you might want to try a local lender. the secondary mortgage market might have issues with this type of home so you might have to get an in-house type of mortgage. it will more than likely be a 5 year ARM.... more
Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.
The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.
The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.
It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.
Saving money for a down payment? Well, heck, you can do that on your own.
If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.
With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.
Find a way to save up on your own; not with Rent To Own.
Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.
You very possibly can get a loan. You should sit down with your Lender and discuss the situation. I have had married couples buy a home when only one person was on the loan. If you need names of some lenders let me know.... more
You need to go look at your contract and talk to your agent. You may also want to talk with a lawyer. No one who doesn't have a copy of the contract and who is versed in Wisconsin law and practice should be giving you advice onthis. Best of luck!... more
There are some, but you really need to be actively seeking them out. Most of today's property owners that are willing to consider a contract for deed will require that you are a strong borrow and have money to put down.... more
Keep in mind that any local agent(s) can help you, you don't necessarily need to go through the listing agent--contact any realty office(s) and inquire--you can also try mailing a quick note to the address and express your interest in purchasing, try knocking, etc.... more
Susettedoux you need to contact someone with motor vehicles. A trailer is not real estate and it falls under different rules and regulations.
Here is a link to the Wisconsin DOT
These types of properties are still out there and available. Your best bet would be to contact some of the larger brokers in your area and have them check thier resources to see what they can come up with. At our company we have an internal message board so that we can check company wide rather quickly. Another option for you may be to check your local Sunday newspaper. We usually have 2-3 ads per weekend with these types of options available. As in all cases use your best judgement and make sure to read all of the fine print. Sometimes a second pair of "eyes" is advisable. We have some local property management companies that will also do rent to own. Good Luck with your search!!... more