Home Buying in Sunrise>Question Details

Mimi, Home Buyer in Tamarac, FL

How do I find lease to own property?

Asked by Mimi, Tamarac, FL Mon May 6, 2013

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This question was asked from this property: http://www.trulia.com/property/1040549063-3280-NW-101st-Ave-…

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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 beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
2 votes Thank Flag Link Wed May 8, 2013
The first step would be to contact a Realtor in your area of interest; they would be able to seek out homes that are available with a lease with an option to buy. These kinds of properties are not common, but depending on the kind of home you are looking for I'm sure you will be able to find an Agent who will be able to assist you with your unique request. Best of Luck!
1 vote Thank Flag Link Wed May 8, 2013
The Multiple Listing Service has information about lease to own properties. There are never that many and in a rising market there are even fewer. Most owners will not want to go under contract for a price that may be better at the term of the lease
1 vote Thank Flag Link Tue May 7, 2013
The truth is you shouldn't be looking. There really are only two scenarios where "lease to own" is offered and neither are good. The first is in a strong buyers market when a seller simply can't get rid of the property for any number of reason all of which boil down to it's being very undesirable and/or unsuitable for traditional financing. The seller has no other options and buyers would be well advised to steer clear of such a property. The second is more common and actually even worse. Extremely savvy sellers intentionally set out to take advantage of unwitting buyers. They never have any intention of the buyer actually owning the property and the terms they set and the contracts they use are all designed to make sure that the buyer ends up losing their money while they "rent" the property at well above market rates dreaming that one day they'll own it. If by chance they somehow actually manage to fulfill all the terms they will have seriously overpaid and the Seller still laughs all the way to the bank. Do yourself a favor, and save up your money, build up your credit and buy a home the traditional way rather than focusing on what I know to be an urban myth .
0 votes Thank Flag Link Tue Sep 9, 2014
do not do it! great mistake, please don't, if you may need further details, I'll be more than happy to answer your questions, write to jessica.arnesen@carringtonres.com
0 votes Thank Flag Link Tue Sep 9, 2014
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