Why would I want a Lease (i.e. Rent) with and Option to Purchase?

First off what is an Option to Purchase? An option is essentially a privilege you purchase by paying a fee. This option (privilege), then in turn allows you to unilaterally make a decision whether you exercise that option or no. In other words, with a “Lease with Option to buy”, the landlord “must sell” under this agreement but the tenet can chose either to buy or not to buy. All options are non-refundable privileges that are purchased as part of unilateral agreements.

1. You get control of a valuable piece of property without having to comment 100% to purchase that property.
2. You can get immediate occupancy – You want some place to live now and don’t want to put all your stuff in an apartment or storage unit.
3. You would rather move in to a house and buy it later.
4. You get time to pay the “down payment” in installments.  Most house loans require at least a10% down payment (if not 20%) and a lease with option to purchase allow you time to get the money together while they live in the house.
5. This allows you to build a solid payment history helping you get a mortgage loan much easier.
6. You get a payment plan that you cannot get anywhere else. Realtors, banks or other lending institutions do not offer these kinds of programs.
7. Our program gives you time to clean up credit problems. With the exception of bankruptcy (on your record for 10 years), there is nothing that cannot be cleared up on a credit report within a 7 years period. In most cases you can still get a mortgage after 2 years even with a bankruptcy and a credit score of 550.
8. You get time to try out the house to make sure you like it and to sure that is where you want to live. By living in an area you get to check out schools and other things before you are locked in to a home mortgage.
9. We can work with you to help you build equity in the house by helping you get credit for improvements that most homeowner and house renters make anyway.
10. We can offer a 50% matching credit for any additional principle payments you make effectively lowering the mortgage amount and making it easier for you to qualify.
11. You can get up to 3 years to get your act together. Our Lease with Purchase Option plan is renewable for up to 3 years.  
12. We  can give you a credit toward the purchase of the house for the Option payment. Most Real estate Investors who sell their house don’t give their tenet/buyers credit for the lease option. We will give you a minimum of a 50% credit on the “Purchase Option” the house.