Home Buying in Rochester>Question Details

Krissy, Home Buyer in Rochester, NY

Hello, I was wondering if you had any "rent to own" property? And if so, how does that work?

Asked by Krissy, Rochester, NY Fri Nov 19, 2010

Looking for an affordable 3 bedroom house...a fixer up is fine with me.

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7
Hi,
We have a ton of Rent 2 own inventory! If you are still looking feel free to call us anytime at 279-8210 or email contact@salafiasoldteam.com. We have homes all over the city of Rochester New York and we get new homes to offer each week! Check out http://www.Rent2OwnROC.com Our website has a ton of information on local homes for rent 2 own as well as a ton of information on program.
http://www.Rent2OwnROC.com
Web Reference: http://www.Rent2OwnROC.com
0 votes Thank Flag Link Sun Dec 26, 2010
Hi Krissy,
No to many people offer rent to own homes, some in the city very little in the suburbs. If you call me at 899-9556 I would be happy to go over your options with you.
0 votes Thank Flag Link Sun Nov 21, 2010
The way it works is negotiable seller and "rentor/buyer can agree to whatever terms work. However a rule of thumb is, you will rent with a portion of your monthly payment credited toward buying the property. You can sometimes do this until the property ios paid off, or until you have the ability to get a bank loan.
This is a great option for many people who can not meet the stricter lending requirements in the current market.

The right realtor can be very useful. However not all realtors handle rent to own.

If you find you must do this on your own, search your local MLS for older listings and make calls asking if the owner might consider rent to own. Offer to construct an offer that would include the realtor being paid a percentage of the monthly rent, or guaranteeing the realtors commission at close, or whatever will work for all parties.

Also search for vacant homes in the area you wish to buy and get owners names at the courthouse and call.
Craigs list is a great resource as has been noted here. But also put your own ad on Craigs list. Stae what you are looking for. This is a great idea. Good Luck
0 votes Thank Flag Link Sat Nov 20, 2010
Krissy. I have several Investors who do rent to own. It depends on the area. Best to call me live at 455-3352. Ginny Napier. Magellan inc
0 votes Thank Flag Link Sat Nov 20, 2010
Since most sellers prefer to sell outright rather than consider a rent to own option--do consider buying if at all possible instead, as rent to own situations do have many pitfalls--if you haven't done so yet--do visit with any qualified loan officer first, see if you qualify for a loan, how much and then go from there; if you don't qualify now, determine the amount of time it will take; in addition do consider working with an agent of your own. Rent to own situations can be similar to a car lease--to consider--one agrees to the purchase price upfront, higher rent payments, will one qualify for a mortgage at the end of the rent to own lease terms, payments must be paid on time, etc.; again, inform yourself well and do protect yourself by consulting with an attorney who specializes in real estate, for all possible pitfalls in such a situation, before considering such an option.
0 votes Thank Flag Link Sat Nov 20, 2010
Hi Krissy, I myself do not have any properties that the seller would be interested in renting to own. Usually when that comes about, The property has been on the market awhile and is not getting any action. And yes, the interest rates are at there lowest right now, it might be of value to you to see if you can qualify for a mortgage, that might become a better choice. if not, there are homes that you can find that are for rent until you are ready to purchase. If you need any assistance in any of these matters, please contact me, I will provide you with the best of my professional and honest service.
0 votes Thank Flag Link Sat Nov 20, 2010
Krissy, I'd recommend that you retain your own buyer's agent to help you locate just the right property.

2 of the main sources for available homes are Craig's List and the Realtor database known as the Multiple Listing Service. Regardless of the source for the home itself, a skilled Realtor can acquaint you with the rent-to-own process, and will assist you every step of the way, right up through moving in!

In view of our historically low interest rates, as well as the selection of homes for outright sale currently on the market, you might also wish to have that Realtor get you the final word on whether you might be able to complete a straight purchase instead, sooner than you think. You might be pleasantly surprised, and owning outright beats a lease situation all day long!

But with either approach, a Realtor will be your best friend, saving you valuable time and protecting your interests!
0 votes Thank Flag Link Fri Nov 19, 2010
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