Home Buying in 90802>Question Details

Savvyavy, Home Seller in Long Beach, CA

I am looking for rent to won properties in the Long Beach area ranging from the price of 800-1050 a month?

Asked by Savvyavy, Long Beach, CA Wed Feb 23, 2011

I am looking for rent to won properties in the Long Beach area ranging from the price of 800-1050 a month? Also what are th pros and cons to renting to own.. or taking over someones payments?

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Answers

5
Hello!

The article below is excellent in explaining pros and cons regarding rent to buy options . It touches all areas in depth including how rent to buy and will address your questions.

Best of luck to you and please call me if you need anything
Tina Burke, Realtor CREA
Keller Williams Coastal
Long Beach, CA 90803
562 355-2430 cell
tinaburke@kw.com
1 vote Thank Flag Link Wed Feb 23, 2011
Plenty of places to rent but very few rent to own as property right now is often being sold as a short sale
0 votes Thank Flag Link Thu Feb 24, 2011
I was told that in most cases lenders would allow you to take over someone's payments especially with the economy the way it is. We also be having a Real Estate Attorney working with us most likely. Thank you though for the info.

Honestly, I don't mind what area of Long Beach as long as it's safe. We are looking at staying here a long time but also want the option of moving if my husband's job requires him to or a better opportunity comes in his home country of Ireland. We have a son so being in a nice neighborhood that is safe is crucial , as I am sure you can understand. Thank you

Thank you Tina for the link. I will be checking it out soon.
0 votes Thank Flag Link Wed Feb 23, 2011
There's some great advantages to rent-to-own. It's definitely better than just paying rent that you are not really investing. If you rent-to-own hopefully you will be putting money towards your down payment instead of saving yourself while you continue to pay rent. It's also good if you have bad credit and to build equity. You won't have such a big commitment compare to a mortgage but I do recommend being very careful. Your price range is very low however is there any particular areas in Long Beach you are interested in?
0 votes Thank Flag Link Wed Feb 23, 2011
Sorry to say but in this market with REOs and short sales there are no rent to own properties. You can not legally take over anyone's payments without the permission of the lender so you would have to qualify based on lender requirements. Most of the standard sale sellers seem to want to cash in on the market of lower prices and don't mind taking less for theirs as it is a win win situation when they go to buy.

Wish I had better news...

Regards,
Barbara Robbins-Olexa, Broker
L B Brokerage
714-296-7270
bstrealtor@aol.com
http://www.barbararobbinsolexa.com
0 votes Thank Flag Link Wed Feb 23, 2011
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