PROPERTIES FOR SALE are mostly single family homes in which the resident acquires home ownership. Properties may be be offered for an outright discounted sale price, (where the buyer uses cash or a bank to source his funds) OR, the property can be offered using a seller financing method.
In recent years, A Lease with an Option to Buy has gained popularity as it proved to be a win win solution for both parties. Here, the Buyer typically pays a 5% Option Consideration Fee (fully credited toward the purchase price) and enables him to buy the house at any time during the next 3-5 years for an agreed upon price. In addition to locking the sales price, the Buyer can also receive credits for a portion of his monthly payments to be used towards the purchase price.
The Buyer has the OPTION but NOT THE OBLIGATION to buy the house and can walk away from the deal at any time without a penalty. The only liability that the Buyer has, is the forfeiture of his initial Option Consideration Fee.
A Lease with an Option to Buy is very attractive as it allows a Buyer to control the house, slowly improve his credit and build equity before applying for a bank loan a few years down the road.
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