Rentals in 77038>Question Details

twalltimo, Home Buyer in Houston, TX

My wife and I will be relocating to Houston. We are considering a lease to own while selling our current home. What's available?

Asked by twalltimo, Houston, TX Wed Aug 29, 2012

We have to sell our current home.

0 votes Share Flag Rentals in 77038

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I will be glad to assist you more. I will need more information in order to best assist you. My contact email is wole@texansdreamrealty.com
1 vote Thank Flag Link Wed Aug 29, 2012
If you are still looking, Apartments for rent or lease in Houston, There are many places availables on lease but if you want affordable apartments for rent in houston, then go for Stancliff Park Apartments(77099) and Crescent Oaks Apartments(77074)

More details you can get about floor plans and prices at http://www.stancliffapartments.com or http://www.crescentoaksapartments.com
0 votes Thank Flag Link Sun Sep 9, 2012
i have a house for rent in sugarland texas woodbridge subdivision $1800,
4bedrooms and three bathroom, two story .
Elemantry school is Rita Drabeck, walking distance K

empner high school walking distance quiet neighborhood very close to hwy 6 hwy 9 and hwy 59 fort bend schools if interested call me at 8326301258 available immediate move in
0 votes Thank Flag Link Thu Sep 6, 2012
"I recently worked with two rent to own properties. This situation usually does not work out well. In many cases the rent is not applied to the principal yet there is a down payment and a balloon note. In the event your home doesn't sell before the note is due, you will be required to re-negotiate."

My point exactly ... avoid rent-to-own situations. It sounds like the ideal situation for your circumstances, but will most assuredly turn out to be a nightmare ... except for the owner. Please stay in touch. I'm ready to help.

Al Geffon
(713) 213-6350
al@algeffon.com
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Sun Sep 2, 2012
I recently worked with two rent to own properties. This situation usually does not work out well. In many cases the rent is not applied to the principal yet there is a down payment and a balloon note. In the event your home doesn't sell before the note is due, you will be required to re-negotiate.
I 'm available to assist you with your relocation.
0 votes Thank Flag Link Sun Sep 2, 2012
Give me call 7135130058 I currently have home in Katy area that the owner is willing to do owner financing....

Thanks,
Marisa
0 votes Thank Flag Link Thu Aug 30, 2012
Lots of interesting replies here ... but I believe your original question was about renting to own. You'd be hard pressed to find more than a handful of properties (if even that). Why would you want to limit yourselves so much, especially in a city as large and diverse as Houston, not to mention having to pay an attorney? There's a general misconception that all (or at least a good portion) of the rent would be applied toward a down payment ... usually not so.

As I previously noted, owner-financed homes are also limited ... there's always a reason why those properties don't sell in the traditional manner. The large downstroke , higher interest rate, and the pressure of the balloon payment just aren't worth it, especially since the choice of homes is so limited.

There's no question that a straight lease is your best option for now, given that you need to sell your current home. Of course, there's the possibility that your landlord would want to sell the house if you'd like to purchase it ... but there's no guarantee.

Come on down to Houston, let us get you situated in a great rental home ... and once your present home sells, we can take the next step. There's no need to make the move any more stressful or complicated than it need be. Right now, there are ten single-family homes for lease in Zip Code 77037, ranging from $875 to $1400. None have been on the market more than a few weeks ... they move quickly, especially the nicer ones. Please get in touch ... let's explore this further.

Al Geffon
(713) 213-6350
al@algeffon.com
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Wed Aug 29, 2012
Give me a call. I'd love to help.

Joe Cano - Realtor/Locator
(281) 785-5132
Web Reference: http://joelocator.com
0 votes Thank Flag Link Wed Aug 29, 2012
I don't know where you are moving from but it's hard to move to a city the size of houston and buy a house right away. I few of my relo clients have rented a home for a year to have time to figure out the neighborhoods first. Don't mess with a rent to own. The rental market is pretty hot here as well depending on the area you are moving to. I'm mostly on the West side and rent houses go in one day. You gotta be fast!
0 votes Thank Flag Link Wed Aug 29, 2012
You may also want to do a Owner Finance~ go to http://www.handhrealestatesolutions.com or call Edna at 281-381-9372 and find out what is available.
0 votes Thank Flag Link Wed Aug 29, 2012
Hello Twalltimo,

From the information you proved, it appears you are here in Houston, better yet in Texas. I've just worked with two movers from another state and because we knew where they would be working the area of interest was apparent. Therefore, since the lease must come first, we search the required area for rental homes also for sale. In this situation, you probably don't know for sure when your home will sell, so you probably want an estimated lease period. Listing agents also indicate short terms, yearly and long terms available on their listings.

