Moving in San Angelo>Question Details

Chericmerek, Renter in San Angelo, TX

Is it hard in todays market to find a lease to own home? (in San Angelo)

Asked by Chericmerek, San Angelo, TX Mon Dec 26, 2011

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Even if you find one the deal may fall apart years from now. I frequently get calls from buyers that lost a ton because the deal did not work out like they thought it would. You are assuming the seller is in a better position than you are, often a very big mistake. Usually the reason a buyer seeks owner provided financing is because the buyer does not qualify for a traditional loan. Underwriting guidelines protect the buyer more than they do the lender. If you work around not qualifying for a traditional mortgage the risk on your side increases a lot. If you search around even a little bit you will find plenty of “buyers” that tried owner financing or lease to own that did not work out so well. The underlying assumption is the seller will also be able to perform someday down the road. That is a very big what if, people die, get divorced, go belly up, lots of bad things could happen to the seller before you are ready. See the other answers about lower down payments. See more info in the link below I hope my observations protect you, good luck,
0 votes Thank Flag Link Tue Dec 27, 2011
Yes, they are hard to find anywhere. They are usually never a good deal for a seller that wants to actually sell and move on because the seller becomes a landlord and most of the time the property does not sell in a year and it is now worth less -- not good for seller so they avoid them. Renters usually rent for a reason and they will not change in a year.

Rent now and when you can buy - then buy. Forget rent to own, they are just bad deals and hard to find.
0 votes Thank Flag Link Tue Dec 27, 2011
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