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Lease Option your home

 

Why consider a Lease Option?
A Lease Option can be a good option when your home is in an area where:

  • There are not a lot of sales

  • The real estate market is more difficult than average

  • You already have a tenant who wants to purchase

 

There's no compelling reason to consider a lease option if you can get an outright sale on your home within a 'normal' period.

 

What is a Lease Option?
A Lease Option is similar to any type of “option”. It gives the Optionee the right or privilege to do something. In the case of a lease option, it allows the optionee the right to purchase a home at some pre-defined terms.


Benefits of Options for Sellers
Many buyers who use this program are individuals who have had some challenges in the past, i.e. bankruptcy, divorce, medical problems, lost job, etc. OR they might have a new job or haven’t saved enough of a down payment. When these types of situations happen to a person, it can be difficult to get a mortgage due to recent poor credit history or no credit history. This type of situation can be overcome with time. A lease option gives an individual time to repair or correct poor credit and time to create new credit.

 

The most common reason is when a purchaser moves for a job, and the job is different to what they did before in the mortgage provider's eyes. It can easily take 2 years to reestablish earning capacity in a new area.

 

How it works

To enter our AllStarPowerHouse lease option program, buyers must have a minimum of 9% to put down as a deposit on the home in cash. This amount is non-refundable. The sellers and buyers agree a monthly amount in rent, and some of this may be deducted from the eventual sale price.  

 

Steps*

 

  1. Decide what price you want for your home

    1. ​CPO is excellent here - see CPO 

  2. Decide what deposit you want:

    1. We recommend a minimum of 9% that is non-refundable. This is split 3% buyer's agent, 3% seller's agent, and 3% to you. When you sell your home at a later date, there is then no commission payable.

  3. Have buyer's attorney draw up lease option agreement and pay for it

  4. Decide on terms. Do you want them to rent for a year or two years or some other period?

    1. If the credit issue is moving for a job, it can take 2 years to establish earning capability in the new area

 

 

 

*Contact us for full details

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AllstarPowerhouse is a nationwide real estate network. Participating “Allstar Agents” are independent real estate professionals affiliated with licensed brokerages in their respective states. Offices are independently owned, and brokerages, agents, programs, and services vary by location.

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Not every property or homeowner qualifies for every program. Availability, eligibility, offer amounts, terms, fees, costs, timelines, conditions, and final proceeds vary and may be subject to property review, underwriting, third-party approval, and resale results. No offer, value, proceeds, or outcome is guaranteed.

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Information on this website is deemed reliable but is not guaranteed and should be independently verified. Nothing on this website constitutes legal, tax, financial, lending, or investment advice. Ask questions, compare your options, and consult the appropriate professionals before making a decision.

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Equal Housing Opportunity. Patton Property Group LLC, doing business as AllstarPowerhouse, brokered by eXp Realty LLC.

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IMPORTANT DISCLOSURES

¹ “Full-Market Cash Offer” refers to an offer calculated using the property’s estimated as-is market value and applicable program terms. It is not an appraisal or guaranteed sale price. The stated 14-day timing is an estimate for qualifying properties and is not guaranteed.

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² The approximately 80% figure is an estimate of the gross cash offer before applicable fees, costs, liens, taxes, closing expenses, or other deductions. Actual offers vary.

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³ The 70% upfront and 90–110% figures estimate potential gross proceeds under the renovation-and-resale program. The 90–110% range is measured against the property’s estimated pre-renovation, as-is market value. Final proceeds depend on program terms, costs, and the eventual resale price and may be higher or lower than estimated.

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