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Carthage : Real Estate Advice

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Activity 9
Fri Apr 7, 2017
Kathy Burgreen answered:
Don't do it. Your agent has a flexible schedule. It's your agent's job to accommodate their client and one way is to make time to meet you in person to hand you the keys. Remember, your agent wants you to write a positive review. If your agent cannot meet you in person to give you the keys, that would be 1 strike for a negative review. ... more
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Fri Mar 3, 2017
Deborah Alcorn asked:
Sat Jan 9, 2016
Familiaalvelo asked:
Wed Aug 27, 2014
David Houston answered:
you spelled road wrong try searching again with correct spelling
0 votes 1 answer Share Flag
Wed Jul 28, 2010
Don Tepper answered:
Here's a link to a blog I wrote on how to find rent-to-own properties: http://www.trulia.com/blog/don_tepper/2010/03/how_you_can_find_and_buy_a_lease-option_rent-to-own_property


Just to clarify some of the previous comments below:

COMMENT
Most rent to own properties are invester owned. They may or may not be listed in the multi-list system. One way to find a place is to work with a Real Estate agent who deals in investor inventory.
ANSWER
Some will be owned by investors. Many aren't. As my blog explains, some will be in the MLS; some won't be.

COMMENT
With interest rates so low right now it is most likely a better situation to go with a loan from the bank to purchase a home.
ANSWER
If you can purchase--if you have the credit score and the necessary downpayment, then you probably should buy. There are some exceptions, though. Let's say you're new to the area, think you'd like to live in a particular area, but really don't want to buy and possibly make a huge mistake. A rent-to-own is a great way to lock in today's values and yet not buy until you're sure.

COMMENT
Rent to own usually has a higher interest rate over the life of the loan.
ANSWER
Rent-to-owns don't have an interest rate. You're renting and, usually, paying a bit more with some of your overall payment being credited to the purchase price. At some point in the future--often 2-5 years--you exercise your option to buy the property. At that point, you go out and get a mortgage. But until you do that, there's no interest rate at all.

COMMENT
They may require a larger down payment then a normal rental would have.
ANSWER
Rent-to-owns require no down payment. You may be asked for an up-front option fee which, in turn, should be credited to the purchase price. But it's absolutely not a down payment. Further, though it's all negotiable, that option fee often is 2%-4% of the purchase price of the property. Even with FHA, you have to put down 3.5%. A conventional loan generally requires 20%. So the up-front option fee is probably going to be comparable to, or less than, what you'd have to come up with if you went FHA. And I've done lease-options with no option fee at all. (The value of the lease was the "consideration" required.)

Hope that helps.
... more
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Wed Aug 20, 2008
David Van Noy, Jr. answered:
Is this a question about wehter you should or not or where to look? Is this an option for you because you can not qualify for a purchase? I woul be happy to recommend a lender that may give you an opportunity to take advantage of this buyers market right now.....or have you considered an owner financed deal or a contract for deed? Let me know if you have considered any of these other options and I would like to talk to you further about the specifics here. Good luck to you,

David Van Noy Jr
(816) 536_SOLD

http://www.davidvannoyjr.com/sitemap-buyer.asp
... more
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Fri Oct 26, 2007
Infinity Realty Network answered:
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