Rentals in Philadelphia>Question Details

Vanessa, Renter in Philadelphia, PA

Rent To Own? Minimal Costs...HELP

Asked by Vanessa, Philadelphia, PA Fri Nov 8, 2013

We am looking for someone with a possible rent to own situation until we get our credit together but im not sure how it works. 2-3 BR, pretty good or up-and-coming neighborhood. Anyone?

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Since rent to own properties may not be listed as such, consider working with an agent of your own. 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 Fri Nov 8, 2013
I have never spoken to any “buyer” that that understood what will happen when it comes time to pay off the seller in a lease option transaction. The mortgage underwriter is going to follow the mortgage guidelines - NOT the contract between the tenant and the landlord. Why would anyone throw away their hard earned money without investigating what happens when it comes time to pay off the seller? No idea, but I promise, someone will read this, think I don’t know what I am talking about and toss away their money just because they think it will work out somehow. If the contract is worded in such a manner that it conflicts with the mortgage guidelines then the loan application will be denied and the “buyer” walks away with nothing to show for all of the cost and effort. Fix your credit issues, save some money, then buy a home. I hope my comments keep you from being taken advantage of because you are desperate to own a home. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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1 vote Thank Flag Link Fri Nov 8, 2013
Jimm Simms' articulated many of my beliefs. The scenrio the poster desires is inherently risky and dangerous. Like buying a autimobile at a "buy here - pay here" joint. You overpay.the interest is exorborant and when you're done you've overpaid for what you've got. So you can believe in the "house fairy" or you can believe me and Jim Simms. Bottom line; you get what you pay for.
There's no free lunch. A rent to own property is going to be geared for all the risk and very little reward directed to the Buyer
0 votes Thank Flag Link Fri Nov 8, 2013
Vanessa: Are you the same person that is moving out of your god parents If you are Did you contact a Real Estate Agent to help you? Are you aware that commissions are paid by the Seller/Landlord NOT the Buyer/Tenant.

Philip Cunningham
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia,PA 19152
215-725-5700 X49 cell 267-934-1971
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0 votes Thank Flag Link Fri Nov 8, 2013
It depends on the individual landowner, but I can think of a few nice, quiet neighborhoods (West/East Mt. Airy, West/East Oak Lane, for instance,) that may well indeed have what you're looking for. However, it should be noted that some landlords/sellers may want to do a credit check, although this may be negotiable depending on the situation. I'd love to speak with you/help find the right home for you, though; feel free to give me a call so we can assess the situation and determine the best solution!


Kim Wingfield
Keller Williams - Center City Phila.
Cell: 267-530-5641
0 votes Thank Flag Link Fri Nov 8, 2013

I was a loan officer before becoming a Realtor. I have expertise in helping people with finance and I work hand in hand a very good loan officer. I would be happy to assist you to give you the best advice possible free of charge. Please feel free to call me with any questions or concerns with no pressure. I also specialize in first time home buyers and help them get the maximum amount of money from the seller for closing costs.

Thanks for your time!

David M. Siwy
Realty Mark Associates
0 votes Thank Flag Link Fri Nov 8, 2013
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