Are looking to get into a new home but the timing of your circumstances is just not ideal? Perhaps you have a home you need to sell in your previous location, a CD of yours doesn’t mature for another year, or some other similar circumstance. Then learning a bit more about  lease purchase options might be helpful in exploring your choices.

What is a Lease Purchase?

First it is important to make a distinction between Lease Option and Lease Purchase because they are two significantly different financial contracts.

View Available: Athens / Decatur AL Lease Purchase Homes
View on Map: North Alabama Lease Purchase Homes

A Lease Option is basically a ‘rental agreement’ for a specified length of time that also gives you an option to purchase the home at an agreed upon price. It in effect gives you a first right of refusal purchase option during your lease period. You do not have to actually close on the purchase, it’s an option.

A Lease Purchase on the other hand has at its heart a ‘purchase agreement’ with a provision that closing  is to be ‘exercised’ at the agreed upon price at the conclusion of the lease period. Thus contractually you are obligated to close on the purchase, it is not optional.

Let’s Be Careful Out There

The Athens / Decatur Homes linked to above, mention that a lease purchase option is available from the home owner. However given such a huge difference in a Lease Option and a Lease Purchase, we need to be careful when discussing these options with the listing agent and be sure to get the details of  the option being offered, if not both.

This is one area where I strongly advise, that you utilize a buyers agent before approaching the listing agent or home owner. If you would like to discuss this further, please understand you can contact me anytime and I would be happy to assist.

- Jason

Considering the fact that it is very easy to search and find homes on the web, why do you really need a buyer’s agent? An intriguing question to say the least.

Let’s face it, if you are using the MLS Search Engine on our website, you are seeing precisely the same homes I see. And you also know much better than I ever could, what you like and what you don’t like.

You see, these days buyers can merely search the available Internet inventory all by themselves, emailing me the MLS numbers of the homes they would like to see. In some cases a buyer and I will work together to perfect their search criteria and we do have the capability to setup automatic search bots for those taking some time to browse new and price change listings. Nevertheless in our current Internet environment, the home search process is at best a partnership between buyer and agent.

So Why Use Us as Your Buyer’s Agent?

You don’t need me to search for listings, although I’m happy to do this and I can automate much of the tedious process. You also don’t need me to open lock-boxes, you can call the listing agent directly and setup a showing, however keep in mind that the listing agent’s legal obligations are all in support of the seller and not you as buyer.

You need a good buyer’s agent to guide you through what is in fact an arcane perilous process and potentially a financial disaster. You might not need me to find your next home, but you need me to make sure that you get it or that you pass on it, if that is what is truly in your best interests.

We have a saying around the @Homes office, ‘If they accept our first offer, we’ve paid too much!‘ and we live by this statement everyday. Our client’s interests come first and we will go into each and every contract negotiation with hard data  to justify why our offer is a strong legitimate one. Our purchase contract will surprise you at every turn with contingencies tailored to achieve your advantage and leave the walk-away door open as long as possible. We will supervise the inspection process and negotiate optimal solutions and we will be prepared for every possible pitfall of the legal closing and escrow process.

If you bought and sold houses every day like I do, you could do all these things yourself. It’s because you don’t and because the seller and the listing agent are looking to take advantage of your naivete at every turn, that you need a skilled buyer’s agent as your champion.

Want to talk this through this some more? Why not Email or give me a call 256-340-004 and you’ll be surprised what we may be able to accomplish together regardless of the current state of your home search.

- Jason

Quite a few homeowners relocating to our area are originating from states where local Real Estate Laws have progressed from the traditional Buyer Beware (caveat emptor) model, to what can only be characterized as Seller Beware (caveat venditor). The state of Alabama real estate laws  have made no such changeover. Alabama continues to be, quite definitely, a Buyer Beware State with regards to Real estate property transactions.

Nevertheless simply because Real Estate Law is different among states does not necessarily mean that purchasers cannot safeguard themselves, thus it really is important that local Realtors instruct their customers regarding some crucial Recommended Procedures while navigating the waters of a Decatur Al Real Estate purchase. A few items which are important in a buyer beware state like Alabama are the following:

• Impartial Home Inspection – While you or your realtor might pick-up and discuss noticeable defects as you take a look at various properties, it is definitely an essential element of an Alabama Home Purchase to make every offer contingent upon an acceptable outcome of your own independent home inspection.

• Seller Disclosure – While home sellers in Alabama aren’t lawfully expected to supply a disclosure of known latent defects, it is a recommended practice to request this type of disclosure. It is not uncommon to make a review of a seller’s disclosure a contract contingency and a good buyer’s agent will have such a form readily available.

• Covenants and Restrictions – A detailed review of the existing covenants and restrictions including Home Owner Association Bylaws should be undertaken prior to making an offer on a home and if such documentation is not readily available, a satisfactory review of this documentation should also be made a contract contingency.

If you are planning or are in the midst of relocating to the Athens / Decatur area we can help you navigate these issues and provide additional information so give us a call at 256-340-0004 or simply email us at your convenience.