Home Buying in Maynard>Question Details

westielover, Home Buyer in Hudson, MA

how do I go about looking for a house to rent-to-own?

Asked by westielover, Hudson, MA Tue May 14, 2013

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Answers

2
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Tue May 14, 2013
It is not common to find a rent to own anymore. They were beneficial back when interest rates were very high. I assume you are looking because your credit needs a little work. As much as you want to own a home this kind of shortcut will cost you a lot of money or a lot of home. I know it is hard to hear when you want a home but take the time and repair your credit. It is decisions like this that will eventually mend your credit and get you where you want to be.
0 votes Thank Flag Link Tue May 14, 2013
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