Rent vs Buy in 89130>Question Details

Moe, Home Owner in 89031

I need advise on Rent-to Own please. Are they for real as far as Brokers paying for your house and you rent it from them then buy it eventually?

Asked by Moe, 89031 Mon Jul 16, 2012

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Hi, Moe. We have a rent to own division of our real estate brokerage here in Las Vegas, NV. Our websites contain tons of useful information regarding rent to own houses (lease/options) as well as conventional purchases. I hope these links can be of help to you. http://www.LVLeaseOptions.com
http://www.LVPropertySearch.com
1 vote Thank Flag Link Mon Jul 16, 2012
A rent to own is not a broker buying the home from you and you buying it from the.

You may have a broker that may do a rent to own but in today's market there may not be many of them. If you have a great concern I would call a lawyer and make sure of everything that the broker is telling you.

I rent to own is a home that you rent from the seller now and pay some monies down and a set amount per month then you get a loan in 2-4 years from a bank buy the home.

Lets say you want to do a rent to own:

1. Seller want so sell the home in 2 years.
2. You rent the home(must follow all rules as a renter) for fair market rent.
3. You pay from 3000-10000 for a down payment(this goes to the purchase price when you buy the home BUT if you do not buy the home you LOSE this money.( so you really need to make sure your credit get to where it needs to be when you buy the home)
4. You pay an extra 200-500 per month that goes to the downpayment/cosing cost.(also would be lost if you did not get the bank loan)

Rent to own properties are really good for people that want to buy a home and need to fix a few things on there credit. Before jumping into a lease option(rent to own) you should talk to a lender to make sure you can buy the home in the time that is required by the seller.

Please if you have any questions call me.

I do rent to owns.(Lease Options)
Jan 702-379-7773
1 vote Thank Flag Link Mon Jul 16, 2012
Thank you so much . I was just browsing and we are thinking of renting soon. I came upon a website that does Rent-to-Own and how she explained it to me was that: I go find a house, a broker comes in and buys the house for me. Then I rent it for a few years ( depending on when I can re establish my credit). After such period, I buy the house from the broker. She said The value of the house by the time I am able to buy it from them will be based on what the original price was when I first start the lease. Is that true??? Also, as far as down payment is concerned, when I do purchase the house, do I make another downpayment. She said NO to that. I just wanna make sure I am not being scammed. Thank you all so much for the input.
Flag Mon Jul 16, 2012
Rent-to-own properties work as Chris stated below. You may be referrencing an owner will carry (OWC) or seller finance option. OWC is just like purchasing a property using bank financing except owner is the bank - this means property is still transferred into your name.

If you are in fact talking about a true rent-to-own, there are some available on the market. They do come with the risk of the property being foreclosed on prior to the time for you to purchase and you possibly being out of your down payment plus additinal funds per month. In my professional opinion, the OWC option is the best of the two.

As always do your due diligence as a buyer to get all the information prior to putting up any money.

Thanks,


Rakeisha Smitherman-Muiruri
Realtor®
Mobile: 702-415-3692
http://www.MotionProperties.com
0 votes Thank Flag Link Mon Jul 16, 2012
I have a very straight forward rent to own program that I can share with you
Contact me and we will discuss in detail-
Web Reference: http://Www.mayteamlv.com
0 votes Thank Flag Link Mon Jul 16, 2012
Moe,

You need to elaborate more on your question. The way a rent to own works is you would usually need to put some down payment down on the property. You would do a lease option contract and a % of your rent amount would be allocated towards the rest of your down payment after a 1 year or 2 year lease. What ever you work out with the owner. If your not able to purchase the property once the option to purchase is up you usually lose the down payment.

Chris Harrison
Barrett & Co., Inc.
2885 S. Jones Blvd
Las Vegas, NV 89146
(702) 592-9510 ph
Chris.Harrison@msn.com
0 votes Thank Flag Link Mon Jul 16, 2012
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