General Area in Austin>Question Details

AveryRanchSe…, Home Seller in Austin, TX

After selling my home in North Austin, I'll have 70-90K net to either rent a house for 12 months or would a rent to own be better?

Asked by AveryRanchSeller, Austin, TX Mon Jan 21, 2013

I'm seeking 1800 square feet in s/w Austin

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Answers

11
Les Sherman (512) 947-8333’s answer
AveryRanchSeller, before you make a decision of whether to rent or buy, talk to a trusted mortgage lender to see what you can qualify for if you sell your home. You may not have been able to qualify for a home equity loan but all criteria changes when you pay off your business debts and have no home loan (with regard to qualifying for a new home loan after you sell your current home). Please call me and I can refer several loan officers and discuss your options with no obligation on your part.
Les Sherman, broker/agent Austin Real Estate Partners
512-947-8333
0 votes Thank Flag Link Sun Jan 27, 2013
Rent to own is better. ( lease purchase) -better know as. It gives you more of a stake in the property. However, this is a unique position to be in. There is a well known attorney in Austin that can put legal paper work together to protect you. He is successful with his work on these type transactions.
0 votes Thank Flag Link Wed Jan 23, 2013
I am Self Employed, I was not approved for a Home Equity Loan, therefore I must sell my home to settle a business debt. Money is hard to lend these days. I rather not rent but once my home sells, I need to move somewhere.....
0 votes Thank Flag Link Wed Jan 23, 2013
There are plenty of owner finance options. Like most agents here have mentioned, lease to own's don't really exist anymore here in Austin. If you send me a quick email with your home criteria and your budget, I will be more than happy to send you some options that work for you. I've helped a lot of my clients through this process and I myself have used a seller financing option for the purchase of my home.

Sal Zuniga
Realtor
512-698-4800
szuniga@gretx.com
Sal.AustinHouseReport.com
Flag Wed Jan 23, 2013
If you have $70-90k, renting is not a good option as you are just throwing away money. I would suggest purchasing as interest rates are very low. If you are unsure about how much longer you will be in Austin, you can always rent out the property. Investors are flooding the Austin market purchasing rental properties. I would put my capital to good use and buy. I am happy to answer any questions that you might have and get you in contact with a lender. My cell is 512-695-5144.

Sincerely,

Kristee Leonard, Broker
The Leaders Realty, LLC
http://www.theleadersrealty.com
kristee@theleadersrealty.com
0 votes Thank Flag Link Tue Jan 22, 2013
I require owner financing as my credit union did not approve me
Flag Thu Jan 24, 2013
If you are planning to stay in Austin the sooner you buy the better. I can help you find a property to rent with the possibility to buy at a later date. I am an Architect, Broker-Realtor, Builder.
0 votes Thank Flag Link Tue Jan 22, 2013
I would love to speak to you about your options. There are virtually no rent to own situations these days. However, we can talk about other options for you. Thanks
0 votes Thank Flag Link Tue Jan 22, 2013
Interest rates are at historic lows but starting to climb, why not buy now? You have the down money from your sale of your home. If you want to rent because you don't know if you want to stay in Austin or in a particular neighborhood, then I would suggest simply renting until you know where you want to live.

Rent to own arrangements are complicated contracts and there are not that many of them to choose from compared to a straight out rental. Be warned, however, Austin is a hot market right now and rentals go fast.

Colin MacDougal
Resident Realty
0 votes Thank Flag Link Tue Jan 22, 2013
Rent to own doesn't really exist in Texas anymore. You might try owner financing or go the traditional route and take advantage of extremely low rates - seller financing usually comes with a bit of a premium tacked on.

If you aren't in a rush, I'd say rent and get a feel for the exact neighborhoods you like. The rental market is so strong there is a chance your landlord would let you out of a lease early (no guarantee, of course) and you could slide into the new home.

Patience typically results in the best decisions.
Web Reference: http://www.crowehomes.com
0 votes Thank Flag Link Mon Jan 21, 2013
We just remodeled 11 homes for one of my investors who is willing to do owner financing with 10% down. Call me if I can be of assistance to you. - Kyle 512-947-5953
0 votes Thank Flag Link Mon Jan 21, 2013
I might be interested in this Kyle, do you have any homes near Lake Travis?
Thanks,
Cameron
512-940-3133
Flag Sat Mar 16, 2013
Rent to own properties can be risky at times as the paperwork can give a large advantage to the seller/owner. However, each situation is different and it depends on the length of time you are planning on staying in Austin, the amount that you are willing to put down, etc. There are a number of programs which might interest you other than Rent to Own properties as well which vary by the same information. In short, they are somewhat interchangable depending on your long term goal. If you have any questions, I would be happy to help in any way that I can.

All the Best,
Daniel Leipsic
Realtor
Fine Austin Living
daniel@fineaustinliving.com
0 votes Thank Flag Link Mon Jan 21, 2013
Hello,

It alll depends on your financial situation but in most cases, it is better to buy. Please feel free to call or email me so we can discuss in more detail how to get you on the path to ownership.

Sal Zuniga
Realtor
512-698-4800
Szuniga@gretx.com
Sal.AustinHouseReport.c
0 votes Thank Flag Link Mon Jan 21, 2013
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