When looking for real estate in Pinehurst a lease with an option to purchase may be a possibility for you.
What is a lease with an option to purchase? How does it work? And which homes does it apply to?
If you have a lease with the option to purchase, the buyer and seller agree on a purchase price an option fee and the monthly lease price. In Pinehurst as in all of NC you must have an attorney write the contract. Real Estate agents can assist in finding a home with a lease option and negotiating all the terms, but we can not do the contract.
After finding a home and having successful negotiations the attorney will draw up the contract. The purchase price will be the agreed to price of the home at the end of the option period. The length of time for the option period is negotiable, but is usually 6 months to a year. The option fee can vary and goes to the seller initially. If the buyer ends up purchasing the home the fee will be applied to the purchase price at closing. A portion of the monthly lease amount can be applied to the purchase price if agreed upon, but this might effect your mortgage so a mortgage broker or banker should be consulted.
What homes can be considered for a lease/option to purchase. This is usually possible when sellers are having difficulty selling their home. The sellers that can offer this option often do not need the equity in the home to purchase or rent another home. It is not always easy to determine which homes are available in the Pinehurst area for lease/options, however, a good real estate agent should be able to research the available properties in your price range and neighborhood of choice.
So when you are looking for Pinehurst, NC Real Estate and want to have a lease option as a possibility be sure you are working with a professional who understands the process.