Rentals in 08753>Question Details

Cavine, Home Buyer in Bel Air, MD

Rent with the option to buy

Asked by Cavine, Bel Air, MD Sun Feb 3, 2013

Since I'm involved in the selling end of the Short Sale from Hell, would it be possible to rent with the option to buy? Even though the house is still listed as a Short Sale, I'm afraid to apply for any type of funding because I feel like I'd be deceiving the lender. I can afford up to $1300 a month and would prefer a 1 floor adult community in the Monmouth Co/Jackson area. I'm renting now and have been for the last 2 1/2 years. I'd love to have something that is mine once again.

0 votes Share Flag Rentals in 08753

Help the community by answering this question:

Answers

3
Andrew Tisellano’s answer
Check with a mortgage professional but some people can purchase as soon as 1 year after the short sale.

Rent with option to buy is definitely doable depending on the landlord willingness to do so.
0 votes Thank Flag Link Mon Feb 4, 2013
Thanks for the answer Andrew. My problem is that I've lost 7 contracts on the Short Sale due to the bank. The last buyer held on for 8 months. When we thought we were ready to close, the bank upped the price $9,000 and the buyer walked away. I now have a new contract for $1000 over asking price and it's a cash purchase. If I could only get the house sold, I could at least give the closing date, when it went out of my name. This is just such a mess.......it's the Short Sale from Hell. Feb 2011 is when I started the Short Sale process.
Flag Mon Feb 4, 2013
Yes that is a possibility. It would be my pleasure to help you. Please call me at 732-644-1145.

Camille Cecora
Century 21, Nifoussi Realty, Inc.
0 votes Thank Flag Link Sun Feb 3, 2013
Rent to own is a very viable option for your situation. As a real estate professional helping people with rent to own properties I have helped many people in your situation while waiting for short sale closings etc.

You can find landlords who would be interested in this type of transaction, as they would rather have a long term tenant buyer than a revolving door rental.

For Sale By Owner sellers are sometimes interested in rent to own, but most times they need their money up front.

In an event it is a good option for you while you get your credit back in line to purchase again.
0 votes Thank Flag Link Sun Feb 3, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer