Home Buying in Charlotte>Question Details

Shenelle Sha…, Renter in Charlotte, NC

My husband and I would like to rent to own a home, where do I search for homes that are rent to own in Charlotte?

Asked by Shenelle Shafter, Charlotte, NC Thu Nov 14, 2013

Credit scores are not the best

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6
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
1 vote Thank Flag Link Fri Nov 15, 2013
Shenelle,

There is an option for lease to purchase or rent to own. However; history has shown that this is not the best option out there generally. You usually will end up paying more for the house than you should have or you will walk away which over 70% do and lose the money you put down on the house.

As nice as it would be to lease to own; you will need a large down payment up front that would be non refundable and then your choices are going to be limited on who is actually willing to do it.

I generally recommend that you rent until you get your credit score to where it needs to be. I have worked with lenders and have helped buyers get their scores up without any fee to them. All the lender asks in return is you give them a chance on the mortgage for the house.

Depending on your credit score now and what needs to be done I have had some people get a house in as little as 90 days and others took almost a year. But every situation is different. Also, what is on your credit and your score will play a large factor in as well. I work with a lender that will approve you for an FHA mortgage with 3.5% down payment and a credit score as low as 580.

So you may have some options out there. If you have any questions or would like to discuss further please feel free to either e-mail me or give me a call at 704-519-7895.

Dave diCecco
Realtor/Broker
Helen Adams Realty
Cell: 704-519-7895
ddicecco@helenadamsrealty.com
http://www.davedicecco.com
1 vote Thank Flag Link Fri Nov 15, 2013
Lease to owns are usually not the best deal. Maybe not as bad as the rent to own TV's etc. Usually most lease to own homes are just not priced right to sell. Especially in today's market, a good deal will sell today. There is some issue that the homes need to be sold as lease to own. Also the Real Estate commission requests that we as agents have our buyer clients use an attorney to draw up the paperwork for any lease to own purchase agreements.
Hope this helps.
Gary Mitchell 704-578-9789
0 votes Thank Flag Link Sat Nov 16, 2013
Hi Shenlle!

Daniels answer below hit the nail on the head. With lease purchase options, you will likely need to put a certain amount down up front to secure the seller and you should have exclusive representation. Let me know if I can help!

John Siddons
john.siddons@bhhscarolinas.com
http://www.JohnSiddons.com
0 votes Thank Flag Link Thu Nov 14, 2013
Hi Shenlle!

Daniels answer below hit the nail on the head. With lease purchase options, you will likely need to put a certain amount down up front to secure the seller and you should have exclusive representation. Let me know if I can help!

John Siddons
john.siddons@bhhscarolinas.com
http://www.JohnSiddons.com
0 votes Thank Flag Link Thu Nov 14, 2013
Good evening, Shenelle:
Below is a list of properties currently listed as lease purchase in the Multiple Listing Service. Generally, if you divide the price by 3 and that number is less than or equal to your and your husbands salary, it might be a home you can consider. You will likely need to have at least 5% of the purchase price available in cash when you start your lease. If you go this direction, you should have exclusive representation from a licensed real estate broker and an attorney to make sure you are protected. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
Web Reference: http://goo.gl/il2Rwi
0 votes Thank Flag Link Thu Nov 14, 2013
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