Home Buying in Riverside>Question Details

Stacw1, Renter in Apple Valley, CA

i need to find a rent to own home is there any

Asked by Stacw1, Apple Valley, CA Tue Sep 11, 2012

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5
Susan,

Who would turn over personal info on an unknown website form that goes to who knows where?

Really?

If that form is associated with your company, why not say so and actually have a website?
0 votes Thank Flag Link Sat Oct 13, 2012
Sheryl,

There is currently NO CHF Funding....How bout full disclosure?
0 votes Thank Flag Link Sat Oct 13, 2012
Yes. Here's a link for lease option.
0 votes Thank Flag Link Wed Sep 26, 2012
Hello,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 20, 2012
Rent to own
Usually rent to own means you will be taking over someone elses loan.
In addition you will have to come up with a fair amount down.
Now I know some thing a fair amount is 3,000.
Well that isnt even close.
Think 25,000 plus for a down payment on a rent to own.
There is a bit more involved in it.
Quite often the rent to own is a scam so you will have to be careful of that.
You will need trust in this deal so go
CONSULT WITH A REAL ESTATE ATTORNEY OF YOUR CHOOSING.
Do not let someone point the finger to someone to talk to. Do not use The sellers attorney.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
harold@socalhomes.biz
http://www.socalhomes.biz
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Thu Sep 20, 2012
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