I've encountered very few explicitly "Lease to Own" situations anywhere, including Framingham. There are many properties that are both "for Rent" as well as "for Sale" and it is pretty much a case of "whichever better offer comes first". And should the tenant decide to buy the property at the end of the lease, that could benefit both buyer and seller.
Another scenario is a seller willing to offer "owner financing", which I also have not encountered in the past several years.
So, like Amy, I wonder, what are your concerns? What are your needs that you're trying to meet?
Are you concerned about down payment and/or credit for financing? If so, is there a reason you would not consider an FHA Loan? Why not simply rent a property that is also for sale? The lease details can be discussed before signing.
As with all the other agents here ... I would be happy to be of assistance. This is our profession.
You do need to make sure you get prequailified so you know what price range you can aford, how much time you will need to get a mortgage so you know how long of a lease you need.
Please read my blog for tips and advice on how to rent to own a home.
In my experience most people that are looking for "lease to own" properties are doing so because they currently have credit problems. If that's the case and you feel like you won't qualify for a loan, please contact me asap. I know someone who works directly with people who have credit problems and can most likely get you to qualify for a loan very quickly. He's been in the business for over 20 years.
Please register at my website at http://www.kimsolio.com. I can get you in touch with the person who can help you today. There are still a lot of helpful programs out there.
The only times I have seen this are
1) when the renters need time to build their credit score in order to get a mortgage, and
2) if the renter isn't sure how long they will be in the area (new job, etc.).
You won't save money with a lease-to-buy. And since the market is unpredictable, what if you agree to buy for $X a year or 2 from now and the markert drops 15%?
A lease to own contract is tricky, so if you do find one, make sure it is written or reviewed by your attorney.
If you have good reasons for a lease to buy, the other option is to find a place for sale that you like that has been on the market for a while, and offer the lease to buy option to the owners (through their agent if they are represented). I have had this happen several times. In the most recent case the owner was actually considering it, but we ended up getting an offer to buy the house before he accepted the lease option.
Keller Williams Realty Boston Northwest
What are you looking for in a home? (Do you need two bedrooms or three bedrooms etc)?
More importantly - why do you want to rent-to-own? There are many many many new mortgage programs out there that can get you into a home with a lower amount down. Rent-to-owns require a high option deposit to be made at signing.
Generally the best place to check for Lease to own properties is on Craigslist. It is a bit more difficult to wade through listings on line to get this information.
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