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Started By
Message
Lease Purchase
Posted on 7/8/08 at 12:16 am
Posted on 7/8/08 at 12:16 am
I am wondering if this is a good deal.
I have bad credit and buying a house is not an option now or any time in the next couple of years. I have the option now to lease purchase a house. Here are the facts;
market analysis on house:$209,000
Log Cabin House in Watson, La with 2049 sq ft. living space, 3 br., 2 bath, with 2 car garage, a small pond with Koi fish, on .67 acre lot. The house is 18 years old with a kitchen that was added on 4 years ago and a new roof and A/C was installed. It has wood floors on approximately half the house with an upstairs master bedroom and bath.
I can lease purchase this house from someone who is buying another house because this one is too expensive. No down payment and asking for what she owes on house which is 175,000. Just take over the house note with no extra fees. I work construction and usually get overtime, but factoring no overtime into the equation I gross 3400 per month after taxes. The house note is 1463 which included insurace etc. I estimated my monthly bills with house note, gas, electricity, cable, trash, water, food to be 2500 per month.
I have bad credit and buying a house is not an option now or any time in the next couple of years. I have the option now to lease purchase a house. Here are the facts;
market analysis on house:$209,000
Log Cabin House in Watson, La with 2049 sq ft. living space, 3 br., 2 bath, with 2 car garage, a small pond with Koi fish, on .67 acre lot. The house is 18 years old with a kitchen that was added on 4 years ago and a new roof and A/C was installed. It has wood floors on approximately half the house with an upstairs master bedroom and bath.
I can lease purchase this house from someone who is buying another house because this one is too expensive. No down payment and asking for what she owes on house which is 175,000. Just take over the house note with no extra fees. I work construction and usually get overtime, but factoring no overtime into the equation I gross 3400 per month after taxes. The house note is 1463 which included insurace etc. I estimated my monthly bills with house note, gas, electricity, cable, trash, water, food to be 2500 per month.
2
Posted on 7/8/08 at 12:44 am to themul56
quote:
The house is 18 years old with a kitchen that was added on 4 years ago
So for 14 years they ate out?
j/k
quote:
market analysis on house:$209,000
Were did you get this info?
Posted on 7/8/08 at 1:18 am to themul56
Is this an actual log home or home with log siding. If actual log home, you will have few options to get a home loan, even with perfect credit.
Most lenders will not loan on a "unique" property and some actually identify log homes as such a property.
There are homes you can with creative financing. I know of one such possiblility in that same area on s river road, 2 acres, although the sales price is a little over 200k.
Just to show that there are options available for you other than getting real deep in what may eventually wind up as a rental for you if you cannot get long term financing.
I am not a realtor but rather a mortgage guy, but would be happy to answer any questions you may have.
Most lenders will not loan on a "unique" property and some actually identify log homes as such a property.
There are homes you can with creative financing. I know of one such possiblility in that same area on s river road, 2 acres, although the sales price is a little over 200k.
Just to show that there are options available for you other than getting real deep in what may eventually wind up as a rental for you if you cannot get long term financing.
I am not a realtor but rather a mortgage guy, but would be happy to answer any questions you may have.
Posted on 7/8/08 at 10:20 am to LSUDad
The exteneded the size of the living room and added to the side.
The market analysis came from an appraiser.
It is a house with log siding. The seller said she had no problems with the house loan, but she had problems with the insurance.
The market analysis came from an appraiser.
It is a house with log siding. The seller said she had no problems with the house loan, but she had problems with the insurance.
This post was edited on 7/8/08 at 10:24 am
Posted on 7/8/08 at 12:47 pm to themul56
The log siding as opposed to log construction does keep lots of doors open for you.
Depending on your current and most recent credit history, you may be able to qualify for a loan to go ahead and puchase the home. FHA loans look at the recent credit history to determine credit worthiness.
For more fha information you can go to www.myfhaloan.org
Depending on your current and most recent credit history, you may be able to qualify for a loan to go ahead and puchase the home. FHA loans look at the recent credit history to determine credit worthiness.
For more fha information you can go to www.myfhaloan.org
Posted on 7/8/08 at 1:06 pm to novabill
As they say walk dont run.................. Loggers just dont work. More maintenance, higher insurance, difficult to get a loan, moisture problems, usually no electrical in exterior walls, on and on.
If you do a lease purchase, and the current owner defaults on the existing loan, they still have your moola and the bank gets the house....
If you do a lease purchase, and the current owner defaults on the existing loan, they still have your moola and the bank gets the house....
Posted on 7/8/08 at 2:23 pm to Drop4Loss
quote:
s they say walk dont run.................. Loggers just dont work.
This isn't an actual log house, it's a house with log siding according to the above posts.
Posted on 7/10/08 at 12:40 pm to MikeBRLA
Same applies.........................
To the lender its still a logger.........
To the lender its still a logger.........
Posted on 7/10/08 at 12:48 pm to Drop4Loss
quote:
As they say walk dont run
I always thought the saying was run dont walk...
Posted on 7/10/08 at 1:56 pm to Catman88
yea....i've heard of these lease purchase agreements, but I thought they usually are for cars or equipment. definitely wouldn't do that with a house from an individual. you need to buy up front.
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