Home Buying in Sammamish>Question Details

Mike, Home Buyer in Sammamish, WA

Sammamish Rent-To-Own (RTO) opportunities/requirements

Asked by Mike, Sammamish, WA Mon Mar 14, 2011

We're planning to relocate to the Sammamish area this summer and are wondering what the availability/contractual requirements might be for a rent-to-own arrangement.

We are looking for a 4 bed/2bath, single home in the Issaquah School District.

Thanks,

Mike

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Answers

6
I actually have a listing just outside of Sammamish that has a lease/option. Let me know an email and I can send along the details.
dee@seattleseller.com
0 votes Thank Flag Link Thu Mar 17, 2011
It depends on why you want to buy later vs now.

A Lease Purchase is for someone who wants to buy now, but has to "cure" a reason why they can't. For instance if you need to rent for three months before you can close because you need a couple of pay stubs from your new job, that is fairly easy to do. Then it is a purchase contract with a long close and a short term rental contract until that time. This makes you a buyer vs a renter.

Rent with an OPTION to buy is almost the same as above, but the lease term is much longer and the ability to purchase now or in the future is iffy at best.

A little more information as to why you what to buy it later vs now might expand the opportunities. Most any seller of a vacant house would consider a short term rent to close of escrow, if your lender had assurances that you could close at some given point that is say 3 to 6 months out.
0 votes Thank Flag Link Tue Mar 15, 2011
Hi Mike,

First, you will love Sammamish and the Issaquah school district. I have lived in and sold Sammamish for over twenty amazing years, since before it was incorporated.

Regarding rent to own availability, that is definitely on a case by case basis. I do see some opportunities for Lease / Purchase once in awhile. To pursue that purchase method does limit your choices as the majority of sellers want to cash out.

I am seeing a lot of properties that did not sell, and then have been rented out, but the owner would still prefer to sell. I can set up a search for you that pulls up only properties that are Lease Purchase if you would like.

Enjoy your relocation to Sammamish!

Warm Regards,
Karen
0 votes Thank Flag Link Mon Mar 14, 2011
Mike,
Welcome to Sammamish. I've lived here the past 21 years and love it.
Lease/Options appear periodically. I ran a quick search on only found one right now. By summer there may be more available. I also hear of such opportunities that are not always indicated on our MLS. Your best bet will be to have a local agent set up a search to send you the properties as they appear and to keep their ears open for unadvertised possibilities. Let me know if I can help.
0 votes Thank Flag Link Mon Mar 14, 2011
A word to the wise is to be careful and talk to an attorney experienced in those type contracts. Make sure your contract is assignable and is in recordable form and then does actually get recorded with the county. Many sellers may not be able to perform when you want to exercise your contract because the property either now or later becomes over-encumbered. How would the sellers getting a tax lien, filing bankruptcy or getting divorced change their ability to sell it to you later on? Insist that a portion of your monthly payment go towards the purchase price as this may further prove your interest in the property. Many contracts also say that if you default on the lease terms it will invalidate your purchase contract. The leases then say that 'default' can include small subjective things like not keeping the yard nice enough. Beware large rent-to-own down payment costs - that’s usually a red flag too. Good luck and be careful out there!
0 votes Thank Flag Link Mon Mar 14, 2011
It may be possible that a home for lease will also accept a lease option or lease purchase but I would
not count on it as the Plateau has become extremely active with sales since January. I sold a home that
had 7 offers within 24 hours and bid $18K in February.
Mary
0 votes Thank Flag Link Mon Mar 14, 2011
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