I want you to Consider Lease Purchase. I’m talking to the people that want to move, but need time to get their credit in order, raise their credit score, or save more for the down payment and closing costs. I am also talking to the seller that hasn’t been able to sell in a couple of months or the investors that are trying to figure out where they should invest their money in right now. Our company has so many requests for people that want to do a lease purchase contract. It makes sense to have rent coming in and have the utilities paid for, in the interim before closing. There are times that the lease part of the contract only needs to go on for a month or two, some 3-6 months, others longer, but not usually. Consider lease purchase. How it works is this… there is a contract for sale, with a lease attached. The purchase price is negotiated, the closing date negotiated also. There is a lease attached to the contract spelling out the monthly rent, etc. The security deposit would go towards the purchase price at closing. It’s a good idea for the buyer to have inspections done before they take possession so that that part of the contract can be negotiated beforehand. The contract would still be contingent on financing. The buyer/tenant would need to have loan commitment 1 month before closing so that they can give a 30 day notice to move out if it doesn’t work out, but you would make sure the lender has pre-approved them and has spelled out the exceptions up front (they need to pay this, that, or the other off first…or, they need to save this amount of money for down payment). Our company has done 100’s of lease purchase contracts in the last 10 years. Let us know if you have questions about this. We need more inventory in the St. Charles county- O’fallon, St. Peters, St. Charles especially. St. Louis county has a strong need also- Florissant, Hazelwood especially.
Speak with our Broker about Lease Purchase