There are normally a few rent to own properties available, but I want to add a word of caution if you choose to go that direction. First, you will need either a down payment or rent long enough so that a portion of your payment accumulates into a deposit. That means that at some point in time you will need to qualify to get a loan unless the owner is willing to carry the loan. Also, there are people out there offering a rent to own that do NOT own their property outright. That means that when it comes time for you to convert to a purchase (usually three to five years ) unless you can qualify to assume that loan or get one on your own, you can lose your accumulated down payment because you can't fulfill the contract. If the owner won't use an escrow service, WALK AWAY. That means they aren't willing to hold your funds and will be using them up as you pay, leaving you nothing if the deal falls through.
Really, your best bet is to simply rent for a couple of years and clean up your credit. If you have a short sale, you can get financing in two years and with a foreclosure, probably five. You can then qualify for better rates - rent to own rates are normally very high because they know you can't get financing elsewhere. Talk to a lender - they can tell you what you need to do to get back on track!... more
I started working for LL Realty,Inc as a Realtor since January 2004.Â Our business keeps growing and expanding in both Real Estate Sales and Rental Management.Â We are busting at the seams.Â So
Patty Hardrick, Broker http://www.nvsrealestateplace.com NVS REAL ESTATE PLACE, FERNLEY, NV RENTERS BEING DISPLACED BY FORECLOSURE? Rental homes in Fernley are popping up more and more and tenants are walking