Comments on: Lease to Buy Houses | Elliott Homes Lease to Purchase Program http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/ New Homes blog with information about new homes and home builders Mon, 06 Feb 2012 03:55:28 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Derek Anglin http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-55821 Derek Anglin Wed, 28 Jul 2010 15:10:35 +0000 http://www.newhomessection.com/blog/?p=2114#comment-55821 Interesting timing on this last post. We have just closed on a couple more of the lease purchase homes in Maricopa, AZ. We stopped accepting new lease purchase buyers in December of 2009 and at the time we had a total of 29 involved in the program. The results were all over the board and to say we learned something is an understatement. After the last lease purchase buyer hits their 12 month mark we will have CLOSED on 11 of the 29 homes. Not as successful as we obviously hoped. There are a lot of people with minor credit issues that were not interested in improving their situation. Those buyers lived out their 12 month period and moved out of the home. In most cases the homes were returned in great condition, other buyers...not so much. The unfortunate times of the real estate market over the past few years put us in a situation that required a little "thinking outside the box" and overall it was a great opportunity for the 11 lease purchase buyers. Elliott Homes learned a lot during the time this program was operating and should the case present itself in the future there would be a few changes to help protect both sides of the transaction. Interesting timing on this last post. We have just closed on a couple more of the lease purchase homes in Maricopa, AZ. We stopped accepting new lease purchase buyers in December of 2009 and at the time we had a total of 29 involved in the program.

The results were all over the board and to say we learned something is an understatement. After the last lease purchase buyer hits their 12 month mark we will have CLOSED on 11 of the 29 homes. Not as successful as we obviously hoped. There are a lot of people with minor credit issues that were not interested in improving their situation. Those buyers lived out their 12 month period and moved out of the home. In most cases the homes were returned in great condition, other buyers…not so much.

The unfortunate times of the real estate market over the past few years put us in a situation that required a little “thinking outside the box” and overall it was a great opportunity for the 11 lease purchase buyers. Elliott Homes learned a lot during the time this program was operating and should the case present itself in the future there would be a few changes to help protect both sides of the transaction.

]]> By: Susan@Palmdale Homes http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-55806 Susan@Palmdale Homes Wed, 28 Jul 2010 06:09:11 +0000 http://www.newhomessection.com/blog/?p=2114#comment-55806 A lease purchase on these homes is a wonderful deal for buyers. On one hand, I am surprised that Elliott Homes have made such a risky move. However, I show houses a lot and see neighborhoods where the builder planned on putting up a specific number of homes, but quit early, leaving nothing but streets and curbs that led into fields. Maybe they have the right idea after all. I hope leasing purchasing the properties works out for Elliott Homes. A lease purchase on these homes is a wonderful deal for buyers. On one hand, I am surprised that Elliott Homes have made such a risky move. However, I show houses a lot and see neighborhoods where the builder planned on putting up a specific number of homes, but quit early, leaving nothing but streets and curbs that led into fields. Maybe they have the right idea after all. I hope leasing purchasing the properties works out for Elliott Homes.

]]> By: Mike Jones http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-35216 Mike Jones Thu, 08 Oct 2009 15:26:23 +0000 http://www.newhomessection.com/blog/?p=2114#comment-35216 I think a lease purchase can be a very good idea in these economic times. Im not sure about speculating value on brand new homes but if it is a way in for potential buyers that may not have another way then ok. .-= Mike Jones´s last undefined ..<a href="0" rel="nofollow">If you register your site for free at </a> =-. I think a lease purchase can be a very good idea in these economic times. Im not sure about speculating value on brand new homes but if it is a way in for potential buyers that may not have another way then ok.
.-= Mike Jones´s last undefined ..If you register your site for free at =-.

]]> By: michael http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-28200 michael Tue, 25 Aug 2009 15:45:59 +0000 http://www.newhomessection.com/blog/?p=2114#comment-28200 i am trying to sell my manufactured home on 1 acre and am having no luck. i have an invester interested on doing a lease to purchase. we want to move badly and are considering it. i have my concerns though, like what if he backs out of the deal, am i still responsible for the house? i cannot afford two mortgages. if there is repairs that need to be done am i resposible? im really not to educated on this matter and its pretty scary. i was told by an agent that if he backs out of the deal, to just let the house go and it only takes 80 points of your credit score. just doesnt seem right to me. help. thanks i am trying to sell my manufactured home on 1 acre and am having no luck. i have an invester interested on doing a lease to purchase. we want to move badly and are considering it. i have my concerns though, like what if he backs out of the deal, am i still responsible for the house? i cannot afford two mortgages. if there is repairs that need to be done am i resposible? im really not to educated on this matter and its pretty scary. i was told by an agent that if he backs out of the deal, to just let the house go and it only takes 80 points of your credit score. just doesnt seem right to me. help. thanks

]]> By: Michael Pennock http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-26869 Michael Pennock Thu, 20 Aug 2009 15:22:26 +0000 http://www.newhomessection.com/blog/?p=2114#comment-26869 And the number for the office in Tempe, AZ is 480-831-9200 Michael Pennock Elliott Homes Sales Administrator And the number for the office in Tempe, AZ is

