Home Buying in New Bern>Question Details

lamchapman45, Home Buyer in Havelock, NC

would they being willing to rent out the house with a option to buy in 12 to 24 months?

Asked by lamchapman45, Havelock, NC Thu Mar 29, 2012

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6
It is possible, but rarely works out. Most sellers will require a fairly large NON-REFUNDABLE deposit. If you cannot buy the home in a certain time-frame, you will usually lose this money. If you are not able to gain financing now, there is not guarantee of the exact date that you will be able to. I would hate for you to forfeit money.

Another factor is the market value fluctuation. Many sellers will include a pre-determined price they want a buyer to pay at the end of the contract. It is possible that the market may have dropped below that price. You would not want to be bound to purchase a home worth a dollar less than you anticipated. The appraisal may prevent this from happening, but I would not want to depend on that.

I would strongly suggest you rent a home that is comfortable and safe for you/your family, but is the least expensive you can find. That will allow you to save money for a purchase in a year or two.

Good luck!

Christy Wheeler, Broker/G.R.I.
Prudential Clear Water Realty
252-229-0569
Christy@BuyNewBern.com
0 votes Thank Flag Link Tue Nov 6, 2012
I hope you do not get slammed financially doing this. Rent to own isn’t what you think it is. A house isn’t the same a piece of furniture. In the last 20 years I have never financed a take out loan for a rent option, there is a very good reason why. Most are not successful for the buyer, only the seller.

The link below may shed some light on the subject, hope it keeps you from losing a lot of money.
0 votes Thank Flag Link Thu Mar 29, 2012
406 North Avenue, New Bern, NC 28560
MLS#:83088
0 votes Thank Flag Link Thu Mar 29, 2012
Rent to own is a tricky thing to do however I have done a few with success. Which property are you speaking about?
0 votes Thank Flag Link Thu Mar 29, 2012
I've had some success recently negotiating lease/purches options for clients. If you'd like to contact me directly, I'd be happy to try to help you with that.

Best regards,
Nancy Crain

Nancy Crain & Darrell Wiard
Coldwell Banker Willis-Smith
401 Hodges Street, P.O. Box 864
Oriental, NC 28571
(252) 249-1000
(252) 249-2663 fax
(252) 229-7534 mobile Nancy
(252) 229-7077 mobile Darrell
(800) 326-3748 toll free
http://www.innerbanks-realestate.com
0 votes Thank Flag Link Thu Mar 29, 2012
While we have no idea what house you are thinking about, the most common answer to this question will be NO. Most sellers want to sell and move on. Not many will want, or be able to, take the huge risk that in 2 years you will be able to get a loan and buy the house at the price you agree on today. There is also the risk the property value will drop in 2 years and no bank will even allow the loan if the house does not appraise for the amount agreed on, today, to buy in 2 years and then they would have to start all over.
My suggestion to you is simple, rent now and buy when you can. It will be lots cheaper for you I bet.
0 votes Thank Flag Link Thu Mar 29, 2012
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