Market Conditions in Omaha>Question Details

jnb_tucker, Other/Just Looking in Omaha, NE

In Omaha do Real Estate agents represent the Rent To Own buyer? When/How do they get paid?

Asked by jnb_tucker, Omaha, NE Thu Dec 6, 2012

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Anyone considering a rent with an option to own agreement needs to totally understand what the risks are, and there are risks!

Usually, there is some amount of NON-refundable upfront money. If you don't have money for a deposit now, you may be asked to pay an amount of rent OVER and above the normal rent. That amount, that overage, would be applied to the purchase........but..........you would forfeit if it you don't buy the home down the road.

If you do not qualify NOW for a loan due to whatever reasons......make VERY sure you will qualify when the time comes, or you will lose that deposit.
Also - most rent to own situations set a price now for the future. Make sure an appraisal needs to be done that values the house at the price you may be paying.

Also.............make sure the seller is not under financial stress....because, if the house goes into foreclosure - you will have no recourse.

Please do not sign anything without understanding what you're getting into!
Most "lease with the option to buy" arrangements, in the long run, favor the sellers..........not the buyers.

Best wishes............
1 vote Thank Flag Link Sat Dec 22, 2012
PS Debbie, you are in Livingston, NJ ?
Flag Thu Dec 27, 2012
Thank you so much, you've brought up a point i never considered which was that the property could fall into default and i'd be up a creek. The more i've considered this the more i feel that it's best to come to the city and just rent, get to know it, and then buy. It's just that buying can be lower than rent so that's why i considered it, for a moment ;) Thanks for your great reply!!
Flag Thu Dec 27, 2012
I am looking for a rent to own home in Omaha Nebraska. I am looking in the Millard area. Any assistance would be greatly appreciated. I can be reached at er.cmdesmoines@gmail.com. Thank you
0 votes Thank Flag Link Thu Jun 27, 2013
Good Afternoon, I'm interested in rent to own. How would this work i am disabled my credit score is 530. Would love to have a villa or condo or twnhm.
0 votes Thank Flag Link Sat Dec 22, 2012
make VERY sure you understand what a "rent to own" agreement means, as there are many pitfalls for the buyer. With such a low credit score...if it doesn't improve greatly, you will NOT be approved for a loan, and will not be able to buy the house in the future. You will LOSE the non-refundable deposit that will be required. rent to own does not mean all the rent you pay applies to the purchase! Do not sign anything unless you totally understand what's at risk.
Flag Sat Dec 22, 2012
i do many Rent to Owns and I get paid differently on each. 6 times out of 10 the payment is made when the loan is converted to a bank note, but each situation is different. I always get paid by the seller so the buyers dont pay for my service. If you know someone who needs my help, please have them call me at 880-7000 or email me at rhino7000@msn.com
0 votes Thank Flag Link Sun Dec 9, 2012
Depends on the agent. I specialize in traditional sales and listings only. Am sure there are agents like Joe (below) who will assist you.
0 votes Thank Flag Link Thu Dec 6, 2012
I take a % of the commission for the lease and collect the rest at the time the purchase takes place. This is all decided at the time we write it up. Call with any questions 402 676-1457
0 votes Thank Flag Link Thu Dec 6, 2012
Thanks Joe!
Flag Thu Dec 6, 2012
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