480-831-9200

Michael Pennock
Elliott Homes
Sales Administrator

]]> By: Derek Anglin http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-26624 Derek Anglin Wed, 19 Aug 2009 22:00:47 +0000 http://www.newhomessection.com/blog/?p=2114#comment-26624 Responding to the question about the value in the Lease Purchase program for builders. - As a representative for Elliott Homes in Arizona I can tell you that most builders are not able to handle this type of act due to bank involvement. Most builders either have a loan out on the land development or construction of the home that forces any program like this to be reviewed by the bank with an interest in that home/lot. Since there is a higher level of risk to a "lease" versus a home that sits with no buyer, the bank/builders are not interested in allowing that type of program. Elliott Homes is one of few cash builders in the valley. We pay cash for the land, pay cash to develop the lots, and pay cash to construct. Therefore the homes we have are owned "free and clear" of any other lien holders. We started the 12-Month Lease Purchase program for our inventory homes in January of 2009 and to date have a total of 27 "tenants" working towards home ownership. We have already closed 2 deals before the end of their individual 12 month timeframe. We anticipate another six will close before the end of the deadline for the government tax credit (November 30th) and two more before the end of the year. Overall it has been very successful. On the flip side, we have had to deal with some poor "buyers" to include one eviction. We started this program hoping for a 75%+ success rate and the ability to offset multiple monthly expenses (HOA and utility bills). We are doing much better than originally expected and due to a rapid increase in sales over the past few months we have cut back on the availability of this program. As of today 8/19/2009, the program is only available on select homes in Buckeye. If you have any questions, please feel free to contact our offices in Tempe, AZ. Derek Anglin Elliott Homes, Designated Broker Responding to the question about the value in the Lease Purchase program for builders. – As a representative for Elliott Homes in Arizona I can tell you that most builders are not able to handle this type of act due to bank involvement. Most builders either have a loan out on the land development or construction of the home that forces any program like this to be reviewed by the bank with an interest in that home/lot. Since there is a higher level of risk to a “lease” versus a home that sits with no buyer, the bank/builders are not interested in allowing that type of program.
Elliott Homes is one of few cash builders in the valley. We pay cash for the land, pay cash to develop the lots, and pay cash to construct. Therefore the homes we have are owned “free and clear” of any other lien holders.
We started the 12-Month Lease Purchase program for our inventory homes in January of 2009 and to date have a total of 27 “tenants” working towards home ownership. We have already closed 2 deals before the end of their individual 12 month timeframe. We anticipate another six will close before the end of the deadline for the government tax credit (November 30th) and two more before the end of the year. Overall it has been very successful.
On the flip side, we have had to deal with some poor “buyers” to include one eviction. We started this program hoping for a 75%+ success rate and the ability to offset multiple monthly expenses (HOA and utility bills). We are doing much better than originally expected and due to a rapid increase in sales over the past few months we have cut back on the availability of this program.
As of today 8/19/2009, the program is only available on select homes in Buckeye. If you have any questions, please feel free to contact our offices in Tempe, AZ.

Derek Anglin
Elliott Homes, Designated Broker

]]> By: Elliott Homes Arizona http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-23390 Elliott Homes Arizona Thu, 30 Jul 2009 16:54:20 +0000 http://www.newhomessection.com/blog/?p=2114#comment-23390 [...] more: Lease to Purchase an Elliott Home Buckeye Quick Delivery Housing Move-in Ready Homes for Sale in [...] [...] more: Lease to Purchase an Elliott Home Buckeye Quick Delivery Housing Move-in Ready Homes for Sale in [...]

]]> By: Elliott Homes California http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-23281 Elliott Homes California Thu, 30 Jul 2009 00:47:39 +0000 http://www.newhomessection.com/blog/?p=2114#comment-23281 [...] more: Lease to Buy Elliott Homes Floor-plan Friday California Home Builder [...] [...] more: Lease to Buy Elliott Homes Floor-plan Friday California Home Builder [...]

]]> By: Phoenix CPA http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-9592 Phoenix CPA Wed, 04 Mar 2009 17:29:11 +0000 http://www.newhomessection.com/blog/?p=2114#comment-9592 Great analysis - Lease Purchase Homes... While I'm no expert on 'Lease to Own' housing, I do agree with you in that there are no tax benefits for leasing a home. <abbr><em>Phoenix CPAs last blog post..<a href="http://phxcpas.net/" rel="nofollow">How to Cope with Stock Market Volatility</a></abbr></em> Great analysis – Lease Purchase Homes…

While I’m no expert on ‘Lease to Own’ housing, I do agree with you in that there are no tax benefits for leasing a home.

Phoenix CPAs last blog post..How to Cope with Stock Market Volatility

]]> By: ellen sanders http://www.newhomessection.com/blog/new-home-lease-to-purchase/2009/02/26/comment-page-1/#comment-9558 ellen sanders Tue, 03 Mar 2009 22:19:13 +0000 http://www.newhomessection.com/blog/?p=2114#comment-9558 Thanks for answering my question. Also, is any part of a lease purchase considered as a morgage interest payment, i.e. tax deductible? Thanks for answering my question. Also, is any part of a lease purchase considered as a morgage interest payment, i.e. tax deductible?

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