Receiving a “Foreclosed Homes” Notice

If you happen to be one of the many homeowners who receives a foreclosure notice, you may want to consider the Lease Purchase Agreement. Initially you just have to find a tenant to lease your home from you, with an option to purchase the home at the end to the agreed period or time; usually from 12 to 24 months. Just set a price for them to buy the house when the agreement is signed; this will allow you to set the price so you can save the equity and buy some time to recover.

If you Have a Tenant to Buy Your Home with the “Foreclosed Homes” Notice:

•    Avoidance of a foreclosure.

•    Since renters are paying less today due to the high foreclosure rates, you now have the opportunity to increase the monthly rent, in light with the purchase agreement.

•    A one-time payment, up-front as a non-refundable deposit, this is usually 1% – 3% of the sales price. The money that is given in exchange, and they signed the agreement, is non-refundable.

•    Quickly locate a buyer for your property, which is about ten times faster than trying to sell your home in a traditional manner.
•    Someone else will be paying the mortgage payment, and potentially a few hundred dollars a month more. Your burden that comes with foreclosed homes should become non-existent.
Lease Purchase Agreements usually work well in any real estate market and is one of the best options to go with in times of crisis.