Home Buying in 11217>Question Details

Sergio Aguir…, Home Buyer in Brooklyn, NY

My girfriend and I are interested in finding out more information on the Rent to Own options in Brooklyn, NY.

Asked by Sergio Aguirre, Brooklyn, NY Sat Jul 17, 2010

I had previously signed up for awebsite that claimed they would send me "Tons" of listings. After 3 months with the service all it amounted to was "Tons of emails" with false claims so I ended my membership. We are searching for some information and direction to make the best choice and live in a nice area of Brooklyn with our dog "Pixel". Any suggestions or links?

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BEST ANSWER
Hey there Sergio....

That's one of the problems with finding Lease-to-Own properties....very few of them are on the MLS (Multiple Listing Service) or are even advertised at all. And as far as all those National Rent2Own spam sites....don't even get me started. :) There's not enough room on this post for me to go into that one.

As I'm not familiar with your exact situation, I can only give you some suggestions as to how to find a Lease-to-Own property with or without the help of a Real Estate Agent.

I wrote on my blog about different ways to find these type properties. Here is the link:

http://www.trulia.com/blog/hhi_investing_llc/2010/04/what_wa…

I would suggest learning as much as you can about the entire Lease-to-Own process so that you can decide if it's the best method for you to purchase a property. The more informed you are.....the better questions you can ask of those people who are helping you and the better off you are of suggesting this type transaction to a seller should you find their house meets your needs.

If you are looking for someone to assist you with your credit improvement (while you lease the property for 12-24 months), if you have some monies to put upfront towards your new house (3%-5%), and if you have a good idea of what type of house you're needing, the program we have may be able to help you. Do some homework on these type transactions and if you decide you would like to pursue this route, feel free to contact me and we'll see if our program is a good fit for you.

No matter who you decide to work with....make sure that they are PROFESSIONALS who are familiar with these transactions and have experience with them. This includes a Real Estate Agent, Attorney, and Mortgage Lender.

Best wishes,

Darin Ray
Lease-to-Own Professional
Independent Consultant
0 votes Thank Flag Link Sat Jul 17, 2010
Dear Sergio:

Many condo developments are offering Rent with Option to Buy on new construction where many units remain unsold.

Almost any realtor can assist you with your search.

In Sheepshead Bay area for instance you can drive buy some new developments and large signs advertise the Rent with Option to Buy offerings.

Feel free to contact us with any additional questions you may have.

Best regards,
David Rogoff and Bonnie Chernin
Real Estate Sales Associates
Fillmore Real Estate – Branch 19
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile
e-mail: davidrogoff@Fillmore.com
0 votes Thank Flag Link Fri Nov 19, 2010
Renting with the option to buy has many legal technicalities and should seek an attorney to do the paperwork. With this type of arrangement many things can go wrong. For instance:

- Will the owner allow part of your rent to go towards the purchase? If so, who is going to be responsible to hold the money until the sale?

-Will you be responsible to pay for other than your rent?

-If something goes wrong in the house, say a leak or major repair who is going to pay for it?

-What if you live in the home for a while and discover you don't want to buy, can you change your mind and back out? If so, do you get back all your money or part of it?

These are just some of the basic questions, there's lots more. That's why you should seek out a lawyer if you plan to do this just to put all terms and conditons into a legal and binding contract.

I hope this answer helped you and good luck!
Web Reference: http://www.RhondaHolt.com
0 votes Thank Flag Link Fri Jul 23, 2010
I think you should call a local Realtor or two . A Realtor will be able to assist you with you question,
0 votes Thank Flag Link Sun Jul 18, 2010
Are you only looking for lease-option properties in Brooklyn?
0 votes Thank Flag Link Sat Jul 17, 2010
Sergio

I think all you need is to do at this time is sit
down with an agent. Be carefull of website that
promise and companies that offer help for a fee.
The right agent will be more then happy to asst.
and get any commision when the job is complete.
0 votes Thank Flag Link Sat Jul 17, 2010
Hi Sergio
I would be happy to help you out. However you both still need to get preapprovals for the maxiumum amount
of money you can afford. There are many condos right now with options to buy. Most require a 5% Down Payment, non refundable if you do not buy. The rents are around 2000/2500 per month to rent, and only about 10/20%? is applied to the cost if you buy. Generally you only have a year to make up your mind.
Each compex is different. So you you wish to contace me directly and will show you a couple things to consider and then we can get all ofyour questions answered. Looking forward to hearing from you.
0 votes Thank Flag Link Sat Jul 17, 2010
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