Home Buying in 19120>Question Details

strongsurviv…, Home Buyer in Philadelphia, PA

Are there any rent to own homes in 19120 or 19111. I'm hoping to move by the summer time

Asked by strongsurvivor1, Philadelphia, PA Sun Feb 3, 2013

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Trevor Curran’s answer
Good morning strongsurvivor1,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Feb 4, 2013
Strong Survivor,
I have a listing that might consider a rent to own. Please contact me for more details.
Emily Landis Torres
Re/max Central
Direct: 267-640-2327
Office : 215-362-2260
Email: emily@emilyshomeinfo.com.
0 votes Thank Flag Link Mon Feb 4, 2013
Hi Strongsurvivor1, If you need help finding a Realtor willing to do the rent to own home, contact me and I will help you find a Realtor.
0 votes Thank Flag Link Sun Feb 3, 2013
Call a lender and see if u can get preapproved for a mortgage if u do not qualify ask the lender what u need to do to clear things up so you can obtain a mortgage
0 votes Thank Flag Link Sun Feb 3, 2013
Please call me so I can explain why for rent to own is not the preferred way to buy a house 215-725-5799 X49
Web Reference: http://WWW.GreatPaRE.com
0 votes Thank Flag Link Sun Feb 3, 2013
Good luck finding any. When you know more about the idea of rent to own you will understand why there are so few and why they are not a good idea.
0 votes Thank Flag Link Sun Feb 3, 2013
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