Home Buying in 14609>Question Details

Pba5117, Home Buyer in Irondequoit, NY

what is needed for rent with option to buy?

Asked by Pba5117, Irondequoit, NY Mon Oct 25, 2010

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Davide Salafia’s answer
We have homes all over the city of Rochester New York and we get new homes to offer each week! Check out http://www.Rent2OwnROC.com. We have a ton of Rent 2 own inventory! If you are still looking feel free to call us anytime at 279-8210 or email contact@salafiasoldteam.com. Our website has a ton of information on local homes for rent 2 own as well as a ton of information on program. http://www.Rent2OwnROC.com
Web Reference: http://www.Rent2OwnROC.com
0 votes Thank Flag Link Tue Dec 28, 2010
You need to find a Landlord who is willing to set a portion of the rent aside in a bank account for you to use as a downpayment to purchase the home. You also will need to qualify to purchase the home within the timeframe set in the lease or you could lose that extra money that was set aside. Rent with an option to buy is very risky on the part of the tenant as most tenants do not follow through due to their inability to obtain a mortgage.

Linda Cullen
RE/MAX First
503-6460
0 votes Thank Flag Link Wed Oct 27, 2010
Your biggest challenge is going to be identifying "lease option" opportunities. Because of the large numbers of people experiencing financial distress, the number of people seeking these opportunities is growing rapidly. To complicate things, this type of sales arrangement is not a common MLS posting.

Sellers that have deceided to go this route normally have had their home on the market for an extended period of time and are motivated to find a buyer through a creative means. Agents that have been working with these individuals often have an understanding of what the seller is willing to consider.

Good luck,

Bill
0 votes Thank Flag Link Mon Oct 25, 2010
If looking to rent with an option to buy, do protect yourself and consult with an attorney who specializes in real estate beforehand--a clear contract will be needed before moving forward with such an arrangement.
0 votes Thank Flag Link Mon Oct 25, 2010
To rent with an option to buy, the prospective buyer could pay option money up front for the seller to take the property off the market. The option money could be applied to the down payment, but would not be returned if the tenant decided not to buy. the tenant should agree to a credit check, and proof that they were qualified to purchase the house. No matter what method is used, an attorney should be consulted to draw up a contract for the lease purchase option. There are a number of answers to this question. This is just one option.
0 votes Thank Flag Link Mon Oct 25, 2010
A one year's lease, with option to buy, plus a security deposit of one month's rent. also, will the rent
go towards the purchase price? I have never had this work, because they decide after a year, that they do not want to purchase the house, and they move, but do not give them back the security deposit. A land contract is a good idea. Charlotte w. Stein
0 votes Thank Flag Link Mon Oct 25, 2010
A good down payment, a credit check and a time line in getting a bank loan.
0 votes Thank Flag Link Mon Oct 25, 2010
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