Home Buying in New York>Question Details

Dee rivera, Home Buyer in Country Club, Bronx,...

looking for a rent with option to purchase home or condo in bronx ny or yonkers close to riverdale boarder...looking for a place asap thanks.

Asked by Dee rivera, Country Club, Bronx, NY Tue Feb 12, 2013

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Anna M Brocco’s answer
Since rent to own is rare in the area, and properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
1 vote Thank Flag Link Tue Feb 12, 2013
Hi, Dee.
Rent with an option to buy is something that is occasionally done in very down markets. The NYC do-op and condo markets are very robust. As a result, sales are happening at a fast pace and inventory is low. There is, therefore, no need for sellers to do rent with an option to buy. They are able to get buyers and, in many cases, bidding wars. My suggestion would be to save until you have a good-sized downpayment and some liquid assets for after closing and then you will be in a good position to purchase.
0 votes Thank Flag Link Tue Feb 12, 2013
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