Posted by Skywalker on February 28, 2001 at 20:56:56:
Andy:
I would recommend you see the How-to articles on this site. I have been referred to them several times and their are several Lease Option articles in there. Also, you can find some good content at www.legalwiz.com.
Skywalker
Lease/Option Pointers - Posted by Andy
Posted by Andy on February 27, 2001 at 22:03:26:
I am looking at approaching a house in my neighborhood that has been offered for lease for at least 3 months with a lease/option proposal. The property has been vacant at least that long. The property is advertised by a Real Estate Agency that does property management. Do I approach the RE Agency, or do I try to find the owner direct? The L/O will be for my own residence. I am overcoming several hurdles, including a bankruptcy that will be payed off in two years and finishing college in about 1 and a half years. I was looking for a 2 yr l/o with the hope my situation will be better. Any pointers?
Thank you to all responders, this site has been a great source of inspiration for me. Wish I’d found it a few years ago.
Re: Lease/Option Pointers - Posted by Dweezie
Posted by Dweezie on February 28, 2001 at 22:25:37:
Well with the bk on your record your looking more to sub-prime financing. You need to get the l/o for at least 12 months. Make sure you pay your Bk on time. I’m not sure which BK you filed for but if you pay it on time as agreed and pay your L/O with canceled checks or money orders. NO CASH. Lenders don’t like regular cash receipt. But certified funds documentation of paying your L/O on time you can probably get in the house in 12 months. Some sub prime programs will buy you out of BK if you have the right L/O agreement and the documentation to prove payment, and good payment history in your BK. Double check with ED to see what he recommends I don’t want to mislead you in anyway. Just open your mind to the possiblities and hopefully get you to research. Get creative and let us know how it goes.