Rent-to-own is a horrible, horrible idea for the buyer. The homes are usually in horrible condition because the seller can't sell any other way. Renters pay a surcharge (above market rent) and you lose your money and deposit if you decide not to buy the house, or if you can't qualify for a loan. Seller hope that you will violate the terms of the agreement so that they can resell the house to the next sucker.
I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home. Put the money that you would have spent on the surcharge into a savings account. Fix your credit. And before long you'll have a home of your own.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!
Legitimate cash offers will provide the second most important element of a purchase offer.
Besides price, the assurance of closing is valued greatly by the seller and the buyer.
Unfortunately, there are many, many buyers touting 'cash is king' who are in reality..BROKE!
These cash buyers are a trap waiting to spring on the unsuspecting home seller. These cons will tie up the property for months before revealing they can not buy.
Many cash buyers have drank the 'Cash is King" Kool-Aid and believe they can discount their offer by 20%. That is not going to work. In many Florida markets, (I know you are in Texas) over 50% of homes are sold for cash and that deep discount simply will not fly. Discount should not be a part of your thinking.
As a cash buyer, make sure your credentials are well vetted to assuage the seller you are not a con.
Assurance of closing should be the currency you are offering to a seller..
That is what a real cash buyer brings to the table.
Please be aware, response notification on Trulia is disabled. I will not be aware of any follow-up questions and may not receive an inquiry if you use that 'contact' link. If your need is urgent for a response from me, you will need to CALL.
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
I have worked with this loan officer for almost 8 years she is extremely honest and will not give up on you! I have sold over 600 homes, and there are only a handful of Loan officers I would recommend and she is one of the top two! Best of all she is one of the few offering "Homes for Heroes"--Non-profit down payment assistance program & VA and is a specialist in credit scores. check out our blog on my website... http://blog.jennifersanchezteam.com/blog/5-ways-improve-credit-score-get-best-home-loan/
Castle & Cooke Mortgage
if you need help in Phoenix area finding a home or rental let me know!
Jennifer Sanchez, GRI
Jennifer Sanchez Team
Keller Williams Professional Partners
Mobile (623) 910-4212
7025 W Bell Rd Ste 10
Glendale AZ 85308
email email@example.com... more
Sir, this is an over 40 community. Yes we do own our own land. Westbrook Village is a very nice retirement community. Family members over 19 years of age are welcome to live as long as 1 family member is over 40. Golfing, shopping, bicycle riding and hiking are some of the most popular activities here. I recently posted 9129 W Sequoia Dr in Westbrook Village for sale. This is a 2 bedroom 2 full baths with a covered patio plus an outdoor patio. Low maintenance yard and the house faces north which in AZ is a plus in the summer time. Call 602-828-1642 for details. Thank you!... more
To be honest all cities which comprise the Phoenix metro area are good for rental properties. The amount of your budget ($200k) will determine the location, size, and amenities of homes located in each city. Are you familiar with the three you mentioned? I ask because the distance from Gilbert to Peoria is approximately 45 miles - a journey that could take you to or through the borders of: Mesa, Chandler, Tempe, Phoenix, and Glendale depending on how you choose to travel. My advice is that you contact an agent and state your goals. What is valuable to one investor may have little or no value to another. Without knowing exactly what you want to accomplish, picking a city means nothing. If you'd like assistance, please contact me.... more