Property Q&A in Granbury>Question Details

Kandi Tate, Home Buyer in 408 granbury ct

i was wondering if the owners would be willing to rent/lease to own if given 20% still for down payment

Asked by Kandi Tate, 408 granbury ct Tue Dec 30, 2008

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If you have 20% to put down, we can probably get you a loan, instead of a lease/purchase or rent/own. We just never like to see people get in these situations as your money is greatly at risk with lease to own or rent to own situations. In my experience few people end up buying. This presents a problem as your contract normally obligates you to buy and puts your down payment at risk if you don't. If you want to rent --then do it, RENT. If you want to buy, then BUY, but don't mix the two. We've recently taken steps in Texas to prohibit these types of transactions. There are still people advertising such schemes and think they have a way around it, but the intent and content of the law is clear-NO RENT TO OWN. There's a reason for the law and that is that there were too many bad guys out there taking people's money in a lot of different ways. As a person wanting to rent you put yourself at some risk agreeing to these transactions.
0 votes Thank Flag Link Wed Dec 31, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX

Unfortunately the property already has an Option Contract on it. However, to answer your question, the answer would be no. The property is a foreclosure and is owned by FNMA. They do not do leases or lease purchases. Please let me know if I can help you find a property. I cover all of Tarrant, Parker and Hood and would be happy to assist you in your search. If you have any questions please feel free to email me at

Thanks so much and Happy New Year!!
0 votes Thank Flag Link Tue Dec 30, 2008
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