Home Buying in Bend>Question Details

Sylvia, Other/Just Looking in Portland, OR

listing for lease to own ,places in bend oregon

Asked by Sylvia, Portland, OR Sun Jul 27, 2008

new young couple, starting on there own moving to bend

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Sylvia, I will ask you some questions here to get you thinking if you want to really lease to own?
First thing to do is talk to a mortgage broker and see why you can not get a loan today? If you cannot get a loan what will it take and apply the questions below to get your answers.
Most sellers and buyers don't really understand a lease option and the legal issues they pose? If after talking to the mortgage broker talk to an attorney.
1. How much of your rent do you think you can apply to be credited to the purchase price that you agree on between you and seller?
2.How much will the house you are renting today be worth in 2 years. You set the price today and see where it is at 2 years from now? Wonder if the house is worth less will the seller still sell it to you? Wonder if it appraises for less?
3.Wonder if you cannot qualify for the new loan in 2 years or interest rates go up and they will since they are at 50 year lows.
4. How much are you going to put down as non refundable deposit option money if you cannot buy the house in what ever time frame you are at, do you expect to lose the money? This is the money that the seller gets because you wanted a lease option.
5.Are you contacting an attorney now before you go into this to make sure it is legal?
6.Wonder if the house you are lease optioning goes into default and you are now on the loan as a second or 3rd lien holder?
I could go on and on?
But bottom line, is rent if you cannot buy because it is not binding and who knows if you will like where you are renting?

Tom Inglesby,
0 votes Thank Flag Link Tue Apr 24, 2012
so don't let the realtors send you down that road.
0 votes Thank Flag Link Tue Apr 24, 2012
Be careful. Prices are still dropping so when you excersize your buy option it may be assessed at less than the agreed upon price which means the bank isn't going to loan you the money
0 votes Thank Flag Link Tue Apr 24, 2012
Visit http://www.myluckyhouse.com This is a local website that is just starting to go national. You can post your wants in a home and look at what's available in lease options (rent to own). The site is still working out a few bugs but it's packed with information and new things are being added weekly.
Web Reference: http://www.myluckyhouse.com
0 votes Thank Flag Link Fri Nov 14, 2008
Sylvia you did not say why you want to lease in Bend? The first thing I would do is talk to a lender and find out the rules for a lease and how much you can be credited on your rent. The old rules are not allowed today by the banks in credit to the buyer for rent and FHA is also changing there rules Oct 1. I believe. There are sellers out there trying to take advantage of young buyers with some money from a wedding or a gift and trying to talk you into a lease option. You don't know what the rates are going to be 6 months to 1+ years down the road. I would never put my clients into a situation that you might lose $2000-$6000 because you want to buy this house with great seller terms. I would be glad to help you if you would give me a call and I can put you in touch with a great agent over there or a knowledgeable lender. Good Luck,

Tom Inglesby, Broker
RE/MAX Equity Group Inc.
503-495-5416
0 votes Thank Flag Link Wed Jul 30, 2008
Dear Sylvia,
I am a Realtor who works all over Central Oregon. If you would like my help looking for a property in Bend, then please let me know. I can email you listings to review that match your search criteria, and provide you with additional information on certain properties. I can also show you homes that are of interest to you. I will need to know your search criteria first. Please give me a call at (541) 390-0595 or email me at selenamcneill@yahoo.com. I look forward to helping you!
Thank You,
Selena McNeill, Broker

Century 21 Gold Country Realty
541-390-0595 Cell
1-541-982-2243 Direct Fax
selenamcneill@yahoo.com Email
http://www.selenamcneill.com Website

Licensed Realtor in the State of Oregon.
0 votes Thank Flag Link Sun Jul 27, 2008
I can refer you to a local Bend Realtor who can search for homes for you that are in your "purchase" price range. Let me know if you want the referral.
0 votes Thank Flag Link Sun Jul 27, 2008
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