Posted on February 27th, 2013 No comments
It’s not that commom but there are sellers out there that will consider a “lease option”. In plain English, this is a property that you can rent with the option to buy. Now, you have to pay for the right to this option. Your offer should be structured in such a way that it dictates the rental fee, the sales price, and the cost and expiration of the option. If you decide to purchase the home, then the option normally gets applied to the sales price. If you decide not to purchase the home, then you forfeit the option money.
Otherwise, if you’re renting a property, you can always ask the seller if they would be willing to sell it to you. Or just make sure that they know you are interested, if they decide to put it on the market.