Rent vs Buy in Tampa>Question Details

Ellis Donald…, Renter in Brandon, FL

Do you have rent to own,are lease with option?

Asked by Ellis Donaldson, Brandon, FL Thu Jun 28, 2012

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Yes, Ellis, and either way can build equity at lightning speeds compared to the snail’s pace of a conventional loan. You also have a real person on the other side of the table with whom you can negotiate any terms that work for you, as opposed to the pretender lenders who have no vested interest in completing the transaction other than the fees they collect. They both represent true free market conditions. Don't be dissuaded by someone else’s ill-informed rhetoric.
0 votes Thank Flag Link Thu Jun 28, 2012
I like most of the answers given. Botton line is that it usually never works out for a whole variety of reasons. You should just consider rentng a home that you will be comfortable in and when you are ready, then start the home search. Maybe the home you rent can be an option to purchse, but you will find...when you are ready to buy...the home youre in may not be the one you want anyway.

Good luck in your search
0 votes Thank Flag Link Thu Jun 28, 2012
Rent to own a couch not a house, they are not the same thing. I would also chat with your favorite loan officer before throwing away your hard earned money. When it comes time for the “buyer” to get a loan the terms of the lease option will probably not work out the way you expect. A mortgage underwriter will follow the guidelines not the contract between the seller and tenant.
0 votes Thank Flag Link Thu Jun 28, 2012
Hi Ellis,

There are some lease option properties that are out there. There are also properties on the market where seller financing is an option depending on the size of the initial down payment. I would recommend that you find a good agent to work with who can help you explore what options are out there for you. Please feel free to contact me if I can answer any questions for you. Best of luck in your search.

Jeffery Lonas
Real Estate Consultant
Keller Williams Gulfside Realty
727-831-6089
http://www.tampabay-home-sales.com
0 votes Thank Flag Link Thu Jun 28, 2012
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value 2-5 years from now?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Thu Jun 28, 2012
Great answer Ron! I agree, there are way too many variables that can negatively affect the deal. Buyers often lose a lot of their money.
Flag Thu Jun 28, 2012
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