This will afford you to work on your financing choices for purchase. So renting a particular home with the goal of purchasing it can work. Also after living in the home you'll know if you really want it or need to move on after the lease expires.

Hope this is helpful---PV Properties stands ready to be of assistance by providing a list of homes that fit your needs as a Gateway on our http://www.har.com/PVProperties website.

Sincerely,
Brenda Peavy, Broker
brenda@pv-properties.com
281-497-1290
http://www.har.com/BrendaPeavy
0 votes Thank Flag Link Wed Aug 29, 2012
I can't think of anything more disadvantageous to buyers than a rent-to-own scenario. If nothing else, there are few if any available properties (owners would rather cash out than hold on to the homes for any length of time) and most need considerable work ... there's a reason why they can't be sold in a traditional manner. Realtors in Texas are not permitted to participate in rent-to-own transactions (thus, no MLS listings). An attorney is required, along with two distinct contracts ... one for the lease, the other for the sale. You'd have to qualify for a mortgage at some time (generally at the end of the lease), and only a small portion of the rent (if any) would be applied toward the down payment, requiring you to come up with a significant amount of cash. There are numerous discussions about rent-to-own purchases on Trulia and other such sites. Please take the time to read the forums ... you'll get a better idea as to why they're such bad a deal for consumers.

A relatively small number of properties are available on an owner-financed basis. However, you'd need at least 20%-25% down, the interest rate would be considerably higher, and you'd have to qualify for a mortgage to pay off the owner (this is known as a "balloon"), generally in three to five years. Once again, it's not a viable option for most people. Both of these transactions are incredible opportunities ... for the owners.

Few if any sellers will accept a contract for purchase with a contingency provision (i.e. having to sell another property prior to buying the new one). My recommendation is that you lease a nice home .. most landlords require a year's commitment. During that time, focus on selling your current property ... you'll likely have a significant down payment, and your options won't be as limited.

If I may be of further service, please feel free to contact me. We (my wife/partner and I) enjoy working with new Houstonians (currently helping two families settle in ... one is from Dubai). There being no cost to you as a tenant or buyer, taking advantage of our expertise can only be of benefit during your location. I look forward to hearing from you.

Regards ...

Al Geffon
(713) 213-6350
al@algeffon.com
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Wed Aug 29, 2012
Hi, I suggest a simple rental home first and then going into a purchase later. However, if you absolutely want to lease purchase, it can be done, but a real estate attorney will need to get involved to draw out the terms. It gets a little complicated sometimes. If you decide on a specific area first, we can check what is available for purchase and find out if an owner is okay with this type of transaction. I know moving in temporarily into an apartment or home and then moving out seems cumbersome, but if you find the lease purchase terms are not to your satisfaction, then renting will be the best option. Some landlords will allow 6 months especially if the house has been on the market for a while. Apartments will allow the 6 month term with a slightly higher rent.
Have you already put your house on the market? As agents most of us have worked with folks who are in similar situations and we will do our best to make this process as easy for you as possible.
Let me know how I can help.
Persis
713-294-7747
persis.realtor@gmail.com
0 votes Thank Flag Link Wed Aug 29, 2012
You mean lease for the short term, then purchase the home your leasing? This can be done for a short period, 1-3 months max. You sign a sales contract, with the purchase price and all details in place. You would also perform inspections to confirm the home is in the condition you need it to be in before you would move in. Or course the home will need to be vacant.

We have a "Buyers Temporary Lease" forms that we add to our purchase contracts for this situation. Anything beyond that...such as money being returned and other odd details would need to be written up by a real estate attorney as it can get very complicated. Most sellers won't want to discuss this type of complicated transaction.

My advise is to lease a short term apartment, 3-6 months, thus giving your current home a chance to sell and giving you an opportunity to look around our great city. Let us know if you need some help.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Wed Aug 29, 2012
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