In My Neighborhood in 75248>Question Details

jdhymes, Home Buyer in Pickerington, OH

I will be new to the DALLAS area. I want to rent first until I know the area I want to live in then purchase. This could mean renting for 3 mos or a

Asked by jdhymes, Pickerington, OH Sun Apr 29, 2012

year---not sure. I have reviewed Trulia religiously and just found a house that I absolutely love. http://www.trulia.com/property/map/3082193695-7216-Whisperin… My question would be, can an agreement be proposed to rent for a year with the option to purchase this home? Or are there opportunities such as this in the Dallas area (similar to this home)?

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Answers

11
As my peers have mentioned, it is difficult to find a lease for less than a year.

You would be best served by staying in corporate housing or extended stay hotel.

This is a great time to buy but well-priced homes in Prestonwood are selling quickly - some within a few days of being on the market. But you should not feel rushed.

Some sellers will lease and negotiate a purchase price at that time but there are not many lease-to-own transactions.

As others have mentioned, I would be happy to set up a search for you and send new listings and price reductions in this zip code.

My office is in 75248 and I know the Prestonwood neighborhood very well.

Please don't hesitate to contact me if I can be of further assistance with the property on Whispering Pines or any others.

Thank you.


Michael L Benson, REALTOR
ABR, CRS, E-PRO, GRI, SRES
Ebby Halliday Realtors 
16000 Preston Rd
Dallas TX 75248
michaelbenson@ebby.com
0 votes Thank Flag Link Sun May 13, 2012
Great information and advice offered by my peers. Would add that you could rent something that would allow you to sub-lease it should you find a home to purchase before the lease ends. That would give you some time to get settled in to Dallas, research areas where you'd like to live and then start the home search process knowing another tenant could satisfy the terms of your lease if you are blessed to find a home before the end of your lease period.

It truly is a great time to buy with some great low mortgage interest rates so would also encourage you to get started as soon as possible with mortgage pre-qualification then your home search. You don't want to miss the great interest rates that are available right now.

If I can help please contact me.

Sandy Setliff
sandysetliffhomes@gmail.com
214 620 1615
0 votes Thank Flag Link Wed May 2, 2012
Renting a house for 3 months is likely tough in this market.
I would probably stick to extended stay hotels for 3 months.

Dont ever rent to own, lease to own, lease option, or any variation thereof. It is just a recipe for disaster. If you want to rent, then rent. If you want to buy, then buy, but don't mix up the two.

There are plenty of people who think they have found a way around the law here. I can tell you I've never seen a rent to own type contract that was favorable to the buyer/renter. I have seem plenty that have cost both buyer/renter and owner plenty of trouble. The good lawyers I know say don't do it.

If your really want to rent for a year before buying, look at homes for lease and not the ones for sale. Most owners can't rent the home for a year as they need the money from this sale to buy the next home or their loan does not allow them to rent the home. It has happened of course, but this would very much be the exception, not something common. Also realize right now in Dallas/DFW area it may be more expensive to rent than to buy. Rents have gone up significantly and there is a shortage of rental property.

You can see rentals in this area at the link below.
http://www.metroplexhomesalesinfo.com/listings/areas/23617/p…
0 votes Thank Flag Link Mon Apr 30, 2012
Thank you for that information; very informative.
Flag Wed May 2, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You can certainly offer.... But most if not all sellers will not want to mess with it.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Mon Apr 30, 2012
It is not likely you can find a home to lease/purchase it is too risky, but there is a home for Lease in
the neighborhood you are interested in Prestonwood, 15706 Havenrock Circle, Dallas, Monthly Lease
$1595 and it is available on June 1st.

Please contact me for more information on the property and I can email you other listings also.

Best regards,

Jan Absolom
214-668-9498
jan_absolom@msn.com
Web Reference: http://janabsolom.com/
0 votes Thank Flag Link Mon Apr 30, 2012
JD,

You're smart to lease for at least a few months so you can become familiar with the area and 6-mo. leases are not too difficult to find. In some cases we've negotiated a 12-mo. lease down to 6-mo. with a higher lease payment. As others have said lease purchase isn't a likely scenario for you here - I wouldn't recommend it anyway as they can be quite risky.

Let me know if you'd like assistance with your search for temporary housing. I work regularly with relocation clients and can help you get settled in a rental until your ready to buy.

Best of luck with the move,

Andrea Brooks
Keller Williams
469-450-1326
http://www.TOPAGENT.co
0 votes Thank Flag Link Mon Apr 30, 2012
As others have said lease options generally are not done in Texas. There are many problems with them one of them being that you agree on todays maket value and then what happens in a year if that homes value has declined? You are stuck with an overpriced home. Another problem is gettting a lender agree to the lease option - pretty unlikely. Have you considered just getting an extended stay hotel and putting your possessions in storage? With the use of pods these days that is an easy soultion to moving. Good luck.
0 votes Thank Flag Link Mon Apr 30, 2012
The jury is still out on that one. The idea of staying in an extended stay hotel that long doesn't sound inviting. I will probably lease a year then buy.
Flag Wed May 2, 2012
I agree with all my peers. You really need to pick ONE Realtor to work with and follow their advice.
0 votes Thank Flag Link Mon Apr 30, 2012
It is really hard to find someone willing to lease for less than a year, rare to find 6 month leases, unless it's an apartment. I agree with Brian & Chris this is a great time to buy, especiall if you have found a home that you really want. I suggest picking an agent that will talk to you further, and help you with the different areas of Dallas, and check out some homes. I would be happy to help you.

Liz Renfro
William Davis Realty
214-924-9676
Lrenfro@sbcglobal.net
0 votes Thank Flag Link Mon Apr 30, 2012
In the state of Texas, you will be hard pressed to find a (smart) owner who is willing to do a lease/option for longer than 6 months. Too many incidents have happened that have made lease/option very difficult and put the owner under a LOT of liability and litigation.

Chris gave some good advice - try renting either a house or apartment for 6 months to get familiar with the area if you want to do this before you buy. You may miss out on the low prices of homes or low interest rates being offered today, but you will be in a much better position if you end up buying a place or in an area that you hate.

Best of luck to you and if you need any assistance from a local real estate agent, please feel free to contact me.
0 votes Thank Flag Link Mon Apr 30, 2012
Lease option contracts are usually avoided in Texas because of the implications they have to the owners. Most home owners are advised against them. But you could still find a owner willing but the contract would have to be completed by an attorney.

Another option is to rent on a 6 mo lease in an apartment. Or you could have a lease in a house with the first right of refusal if it was out up for sale.

There are lits of options out there but get with a professional that can help you before you make a decision.

Regards,

Chris Hutchinson
REALTOR
Chris Hutchinson Real Estate
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Mon Apr 30, 2012
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