Home Buying in Miami>Question Details

Gina, Home Buyer in Sandyville, WV

Rent to own? Is it legitmate? How can you find one?

Asked by Gina, Sandyville, WV Thu Jan 23, 2014

Does anyone know if any of these rent to own programs are legitimate? I do not have the required down and would like to stop renting.

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They are few and far between, but I can send you a list of properties in the Miami area that the owner would consider that type of financing.
0 votes Thank Flag Link Wed Feb 5, 2014
99% of the banks are not acepting that any longer
0 votes Thank Flag Link Fri Jan 24, 2014
Rent to own is a horrible idea for the buyer. Rent until you can qualify for a mortgage.

When buying a home, the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

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0 votes Thank Flag Link Thu Jan 23, 2014
It's now 2014 and the Dodd Frank act, in effect 23 days ago, is about to affect you.
A significant component of this law is directly related to lending practices on owner occupied housing.
The existing model for Rent-to-own or lease-option, that allows the buyer to create a buying interest falls under the control of Dodd Frank. This creates such a INCREDIBLY HUGE liability for the lender or investor that such offers will simply prove impractical. Even if they complied fully, any disgruntled occupant can bankrupt the investor by responding to a TV AD that advises this attorney can stop ANY eviction or foreclosure. AND THEY CAN. Meanwhile the investor who offered you the lease/option, rent to own got hammered AND can't get you out.
That does not mean there will be other things parading as rent-to-own or lease-option...they will in reality be only rent coupled with a companion certificate of deposit.
It is possible there is a investor who is unaware of the great liability to which they are exposed. If you are that kind of person, you can trap an investor.
The reality on the ground is those rent-to-own or lease/options were simple rents anyway, the occupant just didn't know.
The outcome of the Dodd Frank act will make it incredibly more difficult for a a citizen to find affordable and financed housing without going through Wells Fargo.
ONLY lease'option, rent-to-own situations created directly with the home owner with a real estate professional will prove legitimate. The rest will quite FRANKLY be in violation of the Todd Frank act.
Follow Stan's advise and rent until you are qualified to borrow.
0 votes Thank Flag Link Thu Jan 23, 2014
Rent to own options are rarely found now a days, BUT if you find one make sure you have an attorney by your side to draft the lease to purchase option.
0 votes Thank Flag Link Thu Jan 23, 2014
Most rent to owns are going to ask for a big down anyway. Just rent till you have some money saved up.
0 votes Thank Flag Link Thu Jan 23, 2014
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