Home Buying in Cape Coral>Question Details

Leanne Thomp…, Home Buyer in Cape Coral, FL

rent to own... How do I even start the process? I can't fina a thing online without some kind of scam thing popping up. My credit is not in the

Asked by Leanne Thompson, Cape Coral, FL Wed Mar 23, 2011

best How do I even start the process? I can't fina a thing online without some kind of scam thing popping up. My credit is not in the best shape and neither is my husbands but. I would be a first time homw buyer. I need a 3 bedroom plus den or just a 4 bedroom. How do i even start this whole thing?

Help the community by answering this question:


You can go to http://www.hud.gov and look up loan counselors and lenders. You should first learn how you can improve your credit and how long it will take. They are getting stricter with lending so you do not want to make payments thinking you will get a mortgage next year . There are scams and you can lose your deposit. You can work with good agents who may know of properties which are available for rent to own. . You should have an attorney look at the contract .
Web Reference: http://www.gitabantwal.com
1 vote Thank Flag Link Thu Jun 9, 2011
Leanne -
Rent to own used to be a very popular phenomenon. Today - not so much. Purchase money is much easier to come by then it was years ago (though much tougher than just a few years ago), and few homeowners have the equity or cash flow necessary for such an arrangement. That said, the market is now in a position where such an arrangement is becoming a potential win win for buyers who are repairing their credit, and sellers who haven't been able to sell. I would highly recommend speaking with an experienced agent from your local market - contact me if you do not have one, I do have a partner down there - who can help you find sellers who maybe haven't considered rent to own simply because it's so uncommon they've not thought of it. This will save you the pain of wading through the scammers and bottom feeders and ending up in a dead end. Rent to own will typically include the following:
1. A decent deposit that will be applied toward the purchase price, but forfeit if you are unable to complete the purchase within an agreed upon timeframe - say 12 months - 36 months
2. A slightly above market sales price
3. A small portioin of the monthly rent applied toward the purchase
So, step one is definitely going to be getting in touch with an experience agent. At the same time, you'll want to get in touch with a professional credit consultant who can help you repair your credit quickly. This is going to save you months and months in th eprocess and likely a lot of money, too.
1 vote Thank Flag Link Wed Mar 23, 2011
Hi, I am looking for a rent to own, but I do not know who to talk to about it. I am young and this would be my first time discussing any of this. I am at a loss, so I would greatly appreciate if you have any advice or people to talk to in the Rhode Island area. Thank you.
Flag Thu May 29, 2014
My advice would be to stay away from rent to own - you won't find anything but someone wanting to take all of your money.

I'm not a fan of owner financing either...

Rent for a while, save your money, get your credit squared away.
0 votes Thank Flag Link Sat Sep 20, 2014
Go to HPNAGENT.com they are really cool people who are dedicated in helping individuals in your situation. Goodluck!!!
Web Reference: http://www.hpnagent.com
0 votes Thank Flag Link Sat Sep 20, 2014
You really need to work with a real estate professional. They can help you and guide you to the right lenders who can help you get your credit back on track. New home builders are also a little easier to work with on a first time buyer basis. Your first step really should be to find a pro to help you get started.
0 votes Thank Flag Link Thu Jun 9, 2011
Start by finding a good Realtor. Are you trying to do this on your own? I hope not. Please know there are scams all over the place that look completely legitimate. I network with Realtors and can find one for you in Cape Coral Florida. Buying a home without a realtor is just not smart. Really.

The search is the same but in our MLS there is a financing section. We can see if those terms are available.

Cathy Bureau
Green Home Realty
0 votes Thank Flag Link Thu Jun 9, 2011
Leanne, rent to own is a very complicated agreement, it needs to be done properly and with the right wording. Talk to a Real Estate Attorney to represent you and to write you Rent to Own agreement or to write a lease with option to buy. The are many differences in what agreement you are in, Both can hold you legally responsible to financial obligations, so again, have an attorney on your side, a Realtor can not legally write these kinds of agreements so be smart and have proper legal representation.
0 votes Thank Flag Link Thu Jun 9, 2011

I am a direct source for owner financed homes if you have 20% to put down.

Mark Cook, Burbach Realty, 386-288-9378
0 votes Thank Flag Link Tue Jun 7, 2011
Your first step is to talk to a Loan Officer, as Mark suggested. You need to have a plan in place about your credit. You need to know WHEN YOU CAN GET FINANCED. You need to know what steps you have to take to build your credit. The reason being, at some point, you will have to qualify for loan. The Seller will want to get "cashed out", eventually. This is decided in your agreement with the Seller. It can be 12 months, 2 years, or whatever was agreed. You would hate to agree to a 12 month term, only to find in 12 months you cannot get a loan. Also, you indicated your credit was not that bad, maybe you can get financed sooner than you think.

After you talk to a Loan Officer, then I would talk to a Realtor.

Other items to be concerned about would be the Appraisal. Will the home appraise when you go to cash out the Seller and what happens if it does not? Also, find out if there an existing Mortgage on the property. What if the Seller defaults on the Mortgage? The Lender is in first position and can foreclose. What about the money you put down and are paying every month?

The good news: Lease Purchase, Lease Option, Rent to Own, or Seller Financing terms can be a win/win for the Buyer and Seller. It is a great way to sell a home right now and it is a great way to buy a home right now, if done correctly.

