Hello Bloggers- thank you for stopping by. The real estate market is “rolling” into 2009 and please don’t miss the great opportunities in our current market.
Raleigh real estate and Cary real estate homeowners have always enjoyed one of the most robust housing markets in the US. Lately, more “creative” ways of selling real estate has become common. Our team is leading the way. We sell more homes than any other real estate team in the Triangle and are ranked the #1 real estate team on the East Coast. This did not happen by accident! When our competitors have been bemoaning a “down market”,our team has been actively finding creative ways to make sales happen thrill both buyer and seller. Today I want to talk about buying and selling a home by using a lease-purchase or a lease-option. Here are more about these tools.
The definition of a lease-purchase is a contract that has a set price, a set closing date and is preceded with an agreed upon amount of monthly rental. The key elements to this type contract are the amount of earnest money and/or security deposit and what portion, if any, of the monthly payment the seller is willing to apply towards price of home or the buyer’s down-payment. Another term for a lease-purchase is a delayed closing.
A lease-option is similar to a contingency offer. The same requirements as stated above apply with the exception that the buyer has the “option” to close or not to close at the agreed upon amount. All the terms of this type offer are negotiable between buyer and seller.
The down side to a seller is a home that is rented, not closed and is ready for costly repairs. The down side for a buyer is locking into a price and having the market go lower.
Another factor in deciding if a seller should consider a lease-purchase is the cyclical as well as seasonal nature of the Raleigh and Cary real estate. In fact, the market does hold promise of a higher number of sales in Spring and Summer than winter. I recommend that sellers and home owner take into consideration the factor of seasonal market increase. Sometimes when a seller has suffered through a very “dry” season of “no sales” and ”few buyers” they get discouraged at just the wrong time and decide to rent or try a lease purchase when they should hold on until their home has had time to be presented in a stronger market. Did you hear, “timing is everything”?
Thank you so much for stopping by today. I love hearing from you, so please give me an e-mail sometime, I’d love to hear from you. God Bless you and yours. Remember, real estate is “on sale” and it’s will not last forever, so go buy some!