Home Buying in Falmouth>Question Details

Betchacan2, Home Buyer in Falmouth, ME

When I asked about renting then selling, I didn't mean "rent to buy' I meant hoping that the market gets stronger-a straight lease for?

Asked by Betchacan2, Falmouth, ME Thu Mar 3, 2011

1-3 years. Thx

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Terry Driscoll’s answer
I had a couple listings last year where this actually happened - in each case, the Seller couldn't get the price they wanted/needed in the time allowed so I hooked them up with a property manager and they are now landlords. Not every seller will want to, or will be able to (if the listing is a short sale, for example) do this. Since you seem to have looked beyond the available rental pool, all I can guess is that you found a home that you like that is for sale. Contact the homeowners and ask them. If it's been on the market for awhile, they may be interested. But be aware that you still need good credit, good employment, good references, etc. to be considered a good tenant that someone would rent their home to & you can expect a 1 year lease, max. Good luck!
0 votes Thank Flag Link Thu Mar 3, 2011
It's good to avoid the rent to buy pit fall. There are cycles in real estate and we are entering the cycle where renters are thinking they can get a break on buying after their credit has been damaged by going to the rent to buy. These so seldom ever work out right that they are best to be avoided.

Your approach is a fine one, not everyone should be a buyer and it is up to you to decide if it's right for you or not. If you are planning to move in the next 1-3 years, then you don't want to be burdened with the sale of a home that you have not owned long. Just to break even you need some equity in the house and you are not going to get much in this economy in 3 years. If you are planning to be around the same place for 4-5+ years, then buy, now is a great time.
0 votes Thank Flag Link Thu Mar 3, 2011
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