Lease Purchase Option Benefits
Price locked in up front- The purchase price is locked in when the home is leased so market changes won't affect the tenant/buyer. If the market should drop, the buyer can walk away rather than overpay for the home. If the market goes up, the buyer gets an even better deal.
Extremely low down payment- Normally between 3% to 5% of the asking price.
No loan qualification needed- Application for the mortgage isn't needed until the option is exercised.
Option consideration- Down payment is credited 100% to the purchase.
No taxes to pay- Tenant/buyer pays no taxes until he actually owns the home.
Time to obtain good financing- Tenant/buyer can take his time and shop around for the best deal.
Profits from any appreciation- The tenant/buyer will profit if the market goes up.
Time to repair credit- Paying rent on time establishes good credit and makes obtaining a mortgage easier.
Time to save additional down payment- Tenant/buyer has additional time to save money to purchase the house.
Time to check out the house and neighborhood- Tenant/buyer has the opportunity to see if he likes the house and the area before committing to a purchase.
Fast move-in time- Sellers who opt for lease options are usually already out of the house or moving very shortly.
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