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          Home Sequim Homes For Sale

          Sequim Homes – Are Lease Purchase Options Available?

          Chuck Marunde by Chuck Marunde
          September 4, 2011
          Reading Time: 2 mins read
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          I get questions about buying Sequim homes all the time, but a new question that is coming up after years of being dormant is this one, “Are there any Sequim homes for sale that I could rent with an option to purchase?”  Clearly the reason it is coming up recently is because mortgages are not a dime a dozen anymore, and buyers have to qualify financially with a larger down payment in most cases.  But there’s a history behind the lease-option.

          Sequim Homes and the Lease-Option

          Sequim HomesA lease-option gives a tenant the right to purchase a home at a certain price and under defined terms.  When I drafted these, I created three documents:  a rental agreement, an option agreement, and a purchase and sale agreement.  They each referenced each other, and I would record the option so the tenant was protected until he exercised his option, if he did.

          Sequim Homes in the 1960’s

          In the 1960’s and 70’s lease-options were used periodically around the country, including for Sequim homes, and many sellers who invested in real estate, including some small builders, used their own lease-options (and private notes and deeds of trust) to manage their retirement portfolios.  Lease-options became a very popular tool for real estate investors, and big names like Dave Delgato and others who traveled the country teaching their real estate investing seminars on how to get rich quick, had entire programs on lease-options.  The Olympic Peninsula was a little off the radar in the 60’s and 70’s, so few Sequim homes got on that band wagon.

          Lease-options made some sense when the market was hot and many buyers didn’t have the down payment required (this was when down payments were actually required), and interest rates were high, which made qualifying even harder.  If you’re old enough, you might remember 18% interest rates for a short time.

          Sequim Homes for Sale or Rent

          In the 80’s and 90’s interest rates were low and anyone could buy a home, almost.  This negated the need for private lease-options, and it also negated the need for sellers to carry private notes (seller contracts).  Now it is harder for younger couples to get loans, and even though interest rates remain low for now, young couples are beginning to ask again, “Are there any Sequim homes for sale that I could rent with an option to purchase?”

          The answer is no.  While buyers have expressed their desire to do lease-options, sellers aren’t taking the bait, at least not yet.  Sellers want to sell their homes and get out from under their debt, and many sellers are upside down, so their options are limited.  Sequim homes are for sale or for rent, but not both.

          Last Updated on September 4, 2011 by Chuck Marunde

          Tags: lease-optionSequim Homes
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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