Rentals in Keller>Question Details

T. Herrera, Home Buyer in Grapevine, TX

We are moving to the Keller, Trophy Club or Haslet area and we want to rent a house that we will buy. Take over someone's mortage payments???

Asked by T. Herrera, Grapevine, TX Tue Apr 16, 2013

Lease??? Don't want to move twice. Am tired of moving my family .

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Bruce Lynn’s answer
It is really risky to take over someone else's mortgage payment.
I would advise against this in most cases.
Most loans are not assumable, so you are at real risk that you loose all your money.

If you are not ready to buy, then rent and buy when you are ready.
I've never seen a rent to own, lease purchase, or what ever you want to name it that was good for the buyer. Most of the time it just creates a ton of problems and real risk for the buyer.

One thing you can do is that when you are ready to buy, just make an offer to buy the house from the owner. Some would rather sell the house than rent it and if they are real investors, they're also business people, so if you make the right offer, they would consider it. You can do that on any house you rent. I see this more often working for the tenant, than rent to own type options.
0 votes Thank Flag Link Thu Apr 18, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Hi Tom,
It is possible. There are upsides and downsides that I can explain. The main thing is to get the structure of the deal correct...for you. Most lease options are structured to give the advantage to the Seller.
Call me and we can discuss your future.
0 votes Thank Flag Link Tue Apr 16, 2013
I have researched some properties on your behalf. You obviously have made your decision and I have resources available for you.

Take care,

Lucy A. Puniwai
(214)783-6416 – Cell/Text
(682)224-8050 – Fax

In God We Trust
0 votes Thank Flag Link Wed Apr 17, 2013
There are lease to own properties but it has been my experience that they do not work out. Not to say they won't but so far in 9 years of real estate the lease/options do not work. Have you tried to get a qualification to purchase? Do you HAVE to move right now? THere's many scenarios to go over with you.
Please call me at 817-470-8043.
Amy Steele
Cities Realtor
0 votes Thank Flag Link Tue Apr 16, 2013
Welcome to Keller. I can't tell you that what you seek won't work, but you should not hold your breath! First, one has to wonder why you want to rent for a time and then buy the same house. Is it that you can't qualify for a loan to buy the house right now? Is something major going to change in your life in the next year?

Most owners who want to sell a house, do not wish to rent it to a family who may cause damage to it before it can be sold. Most landlords who want to rent a house, do not want to sell it because it is a money-making investment. And most tenants who rent a house, find every thing wrong with it, and then do not want to buy it. --And when would you agree on the sales price??

I don't know where you are coming from, (although your return says Grapevine), but in this part of Texas the fair market rent on a house is a LOT more than "someone's mortgage payment." So I can't picture anyone just renting out their house for the amount of the mortgage.

My suggestion would be to check with a good loan offier and find out how long it will be before you are qualified to get a loan to buy a house. Then you will know how long you need to rent a house. It may be in your best interest to keep the two separate. The Texas Real Estate Commission will not allow any agent to even write a "lease/purchase" contract because the situation is so fraught with pitfalls. Too many lawsuits. Too many people who have lost all their money that they put down.

If you'd like to lease a house in Keller, call me. If you want to buy a house in Keller, call me. But I doubt that anyone will let you take over their mortgage payments.

Good luck to you!

Rick DeVoss

ULTRA Real Estate Services

0 votes Thank Flag Link Tue Apr 16, 2013
Please contact me:

Lucy A. Puniwai
(214)783-6416 – Cell/Text
(682)224-8050 – Fax

In God We Trust
0 votes Thank Flag Link Tue Apr 16, 2013
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