Lease purchase options [advantages and disadvantages]
... are not necessarily the best alternative for a buyer.
But depending on circumstances, could be a very attractive option for a home owner who is selling their home in Charleston.
I seem to get a call or email about every week from someone who is interested in a lease purchase option. On the buy side, I really don't see very many advantages most of the time. If your credit isn't strong enough right now to buy, then I think you ought to wait to buy until you can get it repaired and buy later. If you don't have enough money for a down payment right now, consider this, you will have to put down a sizable security deposit in order to get an option to purchase the home at a later date.
While there are thousands of homes for sale in Charleston, there are probably only hundreds at most that are offered as lease purchase options. So you are also limited in the choices that you have if you want to do a lease purchase option. From a negotiation standpoint, you also are not in the best position to get a good price and, more importantly, you are agreeing to buy the home at some point in the future at an agreed upon price that may possibly have declined in value by the time the purchase is scheduled. And if you don't go through with the option to purchase, then your security deposit could be forfeited.
For some Charleston home sellers, offering a lease purchase option to a buyer could be a very advantageous transaction depending on your specific circumstances. Ask me.
But please don't fall for this stuff if you want to rent to own. (phone number cropped)
