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Poconos Lease Purchase
Homes for Sale

What is a Lease Purchase ?

A lease purchase is a combination of a real estate rental and real estate sale. It is a lease for a fixed time period such as 12 or 36 months with a provision that at the end of the lease period, the purchase agreement portion of the contract is executed.

A lease purchase allows a buyer to live in the home while you establish your credit, save for a down payment or otherwise prepare to buy. By buying a home with lease purchase terms you also have time to create a good payment history, which could help you in acquire a new mortgage are favorable rates.

A lease purchase gives the buyer the option to lock in the purchase price, then complete the purchase at anytime during the traditional 12-36 month lease period or as spelled out in the agreement.

As the buyer in a lease purchase, you are obligated to complete the purchase of a home or you may be subject to the loss of your deposit. The seller is, legally required, during the lease purchase period, to sell to you, and no one else. If you have bruised or bad credit, that is repairable, a lease purchase may be the best solution to home ownership.

How Does a Lease Purchase Work?

Lease purchase transactions usually require employment and income verification and often a completed mortgage application, to make sure that the buyer can afford the monthly lease payments and will qualify for a mortgage at the end of the lease term. Next, the deposit fee is paid in order to secure the current purchase price as well as a future closing date. Sometimes a portion of the monthly lease fee is applied to the purchase price of the home. Then, you are paired with a mortgage specialist to assist you with financing to close the deal. As the buyer's ability to qualify for a mortgage improves, the buyer and mortgage professional decided on when the purchase should take place subject to the terms of the lease purchase agreement.

 

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Featured Agency: USA Realty - Poconos Office

Experts for over 41 years with specialties in suburban living, lakefront homes, ski homes and log homes. We have an unmatched knowledge of the Poconos region from Delaware Water Gap to Camelback to Lake Naomi and Pinecrest Lake Club to Skytop and Lake Wallenpaupack. We offer real estate services all over the Poconos Mountains of PA

Agent Info: Rick Golden, Broker. 45 years experience in Poconos Real Estate and over 1150 closed transactions. Retired CEO of Westwood Construction with over 170 custom homes constructed and as VP of Real Estate, Camelback Ski Corporation, responsible for the marketing / construction of over 350 homes on Camelback Mountain.

Previous Real Estate Experience includes: director of the Poconos Builder's Association, the US HOME sales team, building homes with EP Carroll Construction at Lake Naomi and the author of the trade book "The 20 Golden Rules of New Home Marketing". Degrees from programs such as "Certified New Home Sales Professional", "Understanding Housing Markets and Consumers" "Marketing Strategies, Plans and Budgets" "Lifestyle Advertising, Promotion Strategies" "How to Organize a Construction Company" and the "Lee Evans Executive Level (Presidential) Seminar" series with the CEOs of the top 20 U.S. Residential Homebuilding Companies.

Call USA Realty 570 517 2428
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Rick with Your Poconos Real Estate Questions


POCONOS REAL ESTATE | EMAIL
3076 Valhalla View, EAST STROUDSBURG, PA 18301 570-517-2428

The information on this web sitehas been made available by the MLS through USA Realty PA license RB066233 , a leading Poconos Mountains Real Estate Brokerage, and may not be the listing of the provider. The data relating to real estate for sale on this web site includes listings held by MLS-IDX Participants of the Internet Data Exchange program of the Multiple Listing Service of the Pocono Mountains Association of Realtors. All listing data is the copyrighted property of the aforesaid Association and its MLS-IDX Participants with all rights reserved.

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