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Joytylife, Home Buyer in Bradenton, FL

Rent to own houses near Pendleton Academy

Asked by Joytylife, Bradenton, FL Mon Jul 4, 2011

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Joy,

Tom and Karen gave you good advice. I will only add that if you would be able to buy at the end of a one year Lease it would make sense. Then you can investigate the different options available to you. If there is no way you can qualify at the end of one year, just go ahead and fine the best rental for you situation.

Rich Kenyon, Broker
Kenyon Real Estate
941-753-7228
0 votes Thank Flag Link Mon Jul 4, 2011
Tom provided a terrifically thorough answer to your question. Rent-To-Own (also known as Lease Option) is one of the most complicated real estate transactions you can participate in. It involves a committment for some future point in time which mean that there is a LOT of guessing going on when we draw up the contract. And when there is guessing, there WILL be unhappy buyers and/or sellers.

I agree with Tom in that you should EITHER rent/lease OR buy. Best NOT to mix the two. I will be happy to connect you to a mortgage professional who will work with you patiently and carefully to help you get ready to buy when the time is right for you.

Call anytime. Have a safe and happy 4th!

Karen Schwartz, Broker
941-730-3550
0 votes Thank Flag Link Mon Jul 4, 2011
Joy,

There are a couple different options when contemplating the rental of a home for future purchase. Each involves two legal documents, the lease itself and then either an option or purchase agreement. The option gives you the right to purchase the home at a specified price, for a specified time in exchange for consideration (the option payment). The purchase agreement is a normal purchase agreement with an extended closing date which is typically at the end of the lease. In most cases, the best use of either of these type of agreements is to allow the purchaser time to either sell an existing residence or sort out credit issues that is preventing financing at this time.

Many people think that "rent to own" is such a great deal and I can tell you that it is very rare where it makes sense but depending on your particular situation it may.

A lot depends on your goals and needs and it is something you should discuss at length with a professional Realtor® who can fully explain this process to see if it makes sense for you. Remember that you will be ruling out all short sales and foreclosures which currently dominate much of the market in Bradenton and the surrounding communities. You will find that in the great majority of cases people who are asking about "rent to own" do not understand what can be a complex transaction and the costs involved. Unless you have some very specific reason why you cannot buy at this time, that is fairly easy to correct, you should either rent or buy but not attempt to tie them together.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Mon Jul 4, 2011
There are many homes for rent in West Bradenton. Some Landlords may be willing to do Rent to Own, if such a proposal was made to them.

Doug Schmedlen
RE/MAX Alliance Group
3007 W Manatee Ave
Bradenton, FL 34205
Direct Cell: 941-962-1364
Email: Doug@DougSchmedlen.com
0 votes Thank Flag Link Mon Jul 4, 2011
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