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Tenant/Buyers Have Multiple Options
Lease Purchasing affords the tenant/buyer a wonderful opportunity to get into a home today, that he or she can buy tomorrow. But what options are available at the end of the contract? Fortunately, Lease Purchasing provides multiple options here also. Imagine having lived in a nice house in a good neighborhood for a number of years. Now comes decision time. Let's examine the options you have. First, you can exercise the option and buy the house. You've already negotiated the terms of the sale, so you know what you'll be paying for the property. But, you may also have an option within this option. Let's say the housing market in your area has softened and the home is worth less than when you contracted for it. Don't you think the seller may be willing to re-negotiate the terms of the deal rather than get the house back. There's a good chance he will. To re-cap, you can exercise the option or re-negotiate. Your second choice is to not exercise the option. In this case, you've rented a nice house for a number of years and had great terms for that length of time. Here comes another big but, if you've had a good record of payments with the seller, and you would like to stay in the house, possibly the seller would consider turning your contract into a straight rental. A third option has the potential to be a profit maker for you, the tenant/buyer. The end of the contract period is approaching and for whatever reason, you don't want to buy the house. What do you do? Well, if the real estate market in your area has been strong, why not sell the house and make a profit on the deal. What you say, how can I sell a house I don't own? It's simple. You exercise what is called a simultaneous close. Remember, you have an option to buy this house at a set price, if it has appreciated over the length of the contract, you can sell it to a third party for a price greater than your option price. You pocket the difference. Instant profit! Well, there you have it. Options, options, and options within options. As you can see, Lease Purchasing provides the tenant/buyer with the flexibility to be a "smart renter". No longer do you have to throw your monthly payment down a black hole. Make the best use of your money, rather than letting your landlord use it for his new car payment. Only the wonderful niche of Lease Purchasing can give you so many choices. Don't ya just love it! For additional information on this topic, see How To Live In Your Dream Home Today And Buy It Tomorrow! Without Mortgages, Real Estate Agents Or Credit! at http://www.homebusinesssolutions.com/products/lpbuyerman.htm Copyright 2003 DeFiore Enterprises Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses. No time to visit the site? Subscribe to our "how to" Home Business Solutions Digest, it's like having your own personal coach: mailto:subscribeHBS@homebusinesssolutions.com
MORE RESOURCES: The 1960s Buff & Hensman-designed Wong House has a pool, a walled garden and downtown and ocean views. It seems as though actress Scarlett Johansson had no sooner sold her old place in the Hollywood Hills than she and her husband, actor Ryan Reynolds, closed on a house in Los Feliz for $2.9 million. Completed a few years ago, a Normandy-style estate was built to look a century old. Glen and Linda Keane felt guilty about tearing down the O'Melveny family home. After all, John O'Melveny was part of a group of Los Angeles businessmen who formed Lake Arrowhead Co. in the 1920s and oversaw the lake's development into a popular resort destination. The mortgage giant quietly launches the HomePath program, which offers subprime-era terms for buyers: minimal down payments, no appraisals, no mortgage insurance and lower minimum credit scores. If you're a buyer with little cash or a small-scale investor looking for a deal on a foreclosed house, a little-publicized national lending program could be just what you need this fall. How some of our previously featured properties have fared in the sales market. Buff & Hensman-designed beach house Lenders lose an estimated $310 million annually in undervalued short-sale transactions, according to a study released in August.
Question: I am fed up with my homeowners association and successive boards for sabotaging owner requests for records and refusing to fix maintenance problems in common areas that directly affect individual units. I believe I have no other choice than to sue the association and the boards. What are the steps I have to take?
Keeping tenant out over concerns of illegal activities may be viewed as a 'constructive eviction.' Such moves as changing the locks to prevent access can bring significant penalties. Question: I own a couple of houses that I rent out for extra income. Unfortunately, they are not in the best part of our town. I have a tenant living in one of them who may be dealing drugs or doing something else illegal because the police have arrested him several times. Every time he is arrested he makes bail and returns to the house in a day or so. Even though he pays the rent on time, I realize that I can't continue to allow him to live in my house. My plan is to change the locks the next time he is arrested, so he can't come back into the house. I know that I need to protect his property inside the house if I do this, but my plan is to move his belongings into a storage locker. I can't afford a lawyer to file an eviction case, so this is my only alternative. Will I be OK if I do this? July's increase from June in the National Assn. of Realtors' gauge for previously owned residences follows two straight months of declines and a report that sales of such homes dived 27.2%. An index of home purchase contracts for previously owned dwellings unexpectedly increased 5.2% in July over June, the National Assn. of Realtors said Thursday, a modest note of good news for the U.S. housing market. Treasury bond yields, which influence the home-loan rates, have surged since Tuesday. Mortgage rates fell for the 10th time in 11 weeks, setting fresh record lows, Freddie Mac reported Thursday. But a rebound in Treasury yields in the last two days raises the possibility that home-loan interest costs won't fall again next week. The home builder's stock soars 11% after an announcement that there will be no action taken as result of an investigation into the company's accounting procedures. Shares of Los Angeles-based KB Home soared on Wednesday after the home builder said an investigation by the Securities and Exchange Commission into the company's accounting and disclosure procedures had concluded and no enforcement action would be taken. |
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