21444 Portland Ave, Purcell, OK 73080
21444 Portland Ave, Purcell, OK 73080
3 bedroom / 2 bathrooms, 1 1/2 car garage
1,288 Square feet
New exterior paint
New Heat & Air
New hot water tank
Updated replacement dual pane vinyl windows
Metal roof on home and shop
Garage/workshop with concrete floor and electric
Covered front and back porch
Private gravel drive
Kitchen with plenty of storage and kitchen island
Propane heat and propane gas log fireplace.
Plenty of room to garden, plant an orchard, raise livestock and a family.
10 min drive to grocery and fuel, 30 min drive to Norman, 20-min drive to Purcell
Water well & Lagoon
Rent to Own / Lease Option
18 Month Lease with option to purchase
Lease payment $1000 per month
Option Payment $6000 (This amount goes towards your purchase price but is non-refundable if you do not buy.)
Leasing with an option to purchase (Rent to Own) is an excellent method to move from renting a home to being an owner. It offers many advantages over the traditional methods of purchasing a home.
No large down payment required. Instead, you pay an amount up-front called “option consideration.” This amount, generally about 5% of the purchase price, locks in the price during the term and gives you the exclusive legal right to purchase the property. However, you are not required to purchase. If you exercise the option, the option consideration is applied toward the purchase price. If you do not exercise, it is not refundable. This compensates the investor/owner for keeping the property off the market during the term and for locking in a purchase price, regardless of whether home values increase.
You profit from any appreciation during the term.
Time to check out the home and neighborhood before buying.
We report your monthly rent payments to credit bureaus to help build your credit. In addition, we work with many different lenders, so we can work with you to help you build your credit over the term and obtain the best financing for the best terms.
Allows time to save additional money for securing a loan, repairing credit problems, etc.
Quick move-in time. No lengthy waits to arrange closing. Look today, move in tomorrow!
A FEW COMMON QUESTIONS AND ANSWERS
Q: Why should I pay option consideration when I can just rent by paying a security deposit and get it back when I move?
A: When you rent, your rent money is not working for you; it just disappears month after month. The option consideration allows you to move toward homeownership while still keeping your payments affordable. And locks in your right to purchase for the agreed amount of time.
Q: What if I decide I don’t want to buy the property?
A: You are not required to exercise the purchase option; however, the option consideration is NOT REFUNDABLE should you decide not to buy. Your rent deposit is refundable provided the home is kept in good condition and well maintained during your tenancy.
Q: What if I need more time before buying at the end of the term?
A: In certain cases, it might be possible to renew the lease for another term. This would require payment of additional option consideration, and could require that the purchase price be renegotiated. We will also consider owner financing options at the end of the lease term.
Q: What about utilities, property taxes and homeowner’s insurance?
A: All utilities are the responsibility of the tenant/buyer. Taxes and insurance are paid by your monthly rent. You should consider obtaining renter’s insurance to protect the contents.
Q: What about maintenance?
A: The tenant/buyer is generally responsible for up keeping and repairs for the first $500
Q: Where can I get more information?
A: If you have additional questions not answered here, please feel free to contact us.
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