Home Buying in Akron>Question Details

Boomoperator, Home Buyer in Akron, OH

I am interested in finding a Rent to own house in a nice part of the akron area, however it seems to be much harder than i thought

Asked by Boomoperator, Akron, OH Mon Jul 16, 2012

any places i can go to find more info on rent to own opportunities? I make a fair amount per year but i have terrible credit and am having an abysmal time trying to get a loan!

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9
Godo morning Boomoperator,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Mon Jul 30, 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!
1 vote Thank Flag Link Mon Jul 16, 2012
I own a 2unit in zip 44305. NEED BUSINESS PARTNER, 349 dayton st, akron,oh We could offer $29,900 seller pays closing cost.. $3,750 down each. call me 3309578519
0 votes Thank Flag Link Tue Jan 28, 2014
Hi there boom---I am not sure if you are still looking, but my wife and I are getting ready to put our house up for a lease to own option. We are in Firestone Park and have a beautiful home. If you are interested let me know. Many more updates to interior and exterior than old picture shows. http://www.zillow.com/homedetails/563-E-Wilbeth-Rd-Akron-OH-…

Frank
0 votes Thank Flag Link Mon Dec 3, 2012
I own a 2unit in zip 44305. NEED BUSINESS PARTNER, 349 dayton st, akron,oh We could offer $29,900 seller pays closing cost.. $3,750 down each. call me 3309578519
Flag Tue Jan 28, 2014
We live in a nice area of Akron near a historic district that is not far from the expressways and downtown and might be interested in selling our house in a rent to own arrangement.
0 votes Thank Flag Link Thu Nov 15, 2012
Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

I find it interesting that you've gotten a couple of possibilities just from posting here. That's good. That suggests that there are plenty of owners out there in your area interested in such an arrangement.

Hope that helps.
0 votes Thank Flag Link Fri Nov 2, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Our Home is close to Akron, very easy to get to highway from here. We are possibly willing to do a land contract with a buyer.
http://www.zillow.com/homedetails/7582-Rolling-Green-Ave-NW-…
0 votes Thank Flag Link Fri Nov 2, 2012
I live in a very nice part of Akron near Stan Hywet Hall. I live in a historic house that I have been working on the last 3.5 years. I am looking to move in the near future and may consider a lease option to the right canidate.
0 votes Thank Flag Link Mon Jul 30, 2012
i am interested can you email me some info
roseann_richie@sbcglobal.net
Flag Fri Aug 3, 2012
Hi there-

Have you taken a look at Trulia yet? Looks like there are some great options in the area:

http://www.trulia.com/for_rent/Akron,OH/

I'd also recommend you contract a Pro here:

http://www.trulia.com/voices/directory/Akron---3429

Good luck, please let me know if you have additional questions.

Cheers,
Ali, Community Manager
0 votes Thank Flag Link Mon Jul 16, 2012
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