If you are currently renting a property from someone, you probably look forward to owning a property. In fact, most renters work hard at paying off their debt and improving their credit score so that they can be eligible for a mortgage.

However, most people who do feel like they’re missing out on a significant buying opportunity. The value of homes has decreased considerably, and many people feel that we are at the bottom. Others believe they have some time to buy before they are out of the woods. However, they are some reasons as to why looking at lease options are better than buying.

Theoretically speaking, if you are at the bottom of the real estate market, and if prices are really expected to inflate from this point onwards, and if you don’t qualify for a mortgage at this point in time, there is no reason why you shouldn’t benefit from this appreciation.

Leasing a home gives you more or less the same equity benefits as owning one. If you decide to buy, your purchase price will be set from the first day, and any future appreciation will be yours to benefit from. If you have been able to take advantage of the tremendous buying opportunity or if you don’t qualify for a mortgage at this point in time, you’ve still done well.

Alternatively, if the market decides to go down instead of up, a lease-option is still much better than ownership.

Sometime back, when a person purchased a home for $250,000, and another person moved into an identical property also worth $250,000 down the street, on a lease option agreement, they were completely happy. They both knew they’ve moved into a great asset and have their own piece of the American dream. However, a few years later both houses were only worth $180,000.

So the person who purchased the home for $250,000 is now in a predicament. They can either choose to keep the house and continue making huge payments on the mortgage until the market moves back up again or they can choose to let the house get foreclosed, but their credit would have to suffer for the next few years.

Alternatively, the second buyer who moved into the house on the lease option, can choose to move out into a much more affordable property and it won’t impact their credit score at all or they can choose to also negotiate the purchase price with the seller and get the house at the new appraised value.

Therefore, if you choose the lease option, then you’re able to insulate yourself, depreciating the mystic market. Worst-case scenario, you have to full-featured uptrend option payment but this does not ruin your credit score. Ultimately, you will not be paying into a home that is tens of thousand dollars underwater.

A lease to own option has enough benefits to far outweigh the option of purchasing a mortgage. While the mortgage option may seem like the American dream, ultimately, there are various aspects to factor into and it is not really the best choice considering how unpredictable the property market can be.

Lease Option Homes – Better Than Buying?

So ultimately, irrespective of how the property market actuates in the next year or two, irrespective of with a chooses to appreciate or depreciate, you can always get the best of both worlds by choosing a lease to own option rather than investing in a mortgage.

Foreclosure is not something any homeowner like to think about, especially with the harden economical crises that are prevalent today. However, there are some ways to avoid going in the foreclosure crisis.

1. Settle Your Mortgage On Time

The first thing is to make timely payment of your mortgage. This advice may sound simple however the one reason why homeowner faces the danger of foreclosure is missing on their mortgage payments.

If you are in a financial predicament and are not able to settle your debts, look out for those credit bills that need your immediate attention. Your mortgage is one of the most critical credit as it is linked to your home and failure to settle this payment can force the bank to go for a foreclose of your house. You can pay other payments later such as credit cards where these facilities are unsecured debt, and even in case of default, you will not risk losing your home.

2. Request The Bank For Adjustment In Settlement

If the situation is getting out of control, you have few options. You can contact the bank yourself or call your attorney to speak on your behalf. You may even approach a loan modification firm that deals in matters about mortgages negotiation with banks to modify the term of repayment.

Some ways to modify your current mortgage includes the following.

If you hold some equity in your house, you can go for a refinance option to reduce your payment and get some quick cash to pay your missed payments. You should be careful though to make sure you don’t fall in the same predicament, and you make payments of all the debts of the new mortgage without any delays. With equity, you have the option to apply for the second mortgage or go for a HELOC. You cannot risk defaulting on your second mortgage as you face the same threat of foreclosing from the second mortgage owner that you do from the first one.

3. Bankruptcy

Another way to get out of this threat is to apply for Chapter 13 bankruptcy that is a “reorganization” way for you to prevent the foreclosure. You will have to settle amounts for the bankruptcy and still have to pay all the current payment in time. A Chapter 7 bankruptcy means forgiveness, but, the approval is unlikely as you have ownership of a tangible asset in for of a house.

The bankruptcy gives you temporary relief, and you have to make the payments as per the bankruptcy terms to keep your house. If you fail to make the payment, the bank may revoke the bankruptcy procedures and proceed with the foreclosure.

