Home Buying in Newburyport>Question Details

Heather Emer…, Renter in Newburyport, MA

Is there any possibility of a rent-to-own home in Newburyport? How could I even investigate this option?

Asked by Heather Emerson, Newburyport, MA Wed Aug 15, 2012

We are Newburyport residents who have to move suddenly as the owner of the home we are renting has returned from overseas on short notice after many years. We need 3 bedrooms, have two honors student teenage daughters and an 8 year old, 35 pound Irish Terrier. My husband and I are well employed and work in Ipswich. We had credit problems a few years back but have worked at cleaning them up. We are dedicated to staying in town as we want our girls to continue their schooling, we have family in the region, and because we love the area. We would be a dream tenant/potential buyer, but don't have the downpayment to buy outright. Is there any hope for us?

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Answers

8
Heather,
What you want to do is to connect with a good agent in the area and have them search the mls for homes that you feel you would be able to afford ( get an idea on financing first) and then your agent can contact the list agents and sellers and ask if they would consider a rent to own on the property.
There are also great lenders that I work with that can advise you on how best to quickly clean up the credit blemishes so you are focusing on what will gain you the best credit rating .
There are great programs available through MA Housing that offer low down payments and flexible qualifications on debt to income ratios.

There is hope ! Good luck ... and keep me in mind if I can help you or any of your friends or family whether they are buying or selling..
Thanks in advance,
Val
1 vote Thank Flag Link Tue Feb 19, 2013
Hi, Heather
My wife and I are planning on retiring in a few years and we have been looking to purchase a home now that we can rent for a few years prior to 'downsizing' from our current home. We were looking in Amesbury, but Newburyport is not out of the qeustion. We have a buyer's broker agent that we are working with and we would be purchasing with cash, so we could move quickly if the right property comes along. Send me an email if you would like to discuss further. Al alb120652@aol.com
0 votes Thank Flag Link Fri Aug 24, 2012
Heather,
I would suggest contacting a good rental agent who knows the landlords position and whether they have the option of doing a rent to own or not. Some homeowners want to keep the property for future use or they would have sold most likely. The rental agent may know if it is a possibility.
Good luck,
Val
0 votes Thank Flag Link Wed Aug 15, 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!
0 votes Thank Flag Link Wed Aug 15, 2012
Hi Heather,
I really do not hear about any rent to own deals anymore. It is a question that is asked all the time.
It is just too complicated, how is the rent money collected and the down payment money is separated and kept. Do you set the purchase price in the beginning or do you adjust for inflation. Who really knows when you have enough saved up if the property is a value ect.
Good luck I know the rent market in Newburyport is very difficult lately.
Mike O'Keefe
RE/MAX on the river
978-992-4025
0 votes Thank Flag Link Wed Aug 15, 2012
Hi Heather-

There are many possibilities for you including potentially purchasing depending on how much you currently have saved for a downpayment. I would be happy to discuss your options with you further, including your time frame, budget for a rental property as well as recommend some excellent mortgage brokers to speak with to explore your options further in terms of low downpayment mortgages. Please call or e-mail me so that we can evaluate all of your potential options together. I will look forward to hearing from you!

Siga Snipas | Associate Broker, Realtor®
Exclusive Member Distinctive Properties Group
Representing Bean Group's Platinum Collection

Bean Group | Portsmouth & Newburyport
29 Water Street, Suite 216
Newburyport, MA 01950
MA office: (978) 572-2054 ext. 7474
NH office: (603) 766-1980 ext. 7474
direct: (978) 407-6970
siga.snipas@beangroup.com
Web Reference: http://www.siga-snipas.com
0 votes Thank Flag Link Wed Aug 15, 2012
Heather,
There is hope! I would like to connect with you and try to help you and your family find a new place.
When do you have to move? How many square feet are you looking for? And lastly, what would you like to pay for a monthly payment?

If you can get back to me with these answers, I will see what I can find for you. Feel free to contact me on my cell as well at 978-476-1342.

Kimberly Quintana
Exit Realty Group
44 Merrimac Street
Newburyport, MA 01950
0 votes Thank Flag Link Wed Aug 15, 2012
Hi Heather,

Is there a number I can reach you at? Email it to me at RobertaLejeune@aol.com so that we can discuss your options.

Talk to you soon,

Roberta Lejeune, Realtor
Exit Realty Group
44 Merrimac St
Newburyport, MA 01950
0 votes Thank Flag Link Wed Aug 15, 2012
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