Lease Option Foreclosure
A homeowner can explore lease option foreclosure in Johnson County through Cherry Park Properties LLC. There are other options such as selling redemption rights that allow you, through paperwork and assistance, to remain in the residence through a lease or on a lease-with-option-to-buy. You can read more about your redemption rights here.
Lease-with-option-to-buy allows the homeowner the opportunity to purchase the property back from the current owner at an agreed-upon price during a grace period, typically between three to five years. A redemption period is known as the time after a sheriff sale in Johnson County designated to grant you some rights. For most properties it is a six-month period, but it can differ from house to house.
If you have paid off more than two-thirds of your outstanding loan, the redemption period can extend past the set time frame. The same is true if the property is deemed abandoned, then the period can be made shorter. During this period, you may continue to live at the house and gain the right to sell or repurchase your property. Learn more about your redemption rights period in one of our articles found here.
What is Lease Option Foreclosure?
Lease options foreclosure is becoming more and more common for both homeowners and investors alike. Lease option foreclosure can enable people with a poor credit history, or without a down payment, to purchase real estate. Others may need time to arrange or secure financing for a purchase.
One of the most appealing advantages of this program is that anyone can qualify because it’s not based on credit. Majority of the time, people will do a lease option foreclosure when they are fixing credit issues and need a few years to clean it up. In some cases, rebuilding credit by making timely lease payments can allow someone to reapply for a traditional mortgage at the end of the lease option agreement.
This type of foreclosure is also an advantage for homeowners in times of economic uncertainty because they are locking in the purchase price right away. If the home value goes up over the next three years, they might walk into some good equity in Johnson County.
Advantages of Lease Option Foreclosure
- Lock in the Price Now, Purchase Later
- Freedom to Save for Future Down Payment
- Avoid Moving Residence by Renting and Purchasing the Same House
- Possibility to Purchase Even if You Don’t Qualify for a Traditional Mortgage
- Time to Resolve Credit Problems
Years of Experience
Our team at Cherry Park Properties, LLC has more than 40 years of experience with lease option foreclosure in Johnson County. We are proud of the quality work we do and our reputation for honesty. At Cherry Park Properties we invest in Johnson County residential real estate and have experience dealing with a variety of mortgage problems and continue to be recognized by attorneys and mortgage companies in the area. We are a leader in the real estate industry providing options for financially challenged homeowners and lien holders. We provide mutually beneficial and profitable relationships, all while maintaining high ethical standards, sharing our knowledge, expertise, and opportunities with our clients in Johnson County.
There are many people and entities similar to Cherry Park Properties; however, they do not always have the experience needed to achieve successful results. We are your local, friendly real estate investment team with a focus on helping individuals and families keep their homes. Our primary focus lies within lease option foreclosure, acquisition of first and second mortgages, and redemption rights in Johnson County Kansas. We want to provide you with a hassle-free and pleasant experience no matter what services we are providing. Cherry Park Properties can arrange real opportunities to get out from under the burden of foreclosure. Contact us today at 913-839-2345 to discuss your choices when it comes to lease option foreclosure in Johnson County.