Home Buying in Plymouth>Question Details

Wendey, Home Buyer in 02360

Are there many options for rent to own in the plymouth area? I haven't seen much to do with that as opposed

Asked by Wendey, 02360 Sat May 10, 2008

to some other markets

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Wendy Pomeroy’s answer
Rent to Own and Lease to own options are generally dealt with on a case by case senario. You will generally never see any sellers offering a lease to own option. However, if a seller is not looking to use their homes equity immediatly, a lease to own option may be considered. Local realtors, including myself, can negotiate a lease to own. Be aware the monthly rents are usually higher than average, since a portion of each month's rent is "saved" towards puchase price. Most sellers/landlords also require a sizable downpayment to ensure purchase will occur in future. Often Lease to own contracts include more clauses than with a lease or purchase. It is suggested a real estate attorney should be consulted by both seller/landlord and buyer/tenant to be sure everyone understands the contract. I am here to help with any specific details on locating a property in the Plymouth area for your needs. I hope this helps! Wendy
0 votes Thank Flag Link Wed Jul 21, 2010
Although most lease/purchase properties are not listind as such in the MLS, an experienced broker in the area should be able to make contact with other agents to see what sellers may be interested in creative financing. Should you still be searching in this area, please feel to contact me at your earliest convenience. I would be happy to assist you.
0 votes Thank Flag Link Wed Aug 6, 2008
Here's a specific property that is available as a lease to own in Norwell. Follow the link to view the listing details. If it's not too far north and you'd like to take a look, please give me a call.
0 votes Thank Flag Link Sun May 11, 2008
Here's an answer I posted recently for a similar question. Here are some ways:

To find a rent-to-owns or lease-options, you often have to use some creativity. Most aren't listed on the MLS.

If you use a Realtor (a good idea, by the way), your Realtor has to go beyond searching key words. And there are plenty of ways you can find a lease option on your own, as well.

The main point is that a large number of homes for sale or for rent are owned by people who'd be interested in offering the properties on a lease-option. But most won't be listed that way. So you really have to go beyond the obvious--having an agent look in the MLS for "lease option."

There really is no "best" way to find them. It depends on your neighborhood, what you're looking for, what you can afford, your comfort zone. (Are you willing to call up people who are advertising their houses to rent and ask them if they want to offer a rent-to-own? Some people are; some aren't.) So, read through the list and pick 3 or 4 that make sense to you.

Here are just a few ways.

**Using a Realtor**
[Note: If you use a Realtor--which is fine--ask them how they'd find lease options. If they can't come up with more than 1 or 2 of the answers below, find another Realtor.]

--Some lease-options (for simplicity's sake, from here on I'll call them lease-options--in other parts of the country, similar arrangements may be called rent-to-own, land contracts or contracts for deed) are listed in the MLS. Not too many, but some. That's where to begin. However, that's not where to end.

--Search for homes that are listed both to rent and to sell. There may not be any comment that the property is a lease-option, and maybe it didn't even occur to the seller. But a property that a seller is willing to lease, but is also willing to sell is a perfect candidate for a lease-option.

--Search for homes that are listed for rent, but were previously listed for sale. It's likely that the owner was trying to sell the house, but wasn't able to. Now he/she is willing to rent it. That's another perfect candidate for a lease-option.

--Search for homes that are listed for sale, but were previously listed for rent. In today's market, there will be fewer of them, but it happens. Again, another great candidate for a lease-option.

--Search for homes with expired listings. The owners wanted to sell, but weren't able to. Many will consider renting the property, especially if it's vacant.

--Search for homes listed for sale that are vacant. The owners are hurting. They might appreciate the cash flow they'd receive from leasing the property.

--Search for homes listed for rent that are vacant. Again, the owners are hurting. And most owners of single family homes are "reluctant landlords." That wasn't their long-term strategy. Especially if they're bleeding, they may just want to get the property off their hands.

***Not Using a Realtor***

I'm not advising doing it yourself, but you certainly can. Any competent Realtor--and there are many--should be able to find you plenty of lease-option opportunities using the strategies above. However, here are a few other ways to do it.

--Advertise on sites like CraigsList for a lease-option. Advertise under both the rental and purchase areas.

--Go through the papers and look for properties that owners are trying to rent out. A lot of them won't be listed in the MLS. Approach them and explain that you'd like to rent their property for awhile, then have the option to purchase it.

--Look for FSBOs. Same basic pitch to them. You'd like to buy their house, but would like to rent it first.
--Choose a neighborhood you like. Knock on doors. Ask, "Do you know anyone in this neighborhood who might be interested in selling their home?" Often, you'll turn up people before the home is listed. Again, you explain you're interested in buying, just renting awhile first.

--Put cards up in your local supermarket.

--Attend a meeting of your local real estate investors club. It may cost $10 or $15, or maybe nothing. There's usually a time near the beginning of the meeting when investors can stand up and offer or solicit deals. You can stand up, too, and announce that you're looking for a rent-to-own. Specify what you're looking for (number of bedrooms, baths), geographic location, type of property (townhouse, single family home, etc.), maximum amount you're willing to spend on rent and purchase, and anything else that's relevant. Print up some one-page factsheets with details. Make sure you put all your contact information on there. To find your local real estate clubs, go here: here: http://www.creonline.com/real-estate-clubs/index.htm.
0 votes Thank Flag Link Sat May 10, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Web Reference: http://www.territoryre.com
0 votes Thank Flag Link Sat May 10, 2008
Wendey,
You might try and ask your agent (if you're working with one) to call up some of the listings that have been on the market a long, long time (over 200 days for example) and see if the owners might be open to a rent-to-own scenario. You might have some luck with some frustrated sellers who might consider alternative financing options like this.

Good luck!
Mike
0 votes Thank Flag Link Sat May 10, 2008
Generally it is hard to find these although in this market i think it is a fantastic option for buyers and sellers. With properties that have been on the market for a long time you could always have your agent ask the seller (as part of the negotiation) if they would consider it. Some sellers may jump on the opportunity depending on their financial situation.

If i come across something in plymouth i will be sure to post it here for you.

Good luck!
Web Reference: http://www.territoryre.com
0 votes Thank Flag Link Sat May 10, 2008
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