Ausha Willin…, Renter in San Antonio, TX

I was just wondering if any homeowners out there are interested in rent to own for < or = 700 monthly? Thank you.

Asked by Ausha Willingham, San Antonio, TX Wed Feb 6, 2013

At least two bedrooms, preferably. Not a rush question, just interested.

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This question was asked from this property: http://www.trulia.com/rental/3106196987-4011-Colonial-Sun-Dr…

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Miekeba Jones’ answer
You're Welcome Ausha, There may be a danger of eviction, if it is not written correctly. One late payment could result in an eviction. Be careful.

Sincerely,

Miekeba Jones
Heymann Realty, LLC
Direct 240-715-8284
Office 301-439-1180
miekeba@heymannrealty.com
0 votes Thank Flag Link Wed Feb 6, 2013
Okay, so apparently this is a big no-no? Good to know as I did NOT know that. Thanks for the answers everyone.
1 vote Thank Flag Link Wed Feb 6, 2013
Glad you found the answers below helpful!
Rent until you can buy in the traditional- normal way...you will be happy you waited! Best wishes!
Flag Wed Feb 6, 2013
You're very welcome Ausha!

All the best to you!
0 votes Thank Flag Link Wed Feb 6, 2013
Thanks so much everyone. You all have been a great help.
0 votes Thank Flag Link Wed Feb 6, 2013
Ausha - Yes, you do have an "option", but ...........you will pay for that "option" by forfeiting any upfront money if you do not, or cannot, buy the house.

The danger is not in being evicted - the danger is in losing your hard earned deposit money if you cannot proceed with the sale.
If you don't have money for a deposit now, you will be asked to pay an amount of rent over and above the normal rent.
Only that additional rent would be applied to the purchase, but , you would lose it if you cannot buy the home for whatever reason.

Please, if you do want to look into this further - speak with an attorney who can explain the pitfalls of this type of agreement to you properly.

Best wishes...........
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Ausha, when doing a lease with the option to buy you have the option buy at the end of the contracted term or not to buy. This provides an option. Also it is good to consult a real estate attorney to make sure the wording is right. You do not want to be evicted at the end of the agreed term. That is why just a rent to own may be dangerous. Not only could you be evicted, you will also loose all of the money that you put towards the deposit. It's pretty dangerous doing a rent to own without professional advice.
0 votes Thank Flag Link Wed Feb 6, 2013
I just wanted to put it in here right quick that we the hypothetical buyer are very much financially sound. What is the difference between leasing and renting?
0 votes Thank Flag Link Wed Feb 6, 2013
Miekeba - for purposes of clarification.....what do you mean by: "maybe a lease option will be better for you"???

How are you differentiating that from what has already been discussed?
As the agents below have discussed, a "rent with an option to buy" agreement is usually not a good plan for someone who is not financially sound.
There is upfront, non refundable deposit money, or rent paid over and above the normal rent that would be forfeited if the house is not purchased.......there are a lot of potential dangers lurking for the buyer.........and, if the seller could sell now, most would.......so the selection of homes is limited and the sellers might not be financially sound, either....and the list goes on as to why this is not a good idea.

So........

"Rent to own", "rent with an option to buy"......"lease with an option(to own)".......as far as I know are all pretty much one and the same....

So as not to confuse the poster, what exactly are you suggesting?
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Ausha, maybe a lease option will be better for you. Have you found a Realtor to work with you?
0 votes Thank Flag Link Wed Feb 6, 2013
I do not get involved with that kind of transactions and I do not recommend you to do it.
0 votes Thank Flag Link Wed Feb 6, 2013
Either Rent or Own... but Rent to Own in my experience has never worked out well. In fact, almost all of them that I am personally aware of turned into the buyer filing a lawsuit against the seller.

As an agent, I stay as far away from them as I can get!

Owner financing may be an option... but to be honest... with how easy it is to get a first time homebuyer loan, it makes no sense at all to go that direction. It's easier to get a new loan, and pick out a home you really like.

Jason
0 votes Thank Flag Link Wed Feb 6, 2013
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