Are you struggling to get a mortgage? The lease-option plan may be for you. It allows you to lease a property with an option to purchase it at the end. This offers a win-win situation for buyers with poor credit who want to buy a home, as well as sellers of properties that have been sitting vacant for a long time.
Hopeful buyers with poor credit can have an opportunity to restore their good credit scores with Gainesville real estate’s rent-to-own option and help them in positioning for homeownership at the same time. Sellers on the other hand receive cash flow from their formerly unoccupied properties.
The lease-to-buy option is not a new concept, but it’s fast gaining momentum. Aside from bad credit, there are many reasons why lease-to-buy option is appealing to most buyers. If you are uncertain whether you are ready to buy a home and assume all costs and responsibilities that go with homeownership, you can test the waters through a lease-purchase contract. For Gainesville real estate, this option also gives you a rare opportunity to own quality Gainesville homes.
Gainesville real estate finds it easier to sell Gainesville homes through the lease-to-buy option and so are individual sellers who are stuck with properties that are very hard to sell. Some developers use this option to sell condo units. Renters can sign an agreement that they can purchase the unit they are currently renting anytime within the next year for a fixed price. If you are looking to buy a property at Gainesville homes, this can be your chance.
If you are planning to consider a lease-to-buy option, make sure to do a home inspection and take photos and notes of the necessary repairs to be done. See to it that all payments are up to date and that there are no existing liens against the property. Ensure that all terms are spelled out in details and prepare a draft purchase agreement in advance.
Additionally, it is important that you understand the contract because it can be drafted in many ways. It would be ideal to hire experts to help you through the process and help you to negotiate and understand the terms and conditions stated in the contract.