Home Buying in 01902>Question Details

Glenn Boyce, Both Buyer and Seller in Lynn, MA

Anyone got a great deal on a rent to own? I was just gonna keep 1 of the distressed properties that im sure to find.

Asked by Glenn Boyce, Lynn, MA Thu Sep 23, 2010

My fiance & I are eager to capitalize on the current market & invest in our 1st home. I would like to rent to own on a nice place.
We could go through a bank but the underwriting requirements are rediculous. So if any of you wheelers & dealers from the Northshore have a deal I just can't pass up...send me some details.

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Richard Schulman’s answer
Rent to own usually will not provide you with the great deal you are looking for, and comes with pitfalls and risks. But, the current interest rates will! While the underwriting requirements can be frustrating, if you are qualified, make the effort to go through the underwriting process and get a great loan now. You can get a low down payment (3.5% down) FHA loan, if you qualify.

Good luck,
Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Thu Sep 23, 2010
Rent to own can work if the buyer on the 3 things. What price the buyer will pay for the home . How long they have to buy usually 1 to 3 years for residential property. Then the tuff part how much of the rent will go towards the buyers equity. This is called the rent credit and is the reason most people do not do this even though it can work quite well. Make sure you have a good attorney look over all the contracts if the buyer fails to buy the property in the specified time the seller typically keeps the equity that the buyer has built up. This all being said with rates this low it does not really make sense for the buyer in most cases.
0 votes Thank Flag Link Tue Jul 9, 2013
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