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Lease or Rent with Option to Buy/Purchase in the Lehigh Valley

The Lehigh Valley real estate market has caused some home sellers in Allentown, Bethlehem, Easton and the surrounding areas to consider a Lease with Option to Buy, also called the Rent to Purchase or Own, agreement or contract.

What is a Lease with Option to Buy (Rent to Purchase) strategy?

The owner of the Lehigh Valley Property is interested in selling the house, but the owner has not found a motivated buyer. The renter is interested in purchasing a home; however, the renter needs to save more money for a down payment, work to repair their credit score, and/or a number of other considerations that prevent the renter/buyer from making an offer for the property.

The owner and renter/buyer enter into a contract that gives the renter/buyer a lease to live in the house for a period of six (6) months to one (1) year or more. At the end of the lease, the contract gives the renter/buyer the Option to Buy the property from the owner.

Home For Rent to Own

Rent To Own Benefits to the Owner/Seller

    1. The property is rented and produces monthly income.
    2. The tenant may take on additional maintenance responsibilities (lawn care, painting, etc.)
    3. The seller may be able to plan for a time in the future when the property will be sold.

Rent to Own Benefits to the Renter/Buyer

    4. The tenant leases a place where they prefer to live.
    5. The tenant may decide to make some improvements (with the seller's permission) that benefit the tenant's family or life style.
    6. The tenant can plan to take ownership of the property at the end of the lease.
    7. The seller may offer to save a part of the rent and give it back to the tenant at settlement to help with the down payment or closing costs.

How Does a Lease with Option to Buy get started?

The seller and/or the renter/buyer should tell their Lehigh Valley Real Estate Agent of their interest in entering into a Lease with Option to Buy during the interview process with the agent. Then their real estate agent can coordinate the transaction if the Option to Buy is possible.

Lease & Option to Buy Time Lines

The Lease and the Option are negotiable contract items that need to be acceptable to both the owner/seller and the tenant/buyer. The lease to rent could be for 3, 6, 9, etc. months to 1 year or more.

And the Option to Buy usually occurs at the end of the Lease. If the date for the Option to Buy arrives, and the tenant/buyer is not ready to buy the property, the contract may or may not be renewed.

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Questions about Lehigh Valley Rent with the Option to Buy? Give us a call or contact us today.

Joe Kaminski, REALTOR®, SRES
BHHS Fox & Roach REALTORS, Lehigh Valley PA
3101 Emrick Boulevard, Suite 101
Bethlehem, PA 18020
Main Office: 610-865-0033
FAX: 610-974-9430

Information is deemed reliable but not guaranteed. We are REALTORS® in the Commonwealth of Pennsylvania and affiliated with BHHS Fox & Roach REALTORS. We are not financial planners, tax advisors, or attorneys.

Lehigh Valley Investment Properties serves the following areas Bethlehem, Allentown, Easton, Forks Township, College Hill, Plainfield Township, Washington Township, Bethlehm Township, Bangor, Bushkill Township, Nazareth, Tatamy, Stockertown, Hellertown, Lower Saucon, Freemansburg, Pen Argyl, Williams Township, Palmer Township, Hanover Township, Walnutport, Lehigh Township, Wilson, Wind Gap, Mt. Bethel, Portland, Roseto, Allen Township, Northampton, Bath, Moore Township, Catasauqua, Whitehall, Macungie, Lynn Township, Slatington, Milford, Emmaus, Coopersburg, Center Valley, Springfield Township, Weisenberg, Orefield, Trexlertown, Breiningsville, Upper Saucon, and Saucon Valley. Lehigh Valley Foreclosures, Sheriff Sales, HUD Homes, Short Sales, and Auctions.