A Lease Option is a unilateral agreement or contract between a buyer and a seller. A buyer can purchase the property at a later date with the price of the property they have presently. It is within the buyers’ option whether they want to buy it or not. Yes, they have the opportunity to forfeit it when the time comes. It is within the sellers’ decision if they want to have that kind of agreement, and when they do, they have to sell that property to the buyer if they opt to do so.
Here’s an example of a lease option, you find a home, lease that house today, and 18 months from now, you purchase it at a price value of the property presently. In the meantime, you will feel obliged to pay rent. If the property value decreases in those 18 months, you may not want to purchase it; however, if the property value stays the same or increases, we can say it’s a great purchase.
Candidly, it’s not a common thing that’s available for buyers.
For Sellers, it can be. I have had some great experience with it before, and some are not. That’s normal for any business or investment; there are pros and cons, which you have to weigh them accordingly.
As Zig Ziglar would put it, “Success comes when opportunity meets preparation.” With this said, a lease option gives you the preparation you need to purchase right.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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