You Can Still Buy a House with Bad Credit Through Lease Options - Part 2
Let’s Explore a few specific reasons why a Lease-option is such a good idea. If you enter into a lease-option with an owner/investor, you will get to live in the home “as though” you already owned it. This means that you instantly get to start enjoying the lifestyle benefits of ownership.
What literally happens
is you will agree on price and terms of your purchase of the home immediately. Then, since you can´t get your own home loan quite yet, the owner will agree to rent/lease the home to you for a period of time (6 months-2 years) and As Soon As you can get a home loan within that time frame, you will “exercise” your option or your purchase agreement and cash out the owner/investor.
So basically, you get to move into and virtually “buy” a home, even before you can get your own loan because of the flexibility of the owner. Some benefits are:
• No landlord dictating to you what color you may or may not paint your home or living room wall.
• No waiting on a landlord to keep your house in working order. You take care of the home as though you owned it already.
• You can make maintenance and home improvements to your house or yard helping you to enjoy the home as your own.
• Much of the market appreciation and equity growth on the home can actually become your equity when you buy the home from the investor.
• You can do these lease-options with ZERO credit. Or even with BAD credit. AND - Perhaps one of the BIGGEST benefits...
• Lock in ‘tomorrow’s purchase price’ today.
And this is huge because as you know, real estate appreciates over time! Your home will be worth more next year than it is worth today, and when you can lock in a specific price today, and pay that price tomorrow… YOU can come out a big winner.
Just remember, when you get into a lease-option, to spend as little as possible in down payment money and do what ever it takes to get your credit turned around as fast as you can, which is what you should want anyways.
Most importantly, don´t look past the ultimate goal
Buying a home through a lease option is your “tool” to get into the home of your choice, even before your credit or down payment challenges would have otherwise allowed you to. Stop settling for a standard rental and go find the home of your dreams.
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