Rentals in 11040>Question Details

vlaneece, Home Buyer in Westbury, NY

Are there any rent to own houses available in New Hyde Park ?

Asked by vlaneece, Westbury, NY Mon Jun 17, 2013

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Currently there are none offered as a Rent to Own and I agree with Trevor that it is a better deal for the seller than it would ever be for a potential buyer. If you would like to discuss your options on purchasing in New Hyde Park of Nassau County in general I'd be happy to give you an overview of the pricing in the various neighborhoods and show you the different options that are available. Have you thought about speaking to a Mortgage professional to obtain a pre-approval?
1 vote Thank Flag Link Wed Jul 17, 2013
Rent to own opportunities are extremely rare in the area as most owners prefer to sell outright. 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 Mon Jun 17, 2013
Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Tue Jul 16, 2013
Here's a link to a blog I wrote on how to find rent-to-own houses. http://bit.ly/findaleaseoption

As you've discovered--and as Tom confirmed--few if any will be listed that way. So you have to get a bit more creative in finding (or making) them.

Hope that helps.
0 votes Thank Flag Link Mon Jun 17, 2013
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Hi, I just looked through the MLS and there are only 8 rental listings in New Hyde Park with none listed as rent to own. E-mail me if you'd like me to check other areas.
Thank you
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
http://www.SuffolkFreeCMA.com
http://www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Jun 17, 2013
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