Rent vs Buy in Baltimore>Question Details

Jenifer, Home Buyer in Baltimore, MD

does anyone know any good lease to own / rent to own programs?

Asked by Jenifer, Baltimore, MD Sat Nov 24, 2012

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11
Anna Brocco’s answer
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
1 vote Thank Flag Link Sat Nov 24, 2012
is there a realtor that can help me with a rent to own home in Clinton,md
0 votes Thank Flag Link Mon Dec 2, 2013
0 votes Thank Flag Link Tue Jan 8, 2013
Jenifer,

This is a letter that was sent to me. I don't need this service but perhaps you could call and see if this company can serve you.

Yvonne

Hello,

Would you be interested in doing a rent-to-own (lease with an option to buy)
with one of our tenant-buyers if there were absolutely no costs or
obligations to you?

Tenant-buyers make the best renters, and all repairs and maintenance are
passed onto them.

Thanks,
Keith
410-248-6732
0 votes Thank Flag Link Fri Jan 4, 2013
Jenifer, in Maryland we seldom use Attorneys for transactions; unless you expressly want to hire one at your expense. Rent-Own leases are negotiable between the tenant/buyer and landlord/owner. All terms are negotiable. We have standard forms we use to protect both parties. Your biggest risk is the lose of your "lease option monies" should you decide not to exercise the option to buy when specified in your agreement with the owner. No one can affirmatively say that the landlord/owner is NOT upside down or experiencing some hardship. Not many people disclose their financial position at time of listing a property. If something changes during your lease term, it's highly unlikely the landlord will give you a "courtesy call" to say they're behind on the mortgage payment. By law, tenants have 90 days to move if a landlord is being foreclosed on; the foreclosure process can drag on for months...even years. I'd suggest locating a home where the owner wants to enter a rent-own agreement. Most owners are open to it when they're having difficulty selling and wish to wait 12-24 months and sale at that time. If you have more questions feel free to call or e-mail me. I'm happy to help. I can help you navigate this process while protecting your interests as your Buyer/Tenant agent. 410-866-1170 or mrogers@mris.com

All Smiles,
Marlene
0 votes Thank Flag Link Sun Nov 25, 2012
Hi Jenifer,

We specialize in rent-to-own transactions in Maryland and have been doing them for about 9 years.

None of our tenant-buyers have ever paid more in rent on a monthly basis than straight renting. In fact, the monthly payment on our rent to own transactions is actually leas than straight renting, and the option price is set by current MLS comps, so our buyers don't pay anymore on the price of a house than someone that is ready to buy now.

Also, we don't work with any distressed sellers, so none of our sellers are upside down on their mortgage or behind in payments. Rent to own is definitely something that many people don't understand and confuse it with a lease purchase and seller financing, all very different types of transactions.

The primary difference between rent to own and straight renting is that there is a non-refundable down payment due upfront that counts 100% towards the purchase price of the home, so we definitely don't recommend doing rent to own unless you know you want to ultimately buy the home you are moving into.

Also, we do encourage you to speak with a mortgage broker and get your tri-merge credit report pulled, as we do pull credit before placing anyone into a rent to own transaction. It's imperative that we know upfront what (if anything) needs to be done with your credit, what your debt to income ratios are, and if you income will support your future mortgage payment when you get your loan to purchase. We do help with credit repair and nearly all of our tenant-buyers need to enroll into credit repair to ensure your scores are where they need to be at the time of purchase.

You can check out our website at http://www.BuyBaltimoreProperties.com and we have a frequently asked questions section at http://www.BuyBaltimoreProperties.com/faq. Also, feel free to email us with any questions about rent to own at info@BuyBaltimoreProperties.com.
0 votes Thank Flag Link Sun Nov 25, 2012
I would be happy to help you I work in Baltimore. Please send me an email at suzywoodhead@gmail.com.
0 votes Thank Flag Link Sat Nov 24, 2012
can someone suggest a lawyer or a broker. i have to move within 2 months atleast. i don't want a lease again unless i am staying for a while.
0 votes Thank Flag Link Sat Nov 24, 2012
Great advise Anna. I can write up and offer for Rent to Buy but usually people are not interested when they see that it involves paying more in rent. There are many great programs out for buyers at this time.
0 votes Thank Flag Link Sat Nov 24, 2012
Rent to own can be a financial loss if you choose not to buy. Have you spoken to a mortgage consultant to determine whether or not you can buy? There are no specific programs, rent to own is best handled by an attorney.
0 votes Thank Flag Link Sat Nov 24, 2012
The way Rent to Own usually works: the renter pays more in rent each month to the homeowner. Then the additional rent will be used as down payment when ready to buy. If the renter decides not to buy then they lose all that extra rent. Rent to own is not common around here.
0 votes Thank Flag Link Sat Nov 24, 2012
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