Why would someone do a lease with option to buy?
Well there's actually many reasons and benefits to both buyer and seller.
For the seller: Long market times? The purchase of another home? If the seller cannnot move the home in the traditional sense, then a creative deal is usually the next best thing. A lease option offers the seller a stronger alternative with a client/renter/buyer that has more invested in taking care of the property.
The buyer: gets an opportunity to live in the home that they want to purchase, while having additional time to improve their buying situation. This could be time to save for a larger down payment, time to improve their credit score, or time for a negative factor to be removed.
As things continue to stall in the financial and credit worlds, more and more buyers will be pushed into a few options for housing. 1) straight purchase - if they have great credit and large down payment (25% now) 2) renting 3) A lease option/ creative deal, where seller and buyer assist each other in solving a problem.
If you need assistance with either one of these positions, contact us and we'll get started on your solution.