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Kareen Taybr…, Renter in Washington, DC

Hello I want to know if any agents/lending finance companies offer rent to own programs in Washington, DC?

Asked by Kareen Taybron, Washington, DC Wed Mar 27, 2013

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Hi Kareen, may I help you with your rent to own? miekeba@heymannrealty.com

Miekeba Jones
Heymann Realty, LLC
10230 New Hampshire Ave. Ste.102
Silver Spring, MD 20903
office 301-439-1180
direct 240-715-8284
miekeba@heymannrealty.com
0 votes Thank Flag Link Wed Mar 27, 2013
Rent to own is generally on a case by case basis and typically in markets where the seller cannot get a great asking price for his/her property. That means they are few and far between in Washington DC. You are more likely to find them in Prince George's county or out reaches of DC. Your realtor can search the MLS for these properties but there is no criteria to put into the system to search on these opportunities specifically and the realtor would have to comb the listings for them

You should be aware that some owners offer rent to own as a business model. Rent to own security deposits tend to be higher than a typical security deposit. Only about 1/3 of the renters that opt for this "scheme" go through with the purchase. This means that in many cases depending on how you structure the deal, you might lose your higher than normal security deposit. The landlord will also say that your rent is higher than market rates and a portion is going toward your down payment. If not properly structured you could lose that as well. The upshot is to be careful with this idea and be sure that the purchase is what you want.

If you'd like more information, feel free to email me.
0 votes Thank Flag Link Wed Mar 27, 2013
Troy,
Thank you so very much, this is great information/knowledge.
Flag Wed Mar 27, 2013
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