Why would a buyer in todays market do a lease / purchase contract?
In my opinion there’s only one reasons, bad credit.
An agent has found a seller who is desperate enough to lock down his property for a set period of time with someone who they already know has bad credit. A lease / purchase, as with any contract has to have a end date. So what the seller is banking on is the buyer has said he or she will over the next 6-12 months clean his credit up and be ready to buy the sellers home in this mortgage market when the credit standard to buy has never been higher. Does that sound like it makes sense. The answer should be NO. Since you already know the buyer has bad credit, what makes you think he or she will pay the rent on time. I’m sure someone can think of some other reasons but credit is the main one.
Here’s a reason a buyer sould not want a lease / purchase. By the time your 6-12 months are up and assuming you are one of the acceptions to the rule and didn’t have bad credit, why would you want to lock yourself into buying a home with so many other choices on the market.
Just rent, at the end of the lease if you still love the home and the seller still wants to sale and everythings ok with the credit then purchase the property. No harm no foul
