Cindy, Other/Just Looking in Victorville, CA

What is the process of a RTO?How does that work?How long is a contract?

Asked by Cindy, Victorville, CA Fri Jan 23, 2009

Will the home be yours based on this type of option? Is the money going towards the home? If possible to get a list or locations where I can find these home?Is this based on current value of home.

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Cindy, have you been told that you can't buy? I’m not sure whether you have been formally Pre-Approved. As far as buying, this is your first step (not a pre-qualification, see:. http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two) so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to. With prices continuing to fall this year you may actually have a crossover between what you can afford and home prices.

If you have already gone this route and want to look into a RTO take your time for two reasons: 1) Prices will continue to drop, and 2) there a lots of ways for the Buyer to come out on the short end of the stick. See:
http://money.howstuffworks.com/personal-finance/real-estate/…

Best, Steve
0 votes Thank Flag Link Fri Jan 23, 2009
A realtor could complete a MLS search for a Rent to Own home , not all your monthly payments would apply towards purchase price of home , the contracts are tricky seasoned realtor or attorney is your best option for assistance.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 23, 2009
Cindy:

My Advice to you may not be what you want to hear, as my advice will cost you money before you even talk to a Loan Officer and a Realtor. But, as the old saying goes,"Don't be penny wise and pound foolisih."

You need to consult an Attorney licensed in California (where you live) who is versed in residential real estate law. If you want to do what you refer to as RTO (rent to own), that process has many pitfalls to address & there may be spceific laws in California that address and control the subject.

I am a Realtor & Attorney, licensed in each profession in the State of Ohio only. This year I will celebrate my 30th year of my law practice.in Ohio. I am well versed in this topic in Ohio and I know that you need the same such experience in the attorney you hire and the Realtor you work with.

Best of luck in your future home purchase,

Pat Pribisko
0 votes Thank Flag Link Fri Jan 23, 2009
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