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For Rent in Big Bear Lake : Real Estate Advice

  • All99
  • Local Info4
  • Home Buying27
  • Home Selling3
  • Market Conditions4

Activity 4
Diane Jameson, Real Estate Pro in Big Bear Lake, CA
Mon Sep 15, 2014
Diane Jameson answered:
Hello Dennis,
Since you posted this question in December 2013, you probably have found a place to live. If you are still looking I have a 2 bd 2 ba condo in the Boulder Bay area, fully furnished, for $950 a month with a one year lease.
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Trevor Curran, Real Estate Pro in Great Neck, NY
Wed Jun 19, 2013
Trevor Curran answered:
Good afternoon Debi,

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Lon Mapes, Real Estate Pro in Redlands, CA
Tue May 28, 2013
Lon Mapes answered:
If you have prior evictions that will be the biggest red flag. Bankruptcies, judgements, and a low FICO are also of great concern.
0 votes 3 answers Share Flag
Lon Mapes, Real Estate Pro in Redlands, CA
Tue May 28, 2013
Lon Mapes answered:
Many great Realtors in the Big Bear lake market. You won't have any problem finding help.
0 votes 8 answers Share Flag
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