Hi,
My husband and I are interested in investing in real estate and would like to start by buying a primary residence. We are looking for a lease option in Gilbert, Chandler or Mesa (Maricopa County), Arizona. I want to put together a proposal to a seller and would like to get feedback on what terms would be favorable and persuasive to an owner. I have tried finding interested sellers (Craigslist, FSBO.com, etc.), but no luck so far. We need about 12 months to get financing on our own. Thanks.
You could put an ad in your local paper saying you are looking fro a place to live and want to lease option or rent to own. A better idea if you have 12 months though is to educate yourself on how they work as well as methods to get a deed to a property (where you can live if you choose) without using your credit. Let me know if I can help further.
From what I’ve read in the past, Arizona is pretty strict on LO’s. Belaircorp make some good points and I to reccomend you educate yourself. Course’s are available for $100-$300. You as a buyer would like to see the smallest payment, the largest rent credit, the least option consideration. All the oposite of the seller, you must negotiate. Protect yourself to with a Memorandum of Option, proof that any underlying mortgage is being paid etc.
Most sellers won’t consider the LO, they want their money now. Point out to them the advantages and how hard it is to find approved buyers. Good Luck, Herbster
Hi all
Could I get some examples of the best ways to have proof that any underlying mortgage is being paid ?
Thank you
An Authorization to Release Information form unless they give you access to their Mortgage online voluntarily or use a third party loan servicing company.
Thank you I am checking on the servicing company. The one I have found here in Phoenix charges $100 setup but not sure about monthly.
Thanks again for your help.
Fidelity National Title - About $9 a month for a servicing account, if they do the title work there is no set up fee!
GR
Thank you all very much for your help and information.
A lot of good advice above! I would add that one of the best places to find motivated sellers willing to do lease options are the For Rent ads in Craigslist. Keep on calling them. You will find one. You might also consider having a third party calling leads for you (like a mortgage broker friend) who can say that they have personally prescreened you and believe that you can get a mortgage in 12 months. You could maybe even get a Realtor to call for you. And pay them outside of the transaction. Make sense? Good luck! Be persistent!