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Not Ready To Buy A Home In Greenville? Consider A Lease Home in Greenville SC
A significant portion of people who hope to buy a home in Greenville SC have been victims of the larger economic problems of the mortgage industry. They are often in a bad credit situation because of forces beyond their control: company down-sizing, business failures due to the economy, loss of equity in their previously owned or recently foreclosed homes. Leasing to own gives them hope that, as they repair their credit and financial situation, they will have a place to live. Knowing that they can live in a home now, clean up their credit problems, and then buy the home they have been living in, offers great comfort.
Sellers are Willing to Accept Lease-Option Offers
We are in a buyer’s market. Seller’s need to do what is necessary to move a home in this market. When they lease their home with an option to buy they expand the buyer market. They can get some of their equity for the short-term in the form of an option payment, and look forward to a final sale in 2 or 3 years. Sellers can probably get a higher sales price because the buyers recognize that this may be the only chance they will have to get into a home for many years. When sellers use this form of alternate financing they can get on with their lives. It gives them the freedom to move with their new job, or to buy the home they want in a different location.
Qualifying for a Mortgage Loan Remains Difficult
Sellers have suffered a great loss of equity over the last 3 years. To make matters worse there are fewer buyers that can qualify for loans. People with a home to sell can increase their odds of finding a buyer by offering to accept lease-option offers. As a reaction to the mistakes made by nearly every level of the mortgage industry, lenders have tightened the rules for making loans. One loan officer lamented, “The only people who can qualify for a loan are those that do not need one.” Buyers must have excellent credit, larger down payments, and fewer debts than they have needed in previous years. The rules for making loans seem to be evolving. Leasing with an option to buy offers a way that the public can continue to buy homes while the mortgage and real estate industry gets their acts together.