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Blog by Philip Jones

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SELLERS: TRY LEASE-OPTION

SELLERS: TRY LEASE-OPTION

 

          Many home owners looking to see in the Augusta GA area, as well as all parts country, continue to watch their homes sit on the market far longer than they might have expected, and are feeling the financial burden of covering mortgage payments on two properties. In dealing with this type of situation you should give some serious thought to a lease-option.

            A lease with an option to buy can ease your mortgage squeeze while giving a cash-poor buyer a chance to buy a home. At the same time, the monthly rent can go toward covering the mortgage and a down payment on the property.

            With a lease-option, the seller will charge the buyer a non-refundable fee (usually one to two percent of the full selling price of the property).  Over the period of the lease, the buyer will pay rent that includes a percentage toward the down payment.

            At the end of the lease, the buyer can decide to purchase the property or forfeit the initial fee and rent.  Using the Lease-Option alternative will give the buyer time to secure a loan and the seller some financial breathing room.  

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