My experiences with lease options is that they are a good idea more often then not the person that is the buyer ends up on the shorter end of the stick in the long run. Everything is rosy and agreed to at the initial purchase. However if the market appreciates then the seller becomes reluctant to sell. If the market depreciates the buyer ends up not being able to finance because the property doesn’t appraise. In a LARGE percentage of these transaction the seller ends up walking away with the option money. My advice to you would be, why lock up any money in a purchase agreement in a declining market? Rent from him, and save up so when the market does bottom out, then buy… Finally, one of the most common things as a Realtor I hear is how hard it is for someone to find the ideal property. I think you would be able to find something suitable if you were able to rent for awhile. This downturn will provide you with ample opportunity.
