“Hi Gary. We currently own a condo and are upside down. Lenders have told us we do not qualify for two mortgages. How do you feel about lease-to-own as an option? And are the only legitimate lease-to-owns found in the MLS? Thank you so much!”
Answer:
If you can find one, lease-to-own (lease-option) can be a good option.
But…
Very few people want to offer a lease-option, so they are extremely hard to find. I wouldn’t plan on it. I don’t know of any other source for lease-to-own other than the MLS. You can try Craigslist.com, but I doubt that will have many.
If you do find a lease-option, know that they are a bit complex and can lead to problems later if not done correctly.
A lease option should have 3 parts: lease, option, and purchase contract. If you don’t include the contract (or at least all the major negotiated terms of the contract), you could have problems later, such as “is the seller paying for a termite clearance?” etc. There’s a higher chance of litigation if not handled correctly.
Good luck.
Learn secrets most will never know about buying a San Diego home
