Rentals in Tampa>Question Details

Simone Avery, Renter in 33647

Unfortunately. Im credit challanged, and I was told that the best way for me to get into a home is to find a foreclosure property and do a rent to own

Asked by Simone Avery, 33647 Tue Nov 5, 2013

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What needs to be made clear is your goal. No where do you indicate you want to be a home owner.
RTO, lease/option are both ways to pretend to buy a home. In reality, it is a high cost rental.
If you intent is to buy a home, to become a homeowner, just like 99% of those who ask a question on Truila, you already know the answer but want to believe there is a shortcut, a way to 'beat the system.'
Recongnizing you are credit challenged confirms you know the answer, already.
If you REALLY want to be a homeowner, do what needs to be done. FIX YOUR CREDIT.
The budgeting and disipline required will serve you well in managing your home ownership responsibiliites. "Excercise great caution when you 'I was told's" lips moving. This is a source of at least one potentially damaging piece of advise.
Threre are many resouces in the Tampa area to get you on the right path. However, none can work without your commmitment. The first demonstration of that committment is picking up the phone and calling. Don't want to call those who help dozens of buyers every year? Then call a local "A" or "B" graded lender who has a history of investing in the community through small business or home loans
Simpy enter your zip or city.

Best regards,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
Move to the Front of the Line (
1 vote Thank Flag Link Wed Nov 6, 2013
I would never recommend a Rent to Own. They are design to benefit the owner under most circumstances. Not a level playing field. Whether a property was purchased as a foreclosure or not, is irrelevant to the property you will be renting, since you will rent from the owner and not from a Bank.
Sounds like you got advice from someone not very knowledgeable, definitely did not have your best interest in mind.

If you are credit challenged then rent from a private owner, maybe from Craig list or other Classifieds, but make sure the home you are renting is owned by them and not in process of foreclosure. Was this answer helpful? If so please click on "best answer" or on the "green thumbs up".

Tony Vega
Antonelli Realty
1 vote Thank Flag Link Tue Nov 5, 2013
I am not sure the reasoning behind your credit, however, as Melissa mentioned, a lot of times it can be cleaned up just by fixing your ratios. We help folks with that all of the time. Please let me know if I can assist you in any way. I have been in the business 21 years and have experience in every type of loan.

Best of luck to you,

Andy Wood
0 votes Thank Flag Link Mon Dec 9, 2013
Call me.

I can refer you to an excellent lender that can tell you exactly what you need to do to improve your score and how long it will take. He's really quite good. He even helped one client in particular improve her score by 40 points in 30 days by paying only $279 over various credit cards.

If you contact me, I can also refer you to other free sites that can lead you in the right direction to improve your credit. While most lenders will tell you that only time will heal your credit, I have learned of a few proactive steps you can take that can make some major improvements in less time.

813-708-9268 or e-mail
0 votes Thank Flag Link Sat Dec 7, 2013
Tim, is correct. Your best move is to rent until you're in a position to qualify for a loan. There are other ways to purchase a home but they come with added risks that can be a challenge and may leave you in a worse position than you started. Most homes that I have come across with owner financing are way overpriced and usually have some hidden defect that prevents a traditional sale. That said, I have come across properties for rent that the owners own outright, (no loan) that have been willing to do owner financing with some of the rent going towards a down payment and a purchase. etc. That however, is like a perfect storm, right house, right, price, right deal, right seller etc. Good luck.
0 votes Thank Flag Link Tue Nov 12, 2013
go yo and be careful of scammers who will tell you they can do a "rent to own". What happens is you pay overpriced rent and then eventually the house gets foreclosed.
0 votes Thank Flag Link Tue Nov 5, 2013
If you are credit challenged, how would you qualify to purchase any property?
0 votes Thank Flag Link Tue Nov 5, 2013
I agree with Tim. Whoever gave you that advice doesn't know what they are talking about. First, Banks don't rent or do rent-to-own. When the re-possess a house they either sit on it or sell it.
If you need to fix your credit, that is the first place to start. Get on a budget, set up auto-payments and pay your bills on time. Pay down any balances to 1/3 or less and do NOT close any accounts. Review your credit report and dispute any errors in writing with each agency that reports them. If you need to put some money into your bank or credit union and get a securitized credit card. Use it regularly for day to day expenses and pay it off monthly.
Discuss your situation with a great local lender and ask them for any other advice regarding your specific credit history. Best of luck.
0 votes Thank Flag Link Tue Nov 5, 2013
Wrong advise. It would not matter what happened to the house in the past, the foreclosure is over and gone. Someone now owns the house and likely the bank bought it and it is correctly called a bank owned home now. Banks sell homes, they do not rent them and certainly would never rent to own one which is a horrible idea at best. They require you to get a loan to buy a rent to own, did you know that? You still must get a loan. Your best bet is to rent now and just buy when you really can buy and forget the rent to own nonsense. It is rare and I bet you could not even find one because they don't work and sellers avoid them.
0 votes Thank Flag Link Tue Nov 5, 2013
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