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.