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Should You Consider Lease Options

With the drastic decline in home prices in the last year, people are now speculating if housing prices have bottomed out or if it will fall further. Economic experts say that things are looking better. However, with recovery so fragile, any shake-up in the market can make matters worse. Because of these uncertainties, average Americans should need to be more prudent in their investing, particularly in buying a house.

For individuals who aren’t looking to buy immediately but are contemplating home purchase in the near future, a good option may come in the form of lease options. In many cases, the terms of lease options are negotiable. If you’re looking for more information about this alternative, a few helpful articles can be found below.

JD @ Get Rich Slowly provided a very detailed account of what a lease option is and what you situations you need to be wary of. His article titled “Use a Lease Option to Lock in Low Home Prices” informs potential buyers that it is usually not a good idea to deal with desperate landlords. Likewise, if you’re a desperate tenant, lease options may not work because you might not be able to get a loan to buy it.

Noon @ SDB Club uploaded an informative post titled “How Lease Options Benefit Sellers.” While the title sounds like this is an article for sellers, it contains the different benefits buyers and realtors can expect from the lease option as well. Basically, you can expect basic data about lease options and some tips that will let you know if this is a good alternative for you.

Chris @ Syracuse Real Estate Blog wrote a recent post titled “Lease Purchase Options.” It is a relatively helpful post that talked about knowing all your financing options before buying a house. He stated that buyers who can’t afford to pay the whole price at this point for a house should consider the lease purchase option. There are also detailed practical tips in this post. For example, the blogger tells his readers to ask the real estate agent for advice before paying.

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Category: Mortgage


One Response

  1. [...] is expected that areas with high levels of foreclosures will have the steepest declines. For instance, Miami is expected to be the biggest loser with [...]

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