Rental Basics in Richardson>Question Details

Steph272, Renter in Richardson, TX

I have found a home in Richardson have done my research. The home is abandoned due to fire.

Asked by Steph272, Richardson, TX Fri Apr 20, 2012

How do I ask the owners about renting to own the home and doing the remodel myself?

Help the community by answering this question:


Best use a Realtor to assist with these types of contracts

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
0 votes Thank Flag Link Sat Apr 21, 2012
To all the realtors. Thank you for your advise. I really appreciate it. I think my best option is to wait keep on saving for my first house and pay some more of medical bills off.
0 votes Thank Flag Link Fri Apr 20, 2012
Very wise decision Steph. There are some specific steps you can take so that you will be able to qualify for a loan. There are also grants / loans available if you meet the criteria. I specialize in helping first time buyers so would be happy to help. Please call, text or email me at your convenience. Click on my photo for contact info!
Flag Fri Apr 20, 2012
Leave a note on the door.
Send them a letter to the address.
If they have moved it will be forwarded to their new address.

Unfortunately a lot of times for lots of different reasons they can't do this.'

I say never never ever never lease to own, rent to own, lease purchase, lease option. There are all kinds of things that can and do go wrong, where you will loose your money. One of the realtors below said get an attorney involved. The very best ones, say don't do it.

If you can't qualify for a loan now, rent cheap for the next 2-3 years. Pay off all debt, save as much money as you can. Eat cheap...then you'll be ready to do it the right way.

Honestly I can tell you I've never seen a lease purchase type deal be successful over the long run, and I've seen lots of them leave both the buyer and the seller in a real difficult situation with both loosing lots of money, although it is usually the buyer who gets shafted.
0 votes Thank Flag Link Fri Apr 20, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
Elizabeth is correct; a Realtor is not allowed to use a contract for a lease-purchase agreement without the assistance of an attorney. This would be practicing law since there are no promulgated forms for lease purchase. I would suggest contacting the owner of the home directly to work out a mutually beneficial agreement and then seek an attorney for drawing up a contract.
0 votes Thank Flag Link Fri Apr 20, 2012
You will also need to work closely with your insurance and mortgage professional to assure the correct updates are being made before you actually close on your home once the purchase option is exercised.
Flag Fri Apr 20, 2012
A Lease Purchase is not illegal, it is just illegal for Realtors to write them up without the assistance of an attorney.
0 votes Thank Flag Link Fri Apr 20, 2012
Thank you for your feed back. I will contact them.
Flag Fri Apr 20, 2012
First off, you can not "rent to own" in Texas, not legal. If you want to work out some kind of "deal" with the owner, I would hire a Realtor or an attorney to represent you and protect you. You will be putting a lot of money into a burn out and you need to protect your rights. You can buy the house "seller financed", if they are interested in that. You will still need representation. You close at a title company, obtain all the proper documentation and insurance, the seller just totes the note, so to speak.

Let me know if I can help you in any way. I deal a lot with distressed properties.

Helen Karuba
Virginia Cook Realtors
0 votes Thank Flag Link Fri Apr 20, 2012
You can simply ask if they would be interested in working out something with you.
0 votes Thank Flag Link Fri Apr 20, 2012
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