Q: In Bakersfield, CA what are the ups and downs of land contracts/ lease to own and how many are available? Do you have a listing or a place that I can find such properties?
?Anonymous, Bakersfield, CA
A: I want to ask, ?Why are you considering lease-to-own?? It would help me provide better guidance if I knew the answer to your question. I?m guessing it is some kind of financial reason.
The challenge with ?lease to own? contracts is that often the Lessee (you) ends up not owning the home in the long run.
The reason this happens is that usually a person chooses the lease to own option because they have poor credit which does not allow them to secure a loan by conventional means, or they really aren?t sure they are ready to buy, or they don?t have funds for a downpayment & closing costs. Are any of these things true for you?
Many counties have special programs for ?first-time buyers? that grant funds to the buyer, so they don?t have to put any money down. A first-time buyer is someone who has not owned any real property within the past 3 years.
I have not personally seen any lease-to-own properties in my MLS (multiple listing service). Usually I see lease-to-own ads being run by home owners (not Realtors) in local papers and online. As a Realtor, I do find homes for sale where the seller will ?carry paper?? meaning they will offer you financing instead of you having to get a loan from a bank. Perhaps this would be a safer option for you.
The City of Bakersfield?s website has information about special programs specifically for Bakersfield:
Economic & Community Development Downpayment Assistance
City of Bakersfield Downpayment Assistance Overview
The purpose of the Downpayment Assistance Program is to assist eligible low and moderate-income homebuyers in purchasing a new home in one of the City?s site specific developments.
This program is available to those who are in need of assistance with their downpayment and closing costs.
Homeownership assistance is furnished as a deferred loan (silent second) with 0% interest to assist with down payment and closing costs.
The loan has a 30 year deferred loan term. This means no monthly payment of principal is required and the loan will not accrue interest. The balance of the loan amount shall be due and payable at the end of the thirtieth (30th) year of the loan term.
If at anytime during the loan term the property is sold, transferred, refinanced, upon a change in title, or the home is no longer the primary residence for the original buyer, then the loan shall be due and payable in full.
I recommend you search on the web for things like ?downpayment assistance in Bakersfield, CA?.
Here?s some information that may be helpful:
The WISH Downpayment Assistance Program is a down payment assistance initiative for residents of California, Oregon Washington that allows grants to be given to residents to assist low-to-mid-income families purchase their first home.
The program provides up to $15,000.00 for each household to be used toward their home purchase
Under the WISH Program, the Bank sets aside a portion of its annual Affordable Housing Program contribution to provide matching grants through Bank members for downpayment and closing cost assistance to eligible first-time home buyers.
I hope this information is helpful.
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
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Source: http://rock-n-rollrealestateagent.com/what-are-the-advantages-of-leasing-to-own/
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