Would You Consider a Lease Purchase?

A lease purchase (also known as rent-to-own) is a lease combined with an option to buy a property within a specified time. The average option period is within three years or less. Lease purchases are popular right now because many want-to-be home buyers can’t get a bank mortgage loan and many sellers need to be creative in order to sell their homes in this tough real estate market.

Normally, the buyer pays an option fee, 1 to 5 percent of the price. The borrower pays a specified rent and an additional rent premium credited to the purchase price; all are negotiated between the parties. Since the sellers are usually more familiar with the contract details and provide the contract, a homebuyer needs to be informed of the process, the market and what the terms mean exactly in order for it to be a good real estate investment.

House Hunt’s featured homes this week range in price from $109,000 for a two-bedroom townhome in Kennesaw to a three-bedroom home on McCoy Road in Acworth for $299,900. All homes are shown by appointment.

Click through the image gallery to preview the homes. Descriptions, prices and need-to-know information are listed with each home.