Lease vs. Buy Real Estate in Middle Tennessee
It’s been an interesting summer for the Middle Tennessee real estate market. While there was an increase in activity, inventory is still backing up and opportunities are everywhere if you know where to look.
I have been helping clients who believe they (for whatever reason) need some sort of seller financing. To be honest, this isn’t an easy road to take. The average seller doesn’t want to take the risk that they might end up getting the property back – and not in great condition. Investor sellers want a premium for creative financing and I am adamant that buyers I work with pay a realistic price based on TODAY’S market since we don’t really know how long it will be before we see significant increases again.
So, where does that leave you?
There are some reasonable opportunities for a lease purchase but I think an even better alternative is to seriously consider purchasing now. In fact, I just helped a family purchase a home when they were convinced that they needed to find a property with a lease purchase option. They still own a home (it’s currently rented) where they moved from. They were concerned that their credit wasn’t good enough or that their ratios wouldn’t work.
It required a bit of creativity, but I got them through the process and now they OWN the property – with a mortgage payment equivalent to what they would have paid on a lease purchase. The difference is that they receive all the tax benefits from Day 1. They paid over $10,000 less for the house, the deal required a lower down payment than a seller would have wanted for a lease purchase contract AND they don’t have to worry about the volatility in the financing market. They would have been left wondering if they could really get a loan in a year or two.
If you’re in the market for a new home, it is worthwhile to explore your options. I’ll be happy to answer any questions you have. Just call or send an e-mail. With a bit of information about your individual situation I can come up with a strategy that works to your benefit. Another reminder, I am a CPA and CFP® (accountant and financial planner) so I always want to make sure the deal makes good financial sense for all concerned.
If you would like to do your own investigation or monitor the market, I suggest that you set-up a Property Alert on my web site using this link: www.RealEstate-NashvilleTN.com/Property-Alerts.asp
The computer will send you regular updates with properties that match your criteria. When you see something that interests you, send me a note (every property has a direct link) and I’ll do some research for you. No pressure. No kidding. All I ask is that when you are ready to buy, you’ll allow me to help you work through the transaction.
If you’d like to talk further about how you can put my Nashville-Middle Tennessee Real Estate Services to work for you, visit www.RealEstate-NashvilleTN.com or give me a call at 615.498.4858. All Realtors® are not alike…let me prove it to you!
I have been helping clients who believe they (for whatever reason) need some sort of seller financing. To be honest, this isn’t an easy road to take. The average seller doesn’t want to take the risk that they might end up getting the property back – and not in great condition. Investor sellers want a premium for creative financing and I am adamant that buyers I work with pay a realistic price based on TODAY’S market since we don’t really know how long it will be before we see significant increases again.
So, where does that leave you?
There are some reasonable opportunities for a lease purchase but I think an even better alternative is to seriously consider purchasing now. In fact, I just helped a family purchase a home when they were convinced that they needed to find a property with a lease purchase option. They still own a home (it’s currently rented) where they moved from. They were concerned that their credit wasn’t good enough or that their ratios wouldn’t work.
It required a bit of creativity, but I got them through the process and now they OWN the property – with a mortgage payment equivalent to what they would have paid on a lease purchase. The difference is that they receive all the tax benefits from Day 1. They paid over $10,000 less for the house, the deal required a lower down payment than a seller would have wanted for a lease purchase contract AND they don’t have to worry about the volatility in the financing market. They would have been left wondering if they could really get a loan in a year or two.
If you’re in the market for a new home, it is worthwhile to explore your options. I’ll be happy to answer any questions you have. Just call or send an e-mail. With a bit of information about your individual situation I can come up with a strategy that works to your benefit. Another reminder, I am a CPA and CFP® (accountant and financial planner) so I always want to make sure the deal makes good financial sense for all concerned.
If you would like to do your own investigation or monitor the market, I suggest that you set-up a Property Alert on my web site using this link: www.RealEstate-NashvilleTN.com/Property-Alerts.asp
The computer will send you regular updates with properties that match your criteria. When you see something that interests you, send me a note (every property has a direct link) and I’ll do some research for you. No pressure. No kidding. All I ask is that when you are ready to buy, you’ll allow me to help you work through the transaction.
If you’d like to talk further about how you can put my Nashville-Middle Tennessee Real Estate Services to work for you, visit www.RealEstate-NashvilleTN.com or give me a call at 615.498.4858. All Realtors® are not alike…let me prove it to you!
posted by Dr. Gala at 1:01 PM
