Home Buying in Sandy>Question Details

Buyingsoon, Home Buyer in Happy Valley, OR

How can we find a rent to own home?

Asked by Buyingsoon, Happy Valley, OR Sat Mar 31, 2012

How can we find sellers that are interested in doing a rent to own deal. We are interested in the Sandy, Oregon area.

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6
The Lease/Option in my opinion is not the same as Rent to Own.

My past experience with 'Rent to Own' is simple. Only about 5% of the time will the
renter stay long enough to complete the required down payment to obtain the home, and the rental amount is increased to accommodate a portion of the rental going toward the down payment.

Thus all the cash you pay into the rent, over and above the true rent .. will be lost, should you not stay there long enough to actually complete the time required to accumulate the 'down' payment from the additional rent proceeds.

You usually do not get that 'rent' money back.

I suggest you just find a rental and save toward a purchase. Your money will be better spent.

Best Regards,

Doug Bragg

Coldwell Banker Seal
Sandy, Oregon
0 votes Thank Flag Link Thu Nov 1, 2012
Lease/Option
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 Wed Oct 31, 2012
Another solution might be to run an ad in the newspaper .. ! "Want To Buy, Rent to Own" ..
etc.

This might drum up some places for you to look at or inquire about.

The help of a 'buyers agent' might also be helpful for you in the long run.

Thanks

Doug

Douglas M. Bragg, Broker
Coldwell Banker Seal
Sandy, Oregon
0 votes Thank Flag Link Wed Oct 31, 2012
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
0 votes Thank Flag Link Sun Apr 1, 2012
It is a very difficult thing to do - but you can ask an agent to begin looking for you. You can also type in those requirements in realtor.com to see if you find anything. Most people owe more on their home than it is worth right now and many buyers are not willing to pay that amount. So, rent to own may be more difficult right now than it was in many years prior. Of course, if someone owns their home outright or has a smaller amount owed on it - that might be something that will work for you and the seller.
0 votes Thank Flag Link Sat Mar 31, 2012
Thank you.
Flag Sat Mar 31, 2012
In my opinion the best way to do this is to work with a local real estate agent who should not make you pay them for their service and tell them that this it what you are trying to do. They should be able to find these properties for you. I also recommend that you click on the link below which will take you to my companies Facebook page where there is a link to a two minute video explaining Rent To Own homes. The link was the last thing that was posted on the page so it's at the top of the timeline on the left. And If you think the video was helpful please like our page. Thanks
0 votes Thank Flag Link Sat Mar 31, 2012
Thank you so much
Flag Sat Mar 31, 2012
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