Home Buying in 10465>Question Details

Irene Willia…, Home Buyer in Bronx, NY

I am looking for rent to own homes in the 10465 area

Asked by Irene Williams, Bronx, NY Sat Dec 28, 2013

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Rent to own opportunities are rare as most owners prefer to sell outrigh. 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; or simply continue renting until a purchase can be made....
3 votes Thank Flag Link Sat Dec 28, 2013
Good morning Irene,

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

Key Points of Rent-To-Own:
• Portion of monthly rent payment is set aside by Landlord towards a future down payment
• Landlord/Seller locks you into a price today for a purchase tomorrow
• Forces the Tenant/Homebuyer to save towards down payment
• Tenant/Homebuyer still has to apply for a mortgage in the future to purchase the home

Rent-To-Own "forces" savings towards a down payment. Your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.
At the end of the agreement, usually 2 to 3 years, you must apply for a mortgage loan to complete the purchase of 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.

You can save for a down payment on your own.

If you are dedicated to the idea of buying a home, create a savings plan. When you have enough for a down payment YOU get to decide on the price you're willing to pay for a home based on market conditions.

With Rent To Own you're locked in to the house and to the price. 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.

Get Prequalified by a local Mortgage Banker. You may find you're qualified now for a mortgage loan.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote Thank Flag Link Tue Feb 4, 2014
Hi Irene,

I realize this was posted several months ago but your request is one that may take a while to fulfill so I just wanted to let you know that if you haven't already found what you're looking for, feel free to contact me. I currently have a a rent to own property in Highbridge & will be conducting an open house next weekend.

Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
0 votes Thank Flag Link Sat Jun 14, 2014
Irene,

please call my office as we have Rent-to-Own Specialists who can assist you in your search for a home.


EXIT REALTY SEARCH
347-928-2021

Hope this helps
0 votes Thank Flag Link Wed Apr 30, 2014
I want to sell rent to own home in the 10465 area.
My address is 634 Ellsworth ave or 634 Throgs neck expressway, bronx, ny 10465
please contact sami at 646 427 4017 or mbaschu@yahoo.com
0 votes Thank Flag Link Mon Feb 3, 2014
please send pic and your asking price thank you and how many bedrooms
Flag Wed Feb 12, 2014
hi Irene,

I am willing to rent to own house in 10465
my address is 634 Ellsworth ave / 634 Throgsneck expressway
Bronx, ny 10465
please contact at 646 427 4017 or mbaschu@yahoo.com
0 votes Thank Flag Link Mon Feb 3, 2014
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