Home Buying in Seattle>Question Details

Awesomepossu…, Renter in

Looking for a house to rent with option to buy in 1-2 years

Asked by Awesomepossum727, Mon Feb 17, 2014

My fiancee and I will be moving in July/August after we get married and our current lease expires. We would like to buy, however 2 job changes for me in less than a year plus a significant pay cut (and little savings left) would make it impossible for us to qualify for a mortgage right now. We are interested in looking for a house that we could rent for 1-2 year time period then purchase. I was thinking about contacting the realtors of houses where we would like to live that have been for sale for many months and see if they would be willing to consider renting now/buying in future. Is this the best way to find what we are looking for, or is there some other aproach that we should take?

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3
I agree with Dan 100%. He even said what I was planning on saying--that houses on the market in Seattle for an extended time have issues.

I would only add that finding a lease/option property would almost certainly mean you'd be settling when buying a house, and that's the last thing you should settle on.
1 vote Thank Flag Link Tue Feb 18, 2014
Awesome,
Welcome to the Pacific Northwest. Lease options are very few and far between. I believe you would be better served to focus on finding an affordable rental while you arrange your finances. You'll have far more options and a chance to get to know the area.
Our current inventory of homes for sale is very low and quick search for homes advertising a lease option in all of King County found none. It may be possible that someone may consider it after sitting on the market for a long time as you suggest, but homes that aren't selling in our current market probably have issues, price, location, repairs or any combination of these. While a lease option sounds logical for a buyer, truthfully they rarely are.
If you would like help finding your home, rental or otherwise, let me know. I'm always glad to help.
1 vote Thank Flag Link Mon Feb 17, 2014
Rent to own is not a good idea, therefore fix whatever is preventing you from purchasing outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore simply continue renting until a purchase can be made.....
0 votes Thank Flag Link Tue Feb 18, 2014
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