Curious Real Estate Question….

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Lease Option Really an Option At ALL?

Is a lease option really a good option?

I’ve seen people get burned by lease options and I would love to hear a single story from the last 3 years that would open my eyes to them being viable. Sellers behind in payments looking for a small light at the end of the tunnel in hopes the tenant will become a buyer and bail them out. Caution! Will the owner make the payments? Will you get the fantastic little note on your door that triggers the fear of being kicked out? It is called a Notice of Default, I call them scary when you think you are buying the home. And that is what I see as the problem. A should be renter finds a home that offers an option to buy! What better way to feel good about your situation than to be able to tell everyone you’re a buyer, not a renter. Those want to be buyers aren’t instructed to have an escrow company handle the rents and mortgage payments and end up scrambling to figure out the options after the owner decides not to continue to make the mortgage payment.

If you have to find out what your options are after you need one, it’s too late.

Maybe the land deal I’m working on for a non-profit will work. Maybe it won’t. At least they will hear all the options, good and bad, and not just walk down the road blind.

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Real Estate Short Sales and Brazilian Jiu Jitsu

 Real estate agents should be graded like the martial arts.  Beginners should be a white belt and their comments should be noted as such.  And then, agents who have the experience should be able to attach a belt color based on their successes.  The agents that don’t follow this method should wear a mouth piece and get ready to tap out!

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