Home Buying in 07430>Question Details

Jazmine Pete…, Renter in Monroe, NY

How do you go about searching for a rent to own property?

Asked by Jazmine Peterson, Monroe, NY Thu Feb 13, 2014

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12
Hello Jazmine,
In my humble opinion, you should think of buying as buying and renting as renting.

I am not a fan of rent to own deals.

I suggest you speak with a lender to see what you need to do to position yourself to buy a home.

I wish you the very best!

Kawain Payne, Realtor
1 vote Thank Flag Link Sat Feb 15, 2014
Hi Jazmine

It makes sense for sellers NOT to do this , as the market stabilizes & moves into an upswing, which for the most part, NJ is in now.

If you are considering an area where real estate values are in the black i.e.. positive & rising , home owners would prefer to sell their home outright & receive a market price, rather than a predetermined price that may fall short of market values at the time of the actual sale.

Regards
Shalu Thaman - Realtor,ePRO,ABR,SRES
Keller Williams Princeton Real Estate
Cell # 609.577.5861
http://PrincetonHomeNj.com
1 vote Thank Flag Link Sat Feb 15, 2014
save your money and rent, then buy a home. I talk with about 5 people a week that are looking to do this..and it is hardly ever a good idea.
Web Reference: http://www.StanTobiason.com
1 vote Thank Flag Link Fri Feb 14, 2014
Don't! Rent to own isn't a great option for buyers and rarely does it work out where you actually end up buying the place. What is keeping you from getting conventional financing right now? Typically, buyers looking to do rent to own have credit issues. I suggest you work on that and get qualified for a regular mortgage.

Rent to own was popular years ago when we were in a buyer's market. Seller were desperate to sell, and were offering this option to buyers who couldn't qualify. But most areas are in a very healthy sellers market now. Most sellers want to, (and are able to) SELL their homes to normal qualified buyers.

Use the extra money that you'd be putting into a rent to own situation toward paying off your debts and bring that credit score up.
1 vote Thank Flag Link Thu Feb 13, 2014
If you are still looking for a rent to own property , I will consider the home is in Mahwah,NJ Email @ cowenr@verizon.net
0 votes Thank Flag Link Sun Aug 24, 2014
Hello Jazmine,

Rent to own isn't very common now a days, especially in a hot market like Bergen County, NJ. It does not make sense for the seller to do this since the market is a roller coaster and is in the direction of increase in prices. If you were interested in looking for rent to own properties, I can send you rentals and we can ask the owner if he would consider it, or I can search in my system for properties that are doing land contract deals which is owner financing.

If you have any more questions you can call me direct at 845-664-2144.

Thanks,

Danielle Russodivito
Real Estate Salesperson
Licensed in NY & NJ

845-664-2144
danielle.russodivito@randrealty.com
http://www.daniellerussodivito.randrealty.com
0 votes Thank Flag Link Sat Mar 29, 2014
There really is no way of doing this search. Best way is to look for homes for rent and having your Realtor ask the listing agent if it's an option.
0 votes Thank Flag Link Fri Feb 21, 2014
Despite the other comments here, rent-to-own can be a good decision.

Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

Hope that helps.
0 votes Thank Flag Link Sat Feb 15, 2014
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Lots of good answers and explanations here already, so I won't repeat what has already been stated_____ I will just join in with those who said it's not a good idea, and it's best to rent for now until you can buy in the usual manner (when you will have a full selection of homes from which to choose)_________I think what the confusion is, or why this idea comes up so often on sites like Trulia is that most/many consumers really have no idea what a "rent with the option to buy" arrangement means. I believe (I may be wrong) they think they simply pay rent, and then all the rent they paid is applied to the purchase price. I do not think they know they will forfeit any upfront deposit money and extra rent if they do not buy the home for any reason.... or that many banks won't allow the extra rent they pay (yes, extra rent over and above the normal rent) to be applied to the down payment._________Jazmine - if you don't mind answering - how did you think this type of agreement worked? Thank you!
0 votes Thank Flag Link Sat Feb 15, 2014
Unfortunately in today's market place, not everyone is financially capable of purchasing a home due to the financial crisis that started in 2008. As a result, a rent to own can be an option. Not al rent to own options are bad choices, the key is to have an agent and attorney that has your best interest and understand the process. You should start with finding and agent first that can do a search for those opportunities. Also in some cases, the owners of these properties do not always use agents so you would need to research other websites for possible rent to owns. As always, be cautious as there are scammers out there.
Web Reference: http://www.relocatetonj.com
0 votes Thank Flag Link Fri Feb 14, 2014
This is one of those topics that always perplexes me a bit - it assumes that a price will be set today for a future tranaction - in an escalating market this does not benefit the owner, is a depreciating market, it does not benefit the tenant/prospective buyer.

My recommendation is to find a place you want to rent/live in and then build in a right of first refusal if the owner decides to sell.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference: http://feenickhomes.com
0 votes Thank Flag Link Thu Feb 13, 2014
I agree with Sally, that it really doesn't benefit you in any way. But if you are still interested in searching for home that are rent to own, I can search within my system and e-mail you what is currently active within your criteria. E-mail me at danielle.russodivito@randrealty.com with everything on your wish list.
0 votes Thank Flag Link Thu Feb 13, 2014
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