San Clemente is small little beach town in Orange County, Ca that has seen tremendous growth in the last 10 to 15 years. One of the biggest changes is the development of the Talega area. Talega is home to over 40 communities and 3,000+ homes with a wide variety of architectural styles and models. There is a little bit of something for everyone from small starter 2 bedrooms condos in the $250,000 range to larger luxury estate ocean view homes in the $1.5 plus range. With the downturn in the real estate market, the Talega homes have really seen a drop in real estate prices in the last 5 years. As a result you will find more motivated sellers who are willing to sell their home creatively and use different techniques to get their home sold. One of these techniques is the lease option. First, you find a property you will like to rent. A lease agreement is then drafted with two other supporting documents. The first supporting document is an option agreement which allows you to exercise the option to purchase the property. Typically a certain amount of money is given for this privilege and can be negotiated at the time of the lease. The second supporting document is the purchase agreement. This is drafted as if you were purchasing the home now with the price and terms negotiated. This price will be used at a later time if you decide to exercise the option to buy the home which can work in your favor if the market improves during the time of the lease. An option agreement basically ties the lease and purchase agreement together and creates the "Lease Option." This can be a little tricky to put together if you real estate agent has never done this before so make sure you consult with a skilled real estate agent. A well executed lease option will give you a portion of your rent amount to be used towards your down payment when you purchase the property. While searching the current inventory of Talega homes we found one nice home located in the Alta community of Talega that is open to doing a lease with an option to buy. There are many great deals in the market and you just need to know where to find them. Distressed properties like short sales and foreclosure homes are also an excellent way to buy homes at great prices. For more information on how lease options work please contact us at 949-291-0424. We specialize in San Clemente Real Estate and look forward to assisting you!