Home Buying in Bangor>Question Details

Maria, Home Buyer in Bangor, ME

Rent to Own is this true or a lie? Bad credit doesn't matter no credit checks. $1,000moves you in? low payments of 429.00a month. Please more

Asked by Maria, Bangor, ME Mon Feb 8, 2010

info!! We keep hearing about rent to own 1,000down moves you in? Bad credit isn't an isssue? Is there anyone that can say this is true?! We are looking to rent to own and would love to do this as long as its true we have the money and a small family, home ownership is a dream of ours. Please anyone help!! More information! Looking to rent to own a house in Old Town or Bangor.

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Maria
I am a broker in Bangor. I don't know of any deals like this. I think it sounds a little too good to be true. Be very careful. There is always someone ready to take advantage of you. Credit scores must be at least 620. There are still. 100% programs out there and you can wrap in closing costs. Gove me a call or email and I will be happy to talk to you about the possibities out there for you. Linda Gardiner.
1 vote Thank Flag Link Mon Feb 8, 2010
This is too good to be true -- a scam. Even though you may not have much money to consult an attorney who handles residential matters, before you enter into any type of "rent to own" or "land contract," you need to have an attorney. You & others need to be protected from these scams. If you retain a Buyer's Agent to help you find your dream, the Buyer's Agent's commission is paid by the Seller, so you save money there. Plus your Buyer's Agent will be able to give you some contact info for a local attorney or several that you can choose from. Ask the attorney you choose for a free consultation (if any attorney refuses to give you a free consultation, move on to the next one. (A free consltation is typical - - I am a Realtor & an Attorney licenced only in OH, so I can't give realtor advice or legal advice, only my personal opinions.)
1 vote Thank Flag Link Mon Feb 8, 2010
Maria:

This definitely sounds too good to be true ! Rent to own contracts should spell out how much of your monthly payment will be applied towards your purchase price. And everyone is concerned with a prospect's credit scores. You would definitely want to employ an attorney to look over any such contracts. I am an associate broker at Town & Country, Realtors in Bangor.
Lesley Moose
1 vote Thank Flag Link Mon Feb 8, 2010
i give up 29.00 and i have not seeing one home and i guess that the way you treat a100% disable vet
0 votes Thank Flag Link Thu Jan 31, 2013
Even if it were true, you'd be paying somehow. Either by above-market rent, a purchase price that's 'way above market, there'd be a catch.

Maria, you appear to be in some unpleasant financial straits. Please do not go all Blanche Dubois, there is very little kindness of this sort from strangers. Mostly, there are people looking to take advantage of the already dis-advantaged. Don't let this happen to you.

Wait until you've got your credit healed, and some real money in the bank. Then, and only then, should you consider buying a home, where you're totally on the hook for repairs and maintenance and all that. Rent, let someone else take on the problems of ownership, and rebuild your finances.
0 votes Thank Flag Link Mon Feb 8, 2010
Maria remember the oldest saying, if it looks to good to be true, it probabily is. You didnt state where you saw this, but their are so many scams going on out there, that you need to be very careful. The biggest scam is on craigslist where peole are taking vacant homes, staing they ar erent to own for half of normal rent, asking people to mail checks, western union them or even leave them in the mailbox and someone willleave the lease and keys in the box for you. Make sure you check them out, make sure you have a buyer broker assisting you or have an attorney review it to make sur eit is legit. good luck and tread lightly
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Feb 8, 2010
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