot identify a good deal or not. Please review the checklist below
Buyer Beware Checklist
- 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
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.
Phoenix Real Estate Resource Center
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I always find your blog posts very informative. Thanks for the continued contribution on ActiveRain.
Thanks for another rain making blog post. Best wishes to you
Thanks for the rain today