Speaking with a few agents today, I noticed that many are complaining that many of the contacts that they make are with potential clients who are looking for lease purchase deals. Obviously this is usually due to slow or bad credit on the buyers part and are people who think that this is a better option than renting. Many are unaware that a lease purchase usually involves a fairly subsantial amount of money to be placed down that is typically only recovered if the actual purchase part of the contract goes through. I say IF because these deals rarely are seen all the way through and generally result in the loss of the buyer's down payment.

Consumers are usually better served if they save their money for a more conventional mortgage and home purchase while they work to get their credit repaired. A good mortgage lender will usually give homebuyers some great free advice to get credit back on track and then help them get approved once they are able. I give this advice to anyone that asks me about a lease purchase opportunity or where to find one. Many Douglasville real estate agents would rather not involve themselves in these lease purchase deals and some simply refuse. Their time is valuable and these types of deals generally never pay since they are not seen to fruition. I advise potential clients of the pitfalls of these deals but as a full service agent will find one for a client if they have their heart set on it. I have yet to see one go through.