The Basics of Buying and Selling with Lease Options
By: Wendy Patton
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Real estate markets across the world are suffering right now. Sellers can't sell their homes and buyers can't get mortgages. As real estate agents it's a lot harder to earn a living now. Gone are the days of listing a home and expecting it to sell – it is time to get creative to not just survive but actually thrive in this economy.
What is a Lease Option?
Lease options are a way to buy and sell homes without an immediate conventional mortgage. It gives your buyers who can't qualify for a mortgage right now the opportunity to get into a home right away while they improve their credit and build up a down payment while living in the home. It gives your sellers the ability to beat their competition, which we know in these kinds of markets competition is great. Sellers can reach a far greater pool of potential buyers. They will likely be able to sell their home quicker and for a better price. For some sellers it may be the ONLY way they can sell their home in this real estate market.
How Does a Lease Option Work?
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