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Poconos Lease Purchase
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What is a Lease Purchase ?

A lease purchase is a combination of a real estate rental and real estate sale. It is a lease for a fixed time period such as 12 or 36 months with a provision that at the end of the lease period, the purchase agreement portion of the contract is executed.

A lease purchase allows a buyer to live in the home while you establish your credit, save for a down payment or otherwise prepare to buy. By buying a home with lease purchase terms you also have time to create a good payment history, which could help you in acquire a new mortgage are favorable rates.

Lease Purchase

A lease purchase gives the buyer the option to lock in the purchase price, then complete the purchase at anytime during the traditional 12-36 month lease period or as spelled out in the agreement.

As the buyer in a lease purchase, you are obligated to complete the purchase of a home or you may be subject to the loss of your deposit. The seller is, legally required, during the lease purchase period, to sell to you, and no one else. If you have bruised or bad credit, that is repairable, a lease purchase may be the best solution to home ownership.

How Does a Lease Purchase Work?

Lease purchase transactions usually require employment and income verification and often a completed mortgage application, to make sure that the buyer can afford the monthly lease payments and will qualify for a mortgage at the end of the lease term. Next, the deposit fee is paid in order to secure the current purchase price as well as a future closing date. Sometimes a portion of the monthly lease fee is applied to the purchase price of the home. Then, you are paired with a mortgage specialist to assist you with financing to close the deal. As the buyer's ability to qualify for a mortgage improves, the buyer and mortgage professional decided on when the purchase should take place subject to the terms of the lease purchase agreement.

 


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USA Realty - Local Office. Representing Buyers and Sellers of Pocono Real Estate for over 40 years. Specializing in Lakefront homes, Ski homes, Vacation homes and Homes for families living in Eastern Pennsylvania and commuting to work. With over 40 years of experience the agents at USA Realty know the market and can help any buyer of a home, business, land or farm find just the right property to meet their needs. Over 1180 closed transactions.

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USA Realty
3076 Valhalla View, East Stroudsburg, PA 18301

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The information on this web site has been made available by the MLS through USA Realty - PA license RB 066233 and may not be the listing of the provider. The data relating to real estate for sale on this web site includes listings held by MLS-IDX Participants of the Internet Data Exchange program of the Multiple Listing Service of the Pocono Mountains Association of Realtors. All listing data is the copyrighted property of the aforesaid Association and its MLS-IDX Participants with all rights reserved. It is not Guaranteed to be accurate. All materials and images on this site Copyright 2018. Golden Interests, Inc.


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