Home Buying in Selma>Question Details

Beverly, Home Buyer in Selma, AL

why is it so hard to find a home that is for rent or rent to own. I see so many homes for sale that no one is buying. Why does the owner not give?

Asked by Beverly, Selma, AL Tue Sep 21, 2010

people the option to rent to own when their home sit on the market for a long period of time. You know everyone does not have the resources to buy a home. What advice you can give me? And if you luck up and find a home for rent so many people are waiting in line to rent it. Help!

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Beverly, it must be frustrating to find homes you're interested in but do not want to rent or offer a rent-to-own option. Most times this is not put in the MLS and if it is, the remarks may sometimes only be seen by real estate agents who subscribe to the MLS. MOST rent-to-own programs prey on those with less than perfect credit and is a decent option if you are okay with the results - above market rent (usually) combined with a market value sale down the road.

From the seller's point of view, just as you may not be able to afford buying a home, did you consider that they may not be able rent it out for financial reasons? If their mortgage (principal, interest, taxes, insurance) is more than the market rent, it probably would not make sense for them to take a negative hit each month to rent it out.

If you are truly set on home ownership now, expect to pay more than someone who has the finances to buy now. I would recommend that you consult with a local real estate agent to obtain real advice from someone that knows your market. My view and opinion were general views and to gain specific advice, one would have to be licensed in your state and have knowledge of your personal financials.
0 votes Thank Flag Link Wed Sep 22, 2010
Also, keep in mind that lease-options (or rent-to-own) are typically negotiated--not found.
0 votes Thank Flag Link Tue Sep 21, 2010
It's easy to find rent-to-own homes. Really. Here's a blog I wrote on how to find them: http://www.trulia.com/blog/don_tepper/2010/03/how_you_can_fi…

And you're right--if you approach an owner correctly, eliminate all your competition who are lined up for rentals.

Hope that helps.
0 votes Thank Flag Link Tue Sep 21, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
As homes sit, particularly vacant ones, and sellers tire of carrying cost with no money coming in to cover, they are more inclined to rent. I don't see many "rent to own" but I do see rentals - many condos and townhomes but also single family homes. I've got two transferees that have rented their homes - different communities - while they are away on their assignment overseas. So the opportunities are there - just align yourself with an agent that can guide you.

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Sep 21, 2010
Beverly - Owners of the homes have to pay the mortgages every month and they are selling to move on and can not rent it out and purchase another home usually. The mortgage company will not allow them. It has to do with liability and income to debt ratios. If it is an older home and it is totally paid for now that is a different story and very few are. Beverly you should be able to find a real estate professional that will help you find a rental and build credit if that is what you need. Then once you have built your credit then they can help you purchase a home that you would like. I do this with my clients often and yes it does take over a year a times. I am sure you have a real estate professional who would also be willing to help you. If not and you need my help let me know and I will do some research and find someone in your community willing to help.

Deborah Rigsbee Miller, Real Estate Broker
Coldwell Banker HPW
Durham, NC
0 votes Thank Flag Link Tue Sep 21, 2010
What kind of advice are you looking for, Beverly?
0 votes Thank Flag Link Tue Sep 21, 2010
Most people who have a home on the market need it to sell so that they can buy a new home. Financing options are not what they use to be so most sellers have to close before they can buy.

Below is a link to Lease purchase homes in Central Alabama
0 votes Thank Flag Link Tue Sep 21, 2010
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