Buyer Q & A – How Do I Buy a Lease Option?

Home / Home Buyers / Buyer Q & A – How Do I Buy a Lease Option?

Buyer Q & A – How Do I Buy a Lease Option?

How does a lease option work?

“Hello Trulia- my husband I didn’t qualify for a mortgage this year because our 2008 tax return shows too many deductions and too little income. Our mortgage broker said we will definitely qualify next year after we file our 2010 tax return with more income b/c that averages will average with 2009, which is good. We want to buy a house, and are ok with waiting until next year, but a really great house just popped up on the MLS for a great price. We were wondering how a lease option works, the idea being we lease it for 3-6 months and then buy it. Any advice would be appreciated- thank you!!”  This question was posted on Trulia by an Orange County prospective home buyer.  Here’s my answer:
Lots of good information here! In addition, do you know what type of sale the great house that just popped up on the MLS is? If it is a Short Sale or an REO listing, a lease option will probably not work. In the case of a Short Sale, the seller is trying to sell their home before it goes to foreclosure – so they want it sold as quickly as possible. And most banks will not consider a lease for any period of time. Somewhat the same with an REO – the bank wants the property sold and off of their books.
I would make sure you are concentrating on Standard Sales – sellers who have equity in their home, and can work with you to structure a lease option. Currently, there are 114 Single Family detached homes available in San Clemente that are not Short Sales or REO – ranging in price from $440K to $5.8M.
Hope this helps. Leslie 949-678-3373
And here’s a Standard Sale home for sale in Telaga that just came on the market today:

We're sorry, but we couldn't find MLS # S634680 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Leave a Comment

Contact Me

Have a question or comment? Send me an email and I'll get back to you, asap.

Not readable? Change text. captcha txt

Start typing and press Enter to search

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of 7/29/16 1:27 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

This IDX solution is (c) Diverse Solutions 2016.