Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Burlington : Real Estate Advice

  • All3
  • Local Info0
  • Home Buying2
  • Home Selling1
  • Market Conditions0

Activity 9
Thu Mar 16, 2017
Kathy Burgreen answered:
Rent to Own is a scam and the worst thing for people like you. You will need to sign a contract that states you will pay a large upfront deposit + the regular month rent + a premium amount every month. The premium amount goes towards the purchase of the home and the deposit is to secure your interest in the home.

However, the negative side is after the rent term is finished and you do not buy the home, you lose all the money you paid because the seller / owner keeps it all. The contract states there are no refunds and you will lose thousands of dollars. You need to know that the seller /landlord is still the owner and retains the title so after the rent term is finished, if you do not qualify for a mortgage loan, or if you change your mind and want to buy a different house - well, the owner will keep all your money and will not sell the house to you. Yes, the contract does say this.

Face reality - you need to continue renting, save your money and improve your credit. Then apply for a loan and buy a house the regular way. Sorry, but you need to think - why would a seller get involved in Rent to Own unless they can make a profit and earn money from foolish people like you.
... more
0 votes 1 answer Share Flag
Sun Dec 18, 2016
Scott Godzyk answered:
0 votes 1 answer Share Flag
Wed Mar 5, 2014
Anna M Brocco answered:
Rent to own is not a good idea, therefore fix whatever is preventing you from purchasing outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made..... ... more
1 vote 4 answers Share Flag
Thu Apr 25, 2013
Curly Sue answered:
Mon Oct 8, 2012
Jay Chipman answered:
I actually have one available. 1925 Highland Ave. It's currently listed with ReMax, but I would consider a Rent-to-own situation.

Let me know if you have any questions.
0 votes 3 answers Share Flag
Wed Mar 23, 2011
Sharon Smoot answered:
Hi Todd,

Check out the Iowa Neighborhood Stabilization Program. The link is shown below.
0 votes 1 answer Share Flag
Wed Jan 12, 2011
Connie Brown answered:
Chuckles,
Their are several private investors with house to sell, with little money down. Some of these houses need work. Some are not pretty but they are affordable. How large a house do you need? Some can be bought for contract for deed other private investor will fund for you for a slightly higher % rate than someone with good credit would pay. If you are not picky about the location send e some more information to
homeconnie2@yahoo.com. I will try and hook you up with a private investor.
... more
0 votes 3 answers Share Flag
Search Advice
Search
Burlington Zip Codes

Followers

33