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white perch 
LSU Fan
the bright, happy side of hell
Member since Apr 2012
1863 posts
| Is lease to own a good option? (Posted on 2/3/13 at 3:02 pm)
Versus just buying outright. What are the pluses and minuses?
TIA
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JJS
LSU Fan
Bossier
Member since Feb 2010
48 posts
| re: Is lease to own a good option? (Posted on 2/3/13 at 3:20 pm to white perch)
Don't post often but here's my opinion.
It's not a good option if you can qualify for a loan with a regular lender. More than likely your interest rate will be much better with a regular loan.
If you are a year or two away from being able to qualify and you really like the house then go for it if they will let you buy it outright ASAP. Then maybe consider it.
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white perch
LSU Fan
the bright, happy side of hell
Member since Apr 2012
1863 posts
| re: Is lease to own a good option? (Posted on 2/4/13 at 3:33 pm to JJS)
thanks
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I Love Bama 
Alabama Fan
Alabama
Member since Nov 2007
27118 posts
| re: Is lease to own a good option? (Posted on 2/4/13 at 3:37 pm to white perch)
quote:
Is lease to own a good option
no
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cmlsu
LSU Fan
Baton Rouge, LA
Member since Aug 2011
47 posts
| re: Is lease to own a good option? (Posted on 2/4/13 at 4:16 pm to I Love Bama)
Be very careful. A lot of the issues are agoing to come up if you don't end up buying the property. For instance, are realtors involved? Deposit/down payment? Who holds the deposit?
The agents involved should get paid for the work they perform but it might come from the deposit you put down. Therefore, if you end up breaking the lease or legitimately decide to not buy...who gets the deposit? It's not all there if at all. The seller thinks the broker has it but the broker took it as their commission...you think the seller has it but they're not going to pay you back if they never received the deposit and/or don't think you're entitled...the seller thinks they're entitled to it and so on and so on.
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Libertariantiger
LSU Fan
Member since Nov 2012
122 posts
| re: Is lease to own a good option? (Posted on 2/4/13 at 6:28 pm to white perch)
White Perch, where's the special NSFW for our trouble?  :dunno: 
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Siderophore
LSU Fan
Member since Nov 2010
3334 posts
| re: Is lease to own a good option? (Posted on 2/4/13 at 6:59 pm to white perch)
No.
Never.
If you are even considering it, it is because you have made bad financial decisions and the lease to own is only enabling the behavior.
It's unnesscessarily expensive and you very very rarely need it.
Outside of a house and maybe a car, if you can't afford to put it on a CC, either literally or due to a limit, then you are better off going without trying to finance it.
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