Home Buying in Orange>Question Details

rosario Bech…, Home Buyer in Orange, CA

rent to own in orange California 92867

Asked by rosario Bechelian , Orange, CA Wed Jan 1, 2014

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10
Exactly, it goes both way. I just had a colleague of mine just purchase a rent-to-own and made about 20% equity. I have also see people do a rent-to-own and couldn't get financing because the purchase price wouldn't comp out or was definitely under current value.

Watching the market, purchasing at the appropriate time is importune. Understand the seller wont want to give the property up if values have gone up.

You need to work with someone who understands the market as well as the pitfalls of the rent-to-own contract.

http://findmortgageformyhome.com/

Scott Jablonski
0 votes Thank Flag Link Thu Apr 10, 2014
I respectfully disagree with some of the other answers that it's "never a good idea." It can be a win-win situation for the tenant-buyer (that'd be you) and the seller.

From what I've heard, because of the strong market in areas of California, it may be more difficult to find than in some other parts of the country. Still, they're out there. Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

Hope that helps.
0 votes Thank Flag Link Fri Mar 28, 2014
Sticking with the California market...With the market appreciating at ~1% a month in Orange County, CA, a landlord/seller would be very hesitant to lock in a sale option with a lease - too risky!
Flag Fri Mar 28, 2014
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Best to have an experience REALTOR negotiate a sale outside of the lease/rent to own. Call me if you'd like to discuss further:

Larry Webb, Ph.D., MBA
Broker Associate/Agent – REALTOR®
(714) 222-1465
Century 21 Award - Fine Homes & Estates
Orange County, California
E-Mail: DrLarryWebb@cox.net
Video Biography: http://www.DrLarryWebb.com
Website: http://www.DrLarryWebb.com
See my professional recommendations on Trulia.com
CalBRE Real Estate Broker’s License: 01413405
0 votes Thank Flag Link Fri Mar 28, 2014
HI Rosariobechelian

in California we have down payment assistance available so it not necessary to go as rent to own and pay more money.

good luck


Omar Khamisa
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Thu Jan 2, 2014
what is this down payment assistance and who can get it?

Donnel
Flag Fri Feb 21, 2014
Hi Rosario

Get in touch with the many fine local agents getting in touch with you via Trulia.

Good luck

Ruth
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Thu Jan 2, 2014
Hello Rosario,

I had an offer from a potential tenant to rent my house then buy it in a year. I was actually impressed with his proposal. It was a good deal for him and a good deal for me. However, I decided to sell the property to an all cash buyer with a 30 day escrow but for a lower price because there were too many variables and because of capital gain issues with the rent to own offer. Otherwise I would have accepted the rent to own offer. That situation is rare.

Salley and Alex gave you sound advice. Save money for your deposit, maintain excellent credit, and research the areas you want to buy in. (I know it sucks to rent and to have that money go towards another person's mortgage. But most of us rented before buying.) Also look for a reputable lender who can advise you on your options. I have a few lenders I completely trust.

Also I know of a few landlords who eventually want to sell their rentals in Huntington Beach and nearby areas but not in the city of Orange. If you plan on pursuing a rent to own situation, text, email or call me and I can give you more detailed info.

Hope this has been helpful.

Louri Groves
Berkshire Hathaway Home Services
Newport Beach
714.767.8158
ocgroves@gmail.com
0 votes Thank Flag Link Thu Jan 2, 2014
Rent to own is never beneficial to you. It would be better to buy on your own and if you can not it would be best to send that time looking into improving what is keeping you from buying.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Thu Jan 2, 2014
Beware of rent to own. It's never a good deal for the buyer. I assume you're asking because you can't qualify for a regular mortgage? Most area are in a very good sellers market now. So sellers would rather sell to a qualified buyer. I suggest you rent for now, and work on your credit, and build up savings.
0 votes Thank Flag Link Wed Jan 1, 2014
Hi, Rosario!
I would be glad to assist you! I specialize in Orange, as I have been a resident for over 15 years.

Contact me today to get started!

Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes Thank Flag Link Wed Jan 1, 2014
need to get very urgent a rent to own home in orange California. I am a single mom please
0 votes Thank Flag Link Wed Jan 1, 2014
Generally speaking , a Rent to Own" sale...protects the seller's sale price in a declining market and does not benefit the buyer.
Flag Tue Jan 7, 2014
Have you looked at buying?
Flag Sat Jan 4, 2014
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