General Area in 60435>Question Details

Butterfly, Renter in 60435

what bank will approve rent to own property?

Asked by Butterfly, 60435 Wed Jun 20, 2012

Help the community by answering this question:

Answers

4
You may want to read up on the subject, it isn’t what you think it is. Real estate isn’t the same as renting to own a couch or tv. See the info I linked for you below, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jun 20, 2012
The nature of rent to own is that it would be seller financed. But, be wary about these situations and make sure you have all of the facts. Visit this link for some more important information about these situations: http://richardschulman.com/2011/11/14/truthaboutrenttoown/

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Wed Jun 20, 2012
Are you asking what bank as the seller or the lender?

Rent to owns are possible, but not with distressed properties. Banks need to get them off their books and sold. If they would not lend the money for mortgage, they are not going to do on a rent to own basis.

Rent to owns from individual sellers require seller financing, which many people can not do. They are possible, but rare and you will not be able to negotiate price. Some people like them because you can lock in today's sales price and live there. But you will pay market rent and you can get some of that - a small portion - towards down payment or closing costs. But most sellers want a down payment up front.

Rent to own takes the right buyer and the right seller. Before you do that, I encourage people to look at the reason for not buying. Sometimes that can be corrected easily, sometimes not. Buying is power, it leaves you in the driver's seat. Renting is not. Feel free to call me if you want to know more. I would be happy to give you the pros and cons of both.


Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes Thank Flag Link Wed Jun 20, 2012
If you do a Lease/Option,
you will not have a Bank Loan:

Your loan and Contract will be with the Seller.

Oh, and be very, very carefull.
0 votes Thank Flag Link Wed Jun 20, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer