Home Buying in Malden>Question Details

Ladysylvana1, Home Buyer in Malden, MA

looking for a rent to own in everett malden

Asked by Ladysylvana1, Malden, MA Tue Apr 3, 2012

two beds two baths could be a townhouse /condo

Help the community by answering this question:

Answers

6
Ron Thomas’ answer
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.

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!
0 votes Thank Flag Link Thu Oct 18, 2012
I am also looking for a lease to own house in malden,ma single or multi family.
0 votes Thank Flag Link Thu Oct 18, 2012
I hope you don’t find one, I have never known a “buyer” to succeed using this method. Please don’t put up a lot of money on the front end. A lease purchase is probably not what you expect. Every single person (tenant/buyer) I have spoken to that has done one of these in the last couple of years have lost money, one guy lost $50,000 another lady $25,000 and the list goes on and on. When it comes time to purchase, a mortgage underwriter will not acknowledge most of the transactions I have seen, meaning the lender will interpret the deal . Rent to own is probably not what you expect. See the link below.

Spoke to a guy Monday that lost a $10,000 deposit.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu May 24, 2012
sell by owner 785-5 main street would be interested in rent to own scenario, open house this sunday 12-2, owner representative will be on site to discuss
0 votes Thank Flag Link Thu May 24, 2012
In this market, landlords / owners who are interested in rent to own will have similar tests to what a bank asks when you apply for a loan.
The market has turned and sellers can sell more easily than last year.
You may be too late for a rent to own in this area.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Wed Apr 4, 2012
Rent to own is very tough to find. It would be easier looking for a renta and suggesting they rent to own than looking for a property for sale and asking them to rent.
0 votes Thank Flag Link Wed Apr 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer