Rent vs Buy in Berlin>Question Details

Travis Davis, Renter in Berlin, NJ

How likely are sellers to accept rent to own options?

Asked by Travis Davis, Berlin, NJ Sat Jul 13, 2013

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Answers

7
Travis,
Given the current market conditions, the rent to own option is not very likely.
If you are interested in selling you home, I would be happy to sit down with you and help you with the process. Please feel free to give me a call.
Sharon Cinkowski
360-904-5428
0 votes Thank Flag Link Tue Jul 16, 2013
Im sorry but rent to own options are not very common in our area.

Thanks
Samuel Rifkin
0 votes Thank Flag Link Tue Jul 16, 2013
Give me a call if I can be of any assistance.

Thanks
Flag Tue Jul 16, 2013
Not likely in my experience - especially in an appreciating market, a seller is unlikely to want to set a price now for a future date sale. What I think more likely is building in a "right of first refusal" clause in a lease so that if the owner decides to sell you are given the first option at a market price set at the time.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sun Jul 14, 2013
Hi Travis. Most sellers are not in a position to structure a rent-to-own deal. There are many ways to structure those deals....and often put your down payment at risk. I would be happy to speak with you about your current situation and goals.
-Robert Greenblatt
Keller Williams Realty, Cherry Hill
856-575-1818
0 votes Thank Flag Link Sun Jul 14, 2013
Not likely at all. If you can't qualify for a mortgage to buy the house, why would a seller think you could make good on paying the rent?

Most sellers just want to trade their house for money to move on to the next chapter. Renting to you simply converts them to an unwilling landlord and keeps their plans on hold.

Most rent-to-own types have horrible credit scores that are preventing them from buying outright. If that is you, just rent modest housing and concentrate of paying your bills and improving your credit score to the 750-800 range. Then you can buy what you want.
0 votes Thank Flag Link Sat Jul 13, 2013
Hi Travis,

Typically, someone listing their house for sale is not in a position to rent-to-own or simply wants to sell outright to a qualified buyer.

Those who are more likely to consider rent-to-own are those sellers whose houses are not selling the traditional way (i.e., their MLS listing is not getting the offers they need and their house is just sitting on the market for a long time) or someone marketing their home for rent and doesn't want to hold it as a long-term rental may consider rent-to-own.

Lastly, some of the people marketing their homes for sale by owner, may be more open to rent-to-own than a seller who has their home listed with a Realtor.

Then, for those who will consider rent-to-own, you will need a non-refundable down payment (typically a minimum of 3.5% of the purchase price of the home or $5,000, whichever is greater), have credit that can be repaired in less than 24 months and be in a position to get a bank loan during that time frame, and good income and job history, etc.

Check out our website to learn more about rent-to-own and what to expect at http://www.BuyBaltimoreProperties.com.

Good luck with your home search in NJ.
0 votes Thank Flag Link Sat Jul 13, 2013
Not very likely, and those that do are going to hose you like a summer lawn.
0 votes Thank Flag Link Sat Jul 13, 2013
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