Lease Option Is NOT an Option in Texas
Does a Lease Options work in Texas?
The Lease option used to be the ‘go to’ strategy for selling their house if the seller had little to no equity. However, thanks to the Texas State Legislature, which despite only meeting every other year still manages to create inane rules and laws, the ability to sell a house with a lease option has functionally gone away. The consequences of performing a lease option in Texas are quite severe as the seller may actually have to forfeit every payment received.
Unfortunately, there are real estate professionals and gurus out there that promote this lease option strategy not realizing that it cannot be performed in Texas. This is one of the reasons why it is so important that you work with a local real estate professional who is a student of the market and understands what is going on in your market.
At Hippie Hollow Homes, we combine the traditional real estate aspect of using a Realtor with, when needed, the more unconventional strategies of buying and selling a house with a real estate investor. Which style works better? It depends on your situation.
Shenoah Grove and her husband, Phill Grove, have combined to participate in more than 1,200 real estate transactions since 2004. There is very little about real estate in Austin or San Antonio, Texas, that these two don’t know or understand.
Regardless of how big the pile of late notices, past due bills, or certified letters from your mortgage lender, you may still be able to sell your house without coming out of pocket or ruining your credit. However, we cannot help you if you do not contact us. Our promise is that we will listen to you, give you your options, and provide you with a fair offer.
Image: Jeroen van Oostrom / FreeDigitalPhotos.net
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