Home Buying in Oklahoma City>Question Details

Kaitlin2110, Home Buyer in

If i see a home that is listed for sale by a realtor company, can i ask if this is a possible rent to own option?

Asked by Kaitlin2110, Fri Jan 3, 2014

I have seen some condos that i am interested in, can i ask if these are for rent or rent to own option? Thanks

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Answers

7
You can ask, however 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...
1 vote Thank Flag Link Fri Jan 3, 2014
Sure you can, but unless you have 10% or greater to place as a non-refundable deposit, be prepared for a lot of not for rent answers.
1 vote Thank Flag Link Fri Jan 3, 2014
Do i need to let them know that i have it ahead of time before asking?
Flag Fri Jan 3, 2014
Absolutely, you should ask. Sometimes when house is sitting on the market for a while and seller is not willing to go down on price rent to own may be the way to go for that seller.
Also, Realtor can point other homes with that option.
Good luck to you, and it doesn't hurt to ask.
0 votes Thank Flag Link Fri Jan 3, 2014
Rent to own is a horrible, horrible deal for the buyer. If you can't buy a home via a mortgage, I highly recommend that you rent.

When you want to buy a home without getting ripped off, hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com http://www.helpubuyamerica.com
0 votes Thank Flag Link Fri Jan 3, 2014
You can ask anything. Few sellers want to rent as they usually need the money to purchase their new home. Last May, I closed on a lease purchase option after one year so the buyer could build credit. In 8-2012, I closed an owner carry, which is for 4 years to allow the buyer to build her self-employment business. Buyer will get financing ASAP. These are hard to come by, but they can be found. I made many inquiries to get these. Sellers usually want a large down and higher interest than you can get with a lender. Should you fail to close, you loose what you put
down.

Karen Moseley, Realtor
Coldwell Banker Select,
405-650-3548
0 votes Thank Flag Link Fri Jan 3, 2014
Sure Kaitlin and we can determine this amongst other questions and options for you. Feel free to contact me or my assistant, Vicki at 405-820-8065
0 votes Thank Flag Link Fri Jan 3, 2014
You can always ask but most sellers that are willing to do "rent to own" will have the property marketed as such.
0 votes Thank Flag Link Fri Jan 3, 2014
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