Home Buying in Washington>Question Details

tinker1224, Other/Just Looking in Prince George's County...

How do I find Rent to Own properties that aren't scams?

Asked by tinker1224, Prince George's County, MD Tue Jul 17, 2012

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9
highnotehelper’s answer
Questions from the "landlord" (seller) could be, "How do I know that the person who wants to rent my home will actually follow through as stipulated in the contract, and/or will not destroy my home? How do I know that the renter is genuinely interested in owning or if they just want a nicer place to live in than the apartments for rent they have looked at?" A scam could be instigated from either side,and I think this scenario of the owner being scammed is much more likely than a renter being scammed.
0 votes Thank Flag Link Wed Apr 3, 2013
No I need. Some to work with me ..
0 votes Thank Flag Link Mon Nov 4, 2013
Fond someone. To work with in fort worth.....
0 votes Thank Flag Link Mon Nov 4, 2013
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 Aug 15, 2012
Grady Properties has rent-to-own homes:
http://www.gradyproperties.com/index.htm
0 votes Thank Flag Link Wed Aug 15, 2012
Melvin S. Yates II
Melvin@GradyProperties.com , http://gradyproperties.com/

Stay away from these guys they will take out big loans on the address then put it up for rent to own
They will ask for any money upfront like $5 to $8,000.00 . and start sending you notices that your
rent is late each month so they can start paper to kick you out
ps they never take it (the house off the market) if you check there website you will see all of them
are available , but most are rented already . There phones don't work unless they know who is calling
So you have people knocking on your door all hours of the night and day wanting to know if they can see inside because it's list as a rental .
And the people they buy from never get all of there money... Check Rental courts in MD and DC
Flag Sat Aug 9, 2014
Hey tinker1224,

To avoid scams, it's best to work with an agent. Here's a rent with option to buy place located in DC (http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=304…). It's newly renovated.

Let me know when you would like to check it out this week. My number is (202) 670-6677.

Talk to you soon,
Ericka
0 votes Thank Flag Link Sat Jul 21, 2012
Hi Tinker,

In my experience, Rent-to-Own properties typically occur in rural areas where the lifestyle is much more laid back and some sellers feel like being neighborly in helping someone buy their home. I grew up in a rural area where this is still often found. In urban and metropolitan areas it is rarely found and the best way to find one, if it exists, in your area is to use a Buyer's Agent to locate and vet them for you before you even go see any property. It will save you time, money and potential headache if it turns out to be a scammer that "stalks" potential marks. Plus, a Buyer's Agent will be able to negotiate the best price for you because they have no emotional attachment, other than getting you the best deal they can.

Hope this helps!
:)
Kelly
0 votes Thank Flag Link Wed Jul 18, 2012
Rent to own are quite rare these days - the inventory of homes for sale is quite slim, so the Buyer's in most categories are plentiful. However, I do see Rent-to-Own Occassionally. Your best bet for rent to own is by working with a realtor to look at rentals listing in the Multiple Listing Service. Those are very hard to "scam", where as craigslist, for example, can be easy to scam. And every so often a rent-to-own possibility can be identified in the one of two ways: 1) the agent has put this possibility in the remarks section of a rental llisting, and 2) Find properties that are simultaneously listed as rentals and for sale.
0 votes Thank Flag Link Tue Jul 17, 2012
You should contact an local agent in that area who can assist in making sure the seller's are on the up and up. Owner Financing is so common today and any agent in any area should be able to find you a property in no time that affordable and reasonsable terms.
0 votes Thank Flag Link Tue Jul 17, 2012
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