Rent vs Buy in Titusville>Question Details

Me, Home Buyer in 32818

how can i rent with option to buy( Rent to Own), a bank own home?

Asked by Me, 32818 Tue Apr 3, 2012

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5
Shannon French’s answer
We don't know of any bank owned homes offering rent-to-own either.

I do find that agents are quick to bash rent-to-own transactions here on Trulia, but their recommendation to get fully informed is right on point. Each states have their own requirements, too.

There are many who attempt rent-to-own who quite honestly have no business doing so. And if the professional/investor can't tell you the difference between a lease-option, a lease-purchase, seller financing and land installment/contract for deed...find someone who can and better yet has successful experience with all of them or at the very least with the type of transaction you desire.

We've done hundreds of successful lease-options (it's all we do now, but we've also done the others mentioned above) where it was truly a win-win for both the owner and the tenant/buyer. It may take awhile to find the right match (therefore your marketing has to be right on point), but it can certainly be done legally, ethically and with full disclosure in writing.

I'll leave you with encouragement to consider the source of your information...both when it's positive and negative reviews. You certainly wouldn't go to a pediatrician and ask if a certain brain surgery is right for you. It's the same with real estate agents and real estate attorneys...know their specialty and/or specific experience. And always remember there always at least two sides to a story.
2 votes Thank Flag Link Tue Apr 3, 2012
Find an investor that can pay cash for the property and create a rent to own agreement with them.

Usually rent to own programs benefit no one but the owner. It might make more sense to save your money, repair your credit and buy once you're financially able to qualify for a mortgage.
0 votes Thank Flag Link Tue Apr 3, 2012
You probably can’t, most lenders aren’t allowed to be landlords. But you should read up on rent to own before you try. They are probably not what you expect. Every single person (tenant/buyer) I have spoken to that has done one of these in the last couple of years have lost money, one guy lost $50,000 another lady $25,000 and the list goes on and on. The link below contains lots of helpful insight that may keep you from being hurt, good luck,
0 votes Thank Flag Link Tue Apr 3, 2012
Me,
Rent to own is not generally an option with Bank owned properties. I've heard of some test markets where this may be tried, but I wouldn't count on it.
Hire an agent to investigate the Rent to Own options in your area. If there are any bank options, they will appear.
0 votes Thank Flag Link Tue Apr 3, 2012
As far as I know you can't rent to own from a bank. I've heard talk about this before however I haven't heard that any banks are doing it.
0 votes Thank Flag Link Tue Apr 3, 2012
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