Posted on: 27th Mar, 2009 08:24 pm
I am currently considering leasing my home with an option to purchase to a family who has had a foreclosure. We have talked about a 3 year term, but they cannot afford enough per month to build up any kind of a down payment and I do not have the ability to carry any portion of their mortgage. Are there special mortgage considerations when it comes to a lease to own option or purchase? How can I know they will be able to actually purchase my home in three yaers? or is that unlikely that they will be able to purchase in three years because of their foreclosure?
Hi tmoffitt,
It is very difficult for you to know whether they would be able to purchase the home in three years time or not. As they have gone through a foreclosure, it will be difficult for them to get a mortgage right now. Whether they would be able to purchase the property after 3 years or not will depend upon their financial situation and credit score.
In my opinion, it would be better if you could look for some other buyer for your property.
It is very difficult for you to know whether they would be able to purchase the home in three years time or not. As they have gone through a foreclosure, it will be difficult for them to get a mortgage right now. Whether they would be able to purchase the property after 3 years or not will depend upon their financial situation and credit score.
In my opinion, it would be better if you could look for some other buyer for your property.
It is your choice either you lease your house or purchase it. This is because of the fact that the family is suffering from foreclosure.
there is no way for you to predict the future unless you have a crystal ball that actually works. will your people be ready to buy in 3 years? it is possible, yes; but it is also just as likely that they won't be.
i would guess that there's not an expert on this site who would stick his or her neck out and say, "yes, they will" in this case. any takers?
i would guess that there's not an expert on this site who would stick his or her neck out and say, "yes, they will" in this case. any takers?
You can lease to them, with in the contract, if you find another buyer for your house in 3 yrs, they have 30 days to move out, I have seen these contracts before.