Owning a home has always been an integral part of the “American Dream” -- like hot dogs and apple pie. “Home Sweet Home” is something we all look forward to, a landmark of sorts. We are born; we grow up; we get a job; we buy a house.
But what happens when that dream turns into a nightmare? That house, your property, suddenly becomes a burden because you just can’t get it sold when you want to.
“There are a lot of reasons people need to sell a house fast,” notes Greg Oakes of LPO Sellutions, Inc., a company specializing in creative home sales options. “Sometimes its a divorce or a job transfer. Sometimes you have contracted to buy a new house, and you have not yet sold your old house. Having to be responsible for two mortgage payments could possibly jeopardize your new loan or at the very least be financially burdensome.
"Other times it’s a result of an unfortunate financial setback, like the loss of a job. When this happens, it’s easy to fall behind on your payments. The most important thing is not to give up!”
Oakes suggests considering alternatives to a traditional sale. “Even though most sellers will attempt to sell their homes via a traditional realtor’s listing, it simply may take too long. A lease/purchase arrangement, on the other hand, can often be achieved in a matter of days rather than weeks or months.”
That proved true for Susan Torres, a flight attendant from Denver. Without much advance warning, her airline closed its local flight attendant base, and Torres was reassigned to a base in another state. She knew she had to sell or rent her property quickly. Although she would have preferred selling, Torres said she could not afford the chance of her house sitting vacant, even for one month. She decided to try renting it, but didn’t get the desired results with a property management firm.
Desperate, Torres called Oakes, who presented her with several solutions, including an option to lease/purchase the property to LPO Sellutions. The lease/purchase was attractive to Torres because LPO Sellutions guaranteed rental payments even if the house remained vacant. In addition, she did not have to concern herself with the minor maintenance of her property, because the tenant/buyer was responsible for it. “I’m very pleased with the agreement,” Torres says. “Little did I know how well a lease with purchase option would suit my needs.”
Lease Contract + Purchase Contract = Lease/Purchase Contract
A lease purchase is essentially a rental agreement combined with a purchase contract containing pre-negotiated terms. The buyer leases the property for a specified period of time with the intent to purchase it before the end of the lease agreement. The maintenance, value and rental payments are assured. Whereas with a standard lease, the maintenance, value and rental are not assured.
Oakes notes several advantages of selling your home under a lease/purchase arrangement:
In addition to buying and leasing properties, Oakes provides consultation services nationwide to FSBOs (For Sale By Owner) at an affordable fee. For more information, call LPO Sellutions, Inc. at 800-467-6376. (ARA)
Courtesy of Article Resource Association; www.aracopy.com; e-mail: info@aracopy.com
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