A full description of what this means can be found below. The reason for this post is to describe in more detail why this option suits many people looking for a quick house sale. At Quick house sale Leeds we are big fans of lease options and feel they work for both the seller and the buyer. We have bought many properties through this method and we have even sold a few in the same way.
So why is it better, simple, you get more money!! This means if you are in negative equity this option may still work for you or if you simply can’t pay the bills anymore then this can help. In my opinion, the only time a lease option doesn’t work for the seller is if they NEED the equity from the property immediately.
The reason the me highlighting the word need is because I have spoken to many people about this type of sale and there response is “I need the equity” when asked what for, the answer is usually so they can leave it sat in a bank somewhere. Do you know the rate of interest at the moment!! what would be the point! When we agree on a lease option, if the seller has equity in the property we will often offer to allow that equity to grow as the property price grows. This simply means, if you leave some money in the property for 5 years (the usual length of our options) we may agree to share up to 20% of the growth in value with you.
So the advantage is obvious and simple, you get a higher agreed purchase price and potentially enjoy some of the growth in the price of the property. If you would like to talk to us in more detail about lease options, give us a call.