Important News and Techniques for Today's Real Estate Market

Lease - Purchase deals rarely culminate in a closed sale, and the contract process and the move-in/ move-out process can be frightfully messy. Even so...

One of the most common arguments IN FAVOR OF the Lease-Purchase option is that it COULD conceivably prevent the Seller's price from declining further, but the likelihood of that is very slim, since the Buyer would probably opt out if prices deteriorate further during the lease period.   In fact, I can't imagine that it would be an agent's RECOMMENDED course of action for any Seller unless circumstance requires that you leave the property for what could be an extended period. Why?

• Vacant houses can be targets for vandals, squatters, unchecked damage from mishaps (caused by nature or other), etc.
• Vacant houses can be a real pain in the neck and wallet to insure. Ask your insurance provider...many do not even offer coverage for homes that are vacant.
• Your leaving this house means you'll probably need another house--even if you're planning on renting--where you're going. If you're in a cash-strapped position already, money from the lease can stop the bleeding caused by carrying two mortgages (or one mortgage and a rent payment).
• A divorce, a death, or some other traumatic event is creating a compelling emotional reason for you to leave the house.

Whatever the situation, go into it with the attitude that it will MOST LIKELY NOT RESULT IN AN ACTUAL SALE. If you're ok with that, it may be a good fit.