Home Buying in Saint Paul>Question Details

garciacarmen…, Home Buyer in Saint Paul, MN

I need a house today, is there rent to option to buy in mpls mn where I can work on home ownership while in a house I want to purchase when qualified

Asked by garciacarmencg, Saint Paul, MN Mon Jul 22, 2013

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you can find links to rent to own here but mainly contract for deed homes for sale in Minneapolis and other areas in the twin cities metro areas http://www.mnhomescontractfordeed.com/hennepin-county
0 votes Thank Flag Link Fri Mar 14, 2014
I think a good RENT-TO OWN Contract should include the seller/owner setting aside some of the funds from each month to go toward a down payment and closing costs. RENT-TO-OWN properties can be a little more expensive and can require some sort of Rental deposit. I would be happy to help you.

Feel free to contact me:

Carolyn Jass, Realtor
Twin Cities Real Estate, Equal Housing Opportunity
651-344-6226
carolynjass@live.com
0 votes Thank Flag Link Mon Jul 22, 2013
If the seller doesn't take enough of a deposit to offset that risk, then s/he's a fool.

Here's how I see RTO: The seller takes a non-refundable option payment, charges a higher-than-market rent, and, if the buyer can't qualify in two years, dumps them and tries again.

The buyer/renter, on the other hand, falls farther behind because they can't save as much (they're overpaying on rent), can't do much to improve their credit and chances for getting a mortgage, and if they do, the home may not appraise for the agreed-upon price.

Oh, and the seller might stop making the payments on the mortgage, in which case when the bank forecloses, the buyer/renter is totally out of luck.
0 votes Thank Flag Link Mon Jul 22, 2013
I beg to differ re: lease option. It can be a fair alternative; actually, in my experienclese, there is more risk for the seller, since most options contracts require the seller to sell, but do not require the buyer to buy.

That being said,which is better depends on you, the seller the cost, the property itself and other variables. call or writeput or if you want some in-put or assistance. Liz, 612-986-4105
0 votes Thank Flag Link Mon Jul 22, 2013
As part of working toward homeownership, check out the workshops offered by http://www.hocmn.org.
0 votes Thank Flag Link Mon Jul 22, 2013
Contact me and I can help you.

Chris Block
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Mon Jul 22, 2013
I still would say that lease to own is a better option than straight out renting if you can negotiate a decent deal. I could find you one of those situations but you would need to give me at least a month.
Email me if you want to talk more.

Chase Lenz
chase@sp-realestate.com
0 votes Thank Flag Link Mon Jul 22, 2013
Rent, get your snapshot together, then buy...Ron said it best.

Chris
0 votes Thank Flag Link Mon Jul 22, 2013
Some interesting thoughts for you:
Lease/Option is a one-way-street, benefiting the Seller,
The Seller can dictate the terms,
There is no FORM for L/O, neither are there guidelines.
There is usually no Realtor involved; its just between the Seller and the Buyer; therefore, no one to protect your interests.
No one to tell you what the house will be worth in 3-5 years,
No one advising you on the monthly rent, the Option money, or the Deposit.
You will lose everything if you cannot fulfill the Option on time.
Nothing will be reported to the Credit Companies, no help to your Credit Score.
Do you get a picture here?
0 votes Thank Flag Link Mon Jul 22, 2013
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