A Tallahassee lease purchase option is a great way to obtain real estate. A Tallahassee lease purchase option is a type of owner financing which combines elements of a rental agreement and an exclusive option of right of first refusal. The right of first refusal grants the renter the right to later purchase the home.

If you want to purchase a home, but your credit does not qualify you for a conventional mortgage, a Tallahassee lease purchase option is great way to get your home. The lease purchase option can best be described as a Tallahassee rent to own agreement. Usually, the buyer/tenant pays rent and the seller/landlord applies a portion of the rent towards the purchase price of the home. Sellers also typically want a down payment from the buyer/tenant. This down payment safeguards and covers the seller’s equity. Selling on a lease purchase agreement means that you, the seller, are giving the buyer equitable title. The buyer gains full title after the fulfillment of the lease purchase contract.

Due to the current economic state, more and more sellers have been willing to provide Tallahassee owner financing to their buyers. Tallahassee lease purchase contracts became more popular during housing market downturn because property sellers needed to vacate their properties before they could be sold. Tallahassee rent to own agreements usually provide great tenants to the landlord/seller. It also gives buyers with credit issues time to rebuild their credit.

When part of or the entire purchase price, less the buyer’s down payment, is carried by the seller, the seller is providing Tallahassee owner financing. It does not matter if the property has an existing loan. Instead of going to the bank, the buyer gives a financing instrument to the seller as evidence of the loan and makes payments to the seller.

There are also instances, where the buyer and seller agree upon an interest rate, monthly payment amount and term of the loan. The buyer pays the seller for the seller’s equity on an installment basis. This happens when the seller has a clear title without any loans. The seller agrees to carry all of the financing. The loan is typically recorded in the public records as a security instrument; the security instrument protects both parties. Tallahassee purchase-money transactions are negotiable. Sellers and buyers are free to negotiate the terms of the owner financing within the law.

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

Tallahassee first time homebuyers can still take advantage of this TAX CREDIT! If you are a Tallahassee first time homebuyer, Pro Players Realty can help you. We can give you the tips, training, and advice you need to guide you in your first home purchase. Whether you are purchasing a Tallahassee townhome or a Tallahassee home, this tax credit is a great way to save money. Whether it is students or families, everyone finds that Tallahassee townhomes are great places to live.

Interested in learning how to get started in Tallahassee no money down real estate? Pro Players Realty works hard to find these deals.

A Special Buyers program that saves our buyers 30% of our fees on all homes over $300,000!

We also offer a FREE Home warranty or a FREE Home inspection for our buyers!


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