4. Sign A Deed-in-lieu Of Foreclosure

You can settle the issue by handing over the house over to the bank. This approach means you do not have to sit through lengthy court proceedings and you will also avoid having the negative impact of foreclosure on your credit rating. You can do away with the house and continue with your life.

5. Put Your House Up For Sale

If you do not have the financial strength to afford the house, you can sell it. This selling can be the last option for you else the house will go on auction with a foreclosure stamp and you will have to move out of the house eventually.

If you have capital put the house for sale and do not go greedy. The only reason you are putting the house in the market for sale is that you are in financial crisis and cannot afford the house. You should look to sell the home quickly and if you can get what you owe to the bank or you can make some money yourself, do not wait for the better options as you are running out of time, and there are chances that bank comes forward with foreclosure before you get the chance to sell the house and settle your debts.

If the amount due on you is more than what is the price of the house, you can list your home at the current market value, or go a bit lower to attract buyers with the low cost. You can also work with a Realtor to negotiate with the bank for a short sale. In a short sale, the bank will settle for an amount less than what you own to pay the debt. Be sure that you get everything in writing, so there are no threats of banks to approach you for the difference amount. You do still have to pay the tax on any borrowed amount that is waivered as the IRS consider this as an income amount that you have to settle. You should also know that accepting the short sale is an option for the bank and they may even refuse this proposal.

You can hire the services of an expert Realtor and see how many days you have in the market in your area. If you have 120 days and foreclosure is just 45 days away, you need an aggressive Realtor who can sell your house, and you should inform your Realtor about the auction date in advance so the Realtor may approach your bank to further the auction date. Your Realtor will work on commission and will side by you if you have some equity in the house.

You can also look out for investors who are willing to take the property from you. Investors can pay you immediately, and they can close the sale in a matter of days. If you are a few days away from an auction you have no better option then to find an investor and get in a sales contract to get the auction delayed.

The investors may even offer you some other house to rent or find you a home that you can afford. They also have access to financial solutions and can work with you to get a loan for your new home and keep your credit score on a reasonable level.

There are so many reasons because of which you could decide to sell your home. Generally, people sell their homes when they have a pressing financial matter they would like to attend to immediately, when immigrating to another area, after retirement, and divorce. There are several ways to sell your house fast and easy, whatever might be the reason behind it.

1. Add Value To Your House

Adding value to your house is among the ways of making sure that you sell out your property fast. This process involves renovating your home as well as and giving it a new and pleasant look. Buyers will accept your property faster when everything is in order. Green homes are typically more marketable than those which are not. Therefore, when you are looking to sell fast, consider this kind of value as well. Have all repairs completed and make your home as complete as possible so that you can make a faster sale.

2. Do Your Marketing Well

Poor marketing is among the reasons why certain properties take a long time to sell. Simply putting a ‘for sale’ sign just outside the house might not be sufficient for it to get the exposure it requires. You have to go beyond this and perhaps employ other marketing channels such as classified ads, media, and even social media if required. Use every possible to spread the word out there that you are selling. An all rounded marketing strategy can play a huge role in helping you sell faster.

3. Sell To Property Managers

Nowadays, there are countless property buying managers and companies who buy your house directly, irrespective of its current condition. This is unarguably the easiest and fastest method of selling fast since you need not worry about making any repairs and renovations the property or even resort to extensive marketing to sell it. You can easily reach the buyers online, and they will come to you, check your house and offer you a value. You can get the agreed money in cash within a few minutes or hours after you agree to their proposal. Property buyers make the entire procedure hassle free and you need not wait a minute longer than you ought to sell the house. However, you must be cautious to ensure that the amount you get for your home is really worth it, irrespective of how quickly you want to sell it.

4. Reduce Your Price

You can choose to sell the home for less than what it is really worth in case you do not have the time to wait until the ideal buyer comes along as well as if you do not want to involve any agents in the selling process. It can work when your mind is on time and cash that you currently require, though it is not always a great idea. Lower priced properties, which are in good shape do sell faster, and this method might just work for you.

A property buying company might be the best option in case you want to sell your home quickly, because you then receive the precise amount your property is worth, and you need not have to wait till an interested buyer arrives. You only need to fill an enquiry form to start quick process.

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