Home Selling in Forest City>Question Details

Lin Tru, Other/Just Looking in Forest City, FL

Are there any people out there willing to rent with option to buy so they would be getting money and not?

Asked by Lin Tru, Forest City, FL Mon Dec 3, 2007

letting the property sit in this market? If so looking for something in Rfdt.Co. 1 or 2 bdrm under 400.00mth

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I was going for Forest City NC where I live not Forest City Fla.
Here where I am 1/3 of the county has or is facing bankruptcy, and houses that would, in a good market, sell for 75,000 are going for 35-45,000.
My husband and I are about to sign a contract, allowing the people to rent for a year and pay off the balance,right now we owe under 73,000, and if you add our basement, we have over 2000 sq.ft and a lot size of .26...this place is to big for me to take care of now, I have FMS, and we are looking for something smaller, thats why the question was posted.
But thank you anyway.
0 votes Thank Flag Link Mon Dec 3, 2007
Lin Tru, in the strong buyers market that we are currently in, a lot of sellers are considering options, are there are different types. Most are not even aware that this can be done, but with the good help of a knowledgeable real estate agent, it can happen.

Here's a link with an explanation to options that may be helpful to you.
0 votes Thank Flag Link Mon Dec 3, 2007
Lin.

Lender guidelines allow only that portion of the rent paid over and above market rent to be credited toward the down payment on a lease-option.

Market rent for a 1 bedroom condo in your area appears to begin at $700-$800.
0 votes Thank Flag Link Mon Dec 3, 2007
Lin, Marlene is absolutely correct. There are many home sellers willing to consider a lease/option or lease/purchase, however $400 per month will be practically impossible to find in Florida. Marlene mentioned that the seller would have had to pay only $50,000 to $75,000 and it's tough to find anything for under $100,000.
0 votes Thank Flag Link Mon Dec 3, 2007
Yes, Lin, there are people looking to lease with option to buy as well as lease purchase where the rent paid is applied toward the purchase price. However, not in the 400 price range. That is a very low rental price. In order to cover the mortgage, someone would have had to purchase the house for between 50,000 to 75,000--not too realistic a purchase price for anything decent for human habitation.
Web Reference: http://www.myketriebold.com
0 votes Thank Flag Link Mon Dec 3, 2007
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