Tlbarrera, Renter in San Pedro, CA

looking for rent to own

Asked by Tlbarrera, San Pedro, CA Fri Nov 19, 2010

miami

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Answers

4
Zmbrennan’s answer
This is a good option for many people who can not qualify for the tightened lendingThere are many homes on the market and not many buyers at this juncture so negotiating something which works for everyone is a great option. standards. A good place to start your search is Craigs list and or your local paper. Look for ads placed by sellers for LEASE/OPTION or RENT TO OWN. Look in both the "for Sale" and the "for rent" categories.Also, Run an ad yourself stating what you are looking for.
Check vacant homes in the neighborhood you would like to live and call realtors on homes that have been on the market a long time. Suggest the realtor be paid a percentage of the rental or a percentage of the option consideration and guarantee realtor fees at final closing if you should finance in the future.
Be sure to have a clause that forbids further encumberance of the property and be sure to search and have a clean title before committing. An attorney can help with this for a nominal fee.
Good thinking. Good Luck
1 vote Thank Flag Link Fri Nov 19, 2010
Tibarrera.....

You have to forgive the previous Agent & Broker who posted. As soon as rent-to-own is mentioned to many Agents, their National Association of Realtor taught instinct is to throw cold water on or to bash lease purchase deals because of "things they've heard" or because they are not your typical... "list a house...throw it on the MLS.....wait....reduce the price....wait again....pray for a fully qualified buyer with 20% money upfront to make an offer....take it to the Attorney....collect a 3%-6% commission check 30-60 days later"..... transactions.

I, on the other hand, will actually answer your question. I wrote on my blog, earlier this year, about ways you can find a lease purchase house with and without an Agent. Here is the link:

http://www.trulia.com/blog/hhi_investing_llc/2010/04/what_wa…

Best wishes,

Darin Ray
Lease-to-Own Professional
Independent Consultant
1 vote Thank Flag Link Fri Nov 19, 2010
You will have to make sure that the homeowners are not in distress, before renting
Web Reference: http://www.humasanre.com
0 votes Thank Flag Link Fri Nov 19, 2010
Very risky transaction in this market
Web Reference: http://www.dkrealtor.com
0 votes Thank Flag Link Fri Nov 19, 2010
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