Here is a link of homes/condos for sale that offer creative purchasing terms.

Good Luck!
0 votes Thank Flag Link Fri Mar 25, 2011

There are a couple different options when contemplating the rental of a home for future purchase. Each involves two legal documents, the lease itself and then either an option or purchase agreement. The option gives you the right to purchase the home at a specified price, for a specified time in exchange for consideration (the option payment). The purchase agreement is a normal purchase agreement with an extended closing date which is typically at the end of the lease. In most cases, the best use of either of these type of agreements is to allow the purchaser time to either sell an existing residence or sort out credit issues that is preventing financing at this time.

A lot depends on your particular situation and it is something you should discuss at length with a professional Realtor® who can fully explain this process to see if it makes sense for you. Remember that we will be ruling out all short sales and foreclosures which currently dominate much of the market in Cape Coral and the surrounding communities. Another option that you may consider is owner financing which you can find but typically you will need a significant down payment of at least 10%. I can tell you that in most cases I find that clients are better off renting while repairing their credit and making a purchasing decision when they have a solid foundation.

I hope this information is helpful and if I can offer anything additional please feel free to contact me at your convenience.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Wed Mar 23, 2011
Hello Leanne;
I'm a Lender in the Fort Myers area. I would first start with trying to get pre-qualified. This process is free and quick. if you go to my WEB Site and complete an application online I can let you know what you can qualify for.
If I can't get you qualified than I can refer you to one of my preferred Realtors that I work with who can find you a property where the Seller would become the Bank in terms of financing.(Sleer Financing) I most cases you would have to put down 20-30 % of the puchase price and the rate would be slightly higher than traditional Bank financing. You may also have what is called a balloon payment after a specific term say 5 years. I can also be a great help to you in reviewing your financing terms. I offer this free as a srevice to my clients.
Don't give up I just completed a similar transaction and it worked out perfectly!
0 votes Thank Flag Link Wed Mar 23, 2011
Hello Leanne,

I work with investors that can offer you a lease to own, or seller financing.

I can be reached at 239-677-7186 if you would like to see the properties that he has available or if you have something else in mind, I can help you locate the property, he will buy it then turn around and offer you seller financing.

Thank you for your interest, I hope to hear from you soon.

Yours Sincerely,

Debbie Stack
0 votes Thank Flag Link Wed Mar 23, 2011
Hello Leanne,

to start this process without getting scammed I would recommend contacting a local Real Estate Professional.

I would like to refer you to

Alexandra Fischer

There is tons of free information online about how to improve your credit score.

Please feel free to contact me for any future mortgage loan needs. It would be my pleasure helping another First-Time-Homebuyer to fulfill their dream of home owner ship.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
0 votes Thank Flag Link Wed Mar 23, 2011
I have a list of homes for you and it is actually a simple process. I would say you need proper representation and to find the right terms that fit your goals. I would suggest to get help with an agent in the local area of interest and not online when it comes lease option/rent to own. Please let me know if I can be of further assistance. I would be happy to help 239-945-4882
0 votes Thank Flag Link Wed Mar 23, 2011
Hi Leanne,
Find yourself a Realtor! They can help you with all of your options even contacting Sandbill about the rent to owns they have. Your Realtor will also make sure that you don't qualify for any special finance programs through a mortgage broker. You need to be very careful with rent to own. I have heard many times of someone getting into a lease to own and the owners stop paying the mortgage and the home goes into foreclosure. You really need to have someone experienced help you with the process.

Best of luck,

Nancy Doyle
0 votes Thank Flag Link Wed Mar 23, 2011
Hi Leanne,

If you are looking in Lee County Florida here is a link to my friends over at Sandbill Homes in Fort Myers. They offer rent to own and may be able to help you out. http://www.sandbillhomes.com/rent-to-own

Please let them know that Darin Vaughan with Jones & Co Realty referred you. Ask for Courtney.

Hope this helps.

Best regards,

Darin Vaughan
0 votes Thank Flag Link Wed Mar 23, 2011
First step is to get yourself a Realtor.

0 votes Thank Flag Link Wed Mar 23, 2011

First of all, you can contact a real estate agent. It is free for you. They'll do the majority of the work!

Secondly, if I were working with a renter who wants to rent-to-own, I would call the landlord or property managers and simply ask if they would be willing to set up a lease-option or rent-to-own. If you try this, you may be surprised that many people are more than happy to do something like this. There are tons of property owners who normally would just sell, but they decide to put their home up for rent due to the current economic conditions.

Great question! & best of luck to you and your husband!
0 votes Thank Flag Link Wed Mar 23, 2011
I would suggest asking your realtor to check on that. Sometime is says rent to own on the listing. Also, in this economy with the house staying on the market so long, alot of sellers are willing to rent to own if they know you are in a position financially to to so. Also, check with builders, I know here in Oklahoma we have a builder "Simmons Homes" who started a program for those wanting to purchase a home but may have had some financial glitche along the way. As long as the potential buyers have atlease 10-10% to put down, and they can afford the home, they have an opportunity to purchase. I just worked with a client who was in this situation and was paying 1100.00 per month, and now thru this opportunity they are now gonna get a new home for 135,000 and their payments are gonna be less than they are paying on rent.

I wish you the best!

Good luck. If you have any questions please feel free to email me at swillard@cbtulsa.com
0 votes Thank Flag Link Wed Mar 23, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer