Five most dangerous questions not ask about a lease purchase
1) Is this house worth what the owner is asking
The owner can legally ask for more money than the house is worth.
The majority of lease purchasers are not experienced in determining
the true value of the house.
Always call an independent licensed appraiser.
2) Does this house have any structural problems
and does the heating or air conditioning unit have any safety problems?
Most lease purchasers are not experienced in the art of inspecting
the structural integrity of the house or the safety of the heating
and cooling system. Always call an independent licensed inspector.
3) Can I qualify for a loan to purchase this house and what
would the mortgage , interest, taxes and insurance cost me?
Very few lease purchasers know their credit score and how that will effect their ability to borrow the money to purchase the home. Always
meet with a mortgage broker to view your credit score and understand
how that effects your ability to borrow money.
4) If I am ever in default with my lease, do
I lose my deposit money?
A lease purchase or any lease is a binding contract that should
always be viewed by a third disinterested party. Always have a experience
real estate professional look over the paper work.
5) Does it make sense to do a lease purchase
on a home?
Some times it does, but remember that over three thousand people
lose their homes to foreclosure in the Atlanta area every month,
and untold lose their money in lease purchases because they did
not seek outside help in the above four areas. The only thing worse
than not owning a house, is the losing of your home. Protect yourself.
View Property Management Inc. can answer any questions
you have about lease purchases. Give us a call, the information