Rentals in Columbus>Question Details

Crystal Lamm…, Home Buyer in Columbus, OH

I am looking for a real estate agent who is familiar with lease options or "rent to own," contracts. I am looking for a home in the Columbus area.

Asked by Crystal Lammers, Columbus, OH Thu Feb 7, 2013

I have 3k to put down now and possibly more. My credit is awful but I want to work on it while I rent to own.

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Leasing To Own Solutions’ answer
Hello Crystal,

Congrats on thinking outside the box and looking into a Rent-to-Own/Lease Purchase. Just keep in mind that many real estate agents are not sufficiently knowledgeable when it comes to doing Rent-to-Own/Lease Purchase transactions. They are typically a "list a home"…wait for a buyer….wait…wait….then hand the buyer over to his/her mortgage people while praying that they meet the lenders guidelines.

An agent who ACTUALLY knows and HAS EXPERIENCE with MULTIPLE lease purchase transactions is worth their weight in gold. Many times they end up being an investor themselves. That should be the FIRST question you ask of the agent….How many successful lease option transactions have you completed? And don't take the, "Oh…well….I'm sure we can put something together to help you out." That equals a Red Flag as far as I'm concerned.

Since you said your credit is awful…….finding a credit improvement company or doing credit repair is ESSENTIAL if you want to be a serious lease purchase candidate. DO NOT put it off! We've seen too many times were a potential tenant/buyer gets into the home…then a few weeks go by…then a few months go by….then before you know it, the 12 months have come & gone and they didn't do the work necessary to put themselves and their credit in a position to be ready for traditional financing (a mortgage).

You can check out some of my blog posts on Rent-to-Own/Lease purchase information but the key is to educate yourself as much as possible so you can ask the agent the best questions possible.

Best wishes,

Darin Ray
Lease-To-Own Professional
Independent Consultant
0 votes Thank Flag Link Thu Feb 7, 2013
Thank you for your question, we have a sister real estate agency that works exclusively with Lease to Owns in the Columbus area. They take care of all of these situations for us and do an incredible job. I would be happy to have our lead team contact you and I would help faciliate this process with you as well. Please contact me know if my team can be of help. 614-282-1544

Steve Kelly
Better Homes and Gardens Real Estate
0 votes Thank Flag Link Thu Feb 7, 2013
Use the $3000 to pay off the stuff that is making you not eligible for financing.

Rent to own is probably not what you expect. In this type of transaction the underlying assumption is the seller will be able to perform in addition to the tenant/buyer. Be careful putting up any large sum on a rent-to-own, most buyers and sellers are under the impression whatever deal they put together will be accepted by any lender when it comes time to actually purchase a home, not true. The mortgage underwriting guidelines are very specific and an underwriter may not agree with the terms on your original lease option. You may think all or part of the rent paid goes to down payment, not necessarily how it works when it comes time to get a mortgage and close the deal.

There is a lot of information on the link below. I hope my observations keep you away from harm, good luck.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Feb 7, 2013
Hi Crystal,
Feel free to contact me via email at I would love the opportunity to assist you!
0 votes Thank Flag Link Thu Feb 7, 2013
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