1518 Common Street Lease/Purchase SOLD

1518 Common Street, Lake Charles LA

This 2 bedroom 2 bath remodeled cottage home in Central Lake Charles just sold for $85,000.  The buyer negotiated a lease one year ago with the Lake Charles Home Seller, until such time as the Buyer could be approved for a mortgage.

Sometimes Lake Charles Home Buyers may have issues they need to work on with regards to their credit scores or employment history that prevents the buyer from obtaining a mortgage.   Some Sellers may be in a position to lease the home to the Buyer with an option to purchase at an agreed upon date.

This is what occurred with this Lake Charles Home Sale, which was a lease/purchase.   Lease/purchases do not come up often because most Sellers need to sell their homes to purchase another one.  However each seller will have a different circumstance and lease/purchase may be an option.

When executing a lease/purchase it is recommended that the Buyer and Seller also enter into a Purchase Contract and handle inspections up front.  A deposit is made along with the purchase contract with a projected date of Act of Sale.

A purchase contract was written at the same time we executed the lease last June in 2011 and we followed the timeline closing on the home purchase June 2012.

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