Lease-option a.k.a. Rent-to-Own?

[moon5leg]

I'm selling my house and with the market being as slow as it is down here (south of Pax, north of Webster) right now, I'm considering a lease-option as an alternative if I can't sell within the time line that I'm dealing with.

Does anybody know anything about lease-options in this area? Anybody ever gone through the process before or know a realtor or mortgage broker that has expertise on the subject?

Thanks.

 

[Shannon]

When I purchased my house a few years ago, I did the lease option. How it worked was the mortgage payment was figured out for the amount I purchased the home for. I paid the payments directly to the owner and she paid the mortgage. We had an agreement that after one year I would provide my own financing. The realtor we used was Connie Stommel, she (I think) is now the owner of Exit First in Dunkirk.

 

[tastycakes]

When I purchased my house a few years ago, I did the lease option. How it worked was the mortgage payment was figured out for the amount I purchased the home for. I paid the payments directly to the owner and she paid the mortgage. We had an agreement that after one year I would provide my own financing. The realtor we used was Connie Stommel, she (I think) is now the owner of Exit First in Dunkirk.

Had you already been house hunting and worked this out with a mortgage company or did you find the property willing to do this through the mortgage company? Sorry if this sounds silly but like the idea of lease to own, just not sure how to go about doing it.

 

[Shannon]

My mom lived in the area and I was visiting her. I happen to see the house and called the realtor on the sign. This was the only house I had looked at and really wasnt thinking about buying a house at the time. The realtor is the one that mentioned the land sales agreement because I couldnt get financing right then due to having a mortgage on another house. So we worked out the details, which gave me time to sell my other house.

 

[tastycakes]

Thanks for the info. Will help me start at least in some direction.