Thread: Are lease options worth it?

Yes. But it all depends on how the agreement in structured.

I am not sure if you are selling with a LO or buying with one. Each sides has its own quirks.

Selling with a lease option is good in this market becuase plenty of people who want to buy cant because of the mortgage situation. You just hav eot prequalify potential buyers to ensure that they will qualify in a year or so. Also get at least 2% as earnest money. Often times you don't need a realtor to find buyers like this.

If you are buying with a lo you need to make sure that the rent credit, or additional money you are paying on top of rent gets escrowed. Also make sure the purchase price is fair. Sometimes it can be higher that normal on these deals.

Have an attorney review your lease and you purchase option before you commit to anything.

Yes, they can be, but the key is the specific nature of the deal, the price of the option, the monthly payment. Generally a lease option purchaser will pay a higher monthly payment than a regular renter, which is good for the seller. They also may tend to take better care of the property.

Other factors are what the local market is like, is the market rising or declining, etc...

Personal experience lease options are good, but I agree mbippus that is is still depends on the agreement. I think there are a lot to know about stuff like these and it'll be better to contact experts in your area to know more so that you will be well-informed in stuff like this.

I think you answered your own question Thomas when you said you NEED to move. If a lease option will allow you to sell your home and move then you need to do it.