Home Buying in Westport>Question Details

Kscbeck, Renter in

Are any sellers considering a rent to own option?

Asked by Kscbeck, Fri Sep 14, 2012

Help the community by answering this question:


In my experience I've found that these deals can in fact be negotiated in a way that meets the needs of both the buyers and sellers. I am currently representing a buyer in Westport and one in Fairfield in lease/purchase deals. In both cases these homes were on the market for sale and I was able to negotiate a lease with a neogiated purchase price and related contingencies that met with the satisfaction of attorneys on both sides. I'm happy to discuss with you in detail how these deals can work. Please feel free to contact me.
0 votes Thank Flag Link Mon Sep 24, 2012
Every seller is an individual with different motivations. However, the quick answer to that question is most likely no. Many sellers have their houses listed for sale and for rent and they are willing to rent for now if they do not get their current price. But most do not want to agree to a price now with a rent to own when the market may in fact improve over that time. One way to address this if you really like the house and would consider buying it if you were in a better financial position, is to rent for a year and ask for the right of first refusal when they go to sell again at the end of your rental term. You can negotiate terms at that time.
0 votes Thank Flag Link Fri Sep 14, 2012
I think you may have found this more about a year or two ago. Truth is that markets are picking up, and sellers know it... All great news.
Where a seller needs to be careful, (and they know it), is how to hedge their bet for the future with less inventory, more competition, more reasonable financing, less market time, and subsequently - rising prices.... Meaning, what will the value of my home be a year or two from now? And why would I want to agree on a price today that would be less than the true market value a year or two from now? That is the tricky part....
I would say that they answer to this question depends on the local and micro market. Has the
market you are questioning seen positive numbers as others have? If not, the probability may be higher, but in those with more positive news, you may not find as many sellers wanting to do a rent to own as they may have when things were really in the hopper!

Best of luck!
0 votes Thank Flag Link Fri Sep 14, 2012
Yes absolutely! There are sellers who are willing to enter into these arrangements -- in fact I have one such deal under contract right now and another in negotiation. These deals have advantages to both sellers and buyers and can work out to everyone's benefit. I'm happy to discuss this with you in further detail. Please feel free to contact me.
0 votes Thank Flag Link Fri Sep 14, 2012
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Fri Sep 14, 2012
There are often homes that are for rent that are also on the market for sale....all of these are considerations of a proposal to the owner(s)....each case is different. If you are not already working with an agent, please let me know if you need representation, and I would be happy to help you.
0 votes Thank Flag Link Fri Sep 14, 2012
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