Owner financing is a good way to go but owners are becomeing more savvy about the pitfalls. I for myself and my sellers do a background check as well as a credit check before offer financing or rent to own deals and you pay for them nonrefundable. If you want me to finance your purchase you will pay all the closing costs including those normally paid by the seller. You will use my attorney, my apprasier, my title company and you will pay a 20% downpayment plus closing costs. Most times a buyer wants owner financing is because they don't qualify through a bank or mortgage broker my owners know that so they are not cheap.
Run from anyone who suggests that you rent to own (lease purchase). Buy when you qualify for a mortage do not get into a rent to own contract if you are an unqualified buyer.
The rent to own contracts are a sellers tool to get people into houses. The process is that you will sign a contract saying that you will buy the home someday in the future 12 months-18months. You will put down a sizable Non-refundable option deposit which will be applied as a downpayment when you buy when and if you buy on time. Normally an 8%-10% deposit. At the end of the contract if you don't buy the house for the original terms you will lose your deposit. Now you get to start all over again after losing $5,000 to $10,000 it's better to rent until you are ready..
Best of Luck,
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialist
Bill.Carey@HendersonProperties.com l http://www.HendersonProperties.com
Charlotte's Premier Real Estate Company
I would be happy to help you find sometthing in the Midlothian area. It is not easy to find a lease/purchase, but if there is one out there, I will find it for you. Let me know the price range that you are looking for and also why you feel that you need to go this route. FHA is a very forgiving loan. Have you been pre-qualified?
I am assuming you have done your homework and must go this route instead of buying immediatly...If so, I suggest you research agents in your area and start sending emails and or making direct calls. You can also post your request on our facebook or twitter account if you use that and I am sure a friend will connect you with someone that could help!
Please know that most homes on the market are FOR SALE and agents are seeking a closed deal, however, many sellers may benefit by a lease purchase and or owner finance option...so it never hurts to ask!
ONE HUGE tip that you can do is make sure you review your financial picture with a lender so that you are looking in a range that is affordable for when you can and DO purchase...Also, have a credit report pulled and be able to answer honestly on why you need to go this creative route instead of purchasing...Honesty is alwasys the best policy! Best of luck to you. If you need assistance in finding a good REALTOR in your area email me and I will help any way that I can!