Home Buying in 91320>Question Details

Rob, Home Buyer in 91320

NO CREDIT CHECK RENT TO OWN HOW DOES IT WORK

Asked by Rob, 91320 Sun Aug 1, 2010

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6
Caroline York Mortell’s answer
Be very careful when working with a lease purchase agreement. A lease purchase agreement is when you and the seller agree to terms that often include a lump sum in the beginning of the contract or at a certain period down the road. Make sure you get an attorney to go over the contract or that you are working with a knowledgeable Realtor. You don't want to give someone enough money to keep their home from foreclosure only to be told down the road that your contract was not valid. Or, worst case scenario, the seller still owns the house, he goes into foreclosure and you end up homeless. Also if you live in an area where prices are still falling you could end up in three years or whenever the term of the agreement stiupulateswith a property that is upside down in mortgage. Be careful. Be smart. Do you homework before you sign a contract and fully understand the arrangement you are signing. There are a few variations on this type of agreement.
0 votes Thank Flag Link Sun Aug 1, 2010
Sounds a little fishy to me... proceed with caution, if at all -
0 votes Thank Flag Link Mon Dec 2, 2013
You only need my credit report when I have a house that I want not before!!!!!!!


Need to look at pictures read info of the houses and find one I love, then there's no problem

I will be happy to give you all you need for a credit check.
0 votes Thank Flag Link Mon Nov 25, 2013
Rent to own means you are renting today and may be able to own it later as pre-agreed on the contract. The benefit is that while renting and feeling like you own it, you have the opportunity to take the time to improve your financing capabilities and not plan on moving after the rental term ends.

While it seems to be a "easy way in" for most renter / buyers, often times, the renter don't have the ability to obtain mortgage financing within the time frame due to their own financial issues and lender changing guidelines. Some people eventually lose their down payments, deposits, and any upgrades they put into the house when they can not buy.

Look up http://www.worldsbestcreditrepair.com for a self help credit repair system. I have worked with people who were benefited by increasing over 200 FICO points in a few short months. You will have a lot more purchase options by then.



Celine Fang / Private Financing Program Specialist

Boston Creative Financing Group

504-723-9269 (C)
206-339-8535 (F)

info@bostoncreativefinancinggroup.com

http://www.BostonCreativeFinancingGroup.com
0 votes Thank Flag Link Sun Aug 1, 2010
It doesn't. Many sellers (myself included) for lease-options will check your credit, but they'll also work with people who have some credit challenges.
0 votes Thank Flag Link Sun Aug 1, 2010
In this part of the country, I am not aware of 'rent-to-own' programs other than furniture stores and such. If you happen to have IRS tax liens, I have a colleague that specializes in reducing them (as an E.A.).
0 votes Thank Flag Link Sun Aug 1, 2010
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