Lease to Own Agreement

[Summertime2]

What is the name of your state (only U.S. law)? WA

We have a buyer for one of our houses. They want to Lease to Own and are going thru a company called Lease Buy Connections because of past credit issues. Their combined income is $180K.

Our real estate agent doesn't want us to do this and is recommending us to get an attorney (still wants his 3% though) to go through the papers.

What is the average cost for an attorney to review the lease agreement? Any other imput would be appreciated. thanks in advance.

[nextwife]

I've never had good luck with such deals, the buyers seems to always eventually "bail" on the deal, default, or damage the property.

Your call. If the buyers are paying sufficient money up front to cover a mess of damages and many potential months of unpaid rent plus any legal costs, then it may be worth doing. But two adults earning $180,000/yr who can't qualify for a loan is a big red flag, in my book. Use an attorney and run both a credit check, a check of the last three landlords, verify incomes, and have a title search done for liens and judgments filed against them that may preclude their ability to complete the purchase.

[thedoctorisin]

You really never want to have people move in before they buy your house. They always find more problems and want to negotiate the price again.

And this deal has so many more problems with it that you should just walk away.

[HomeGuru]

Originally Posted by Summertime2

What is the name of your state (only U.S. law)? WA

We have a buyer for one of our houses. They want to Lease to Own and are going thru a company called Lease Buy Connections because of past credit issues. Their combined income is $180K.

Our real estate agent doesn't want us to do this and is recommending us to get an attorney (still wants his 3% though) to go through the papers.

What is the average cost for an attorney to review the lease agreement? Any other imput would be appreciated. thanks in advance.

**A: I would not advise you to go the lease to own method.