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15323 : Real Estate Advice

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  • Home Buying1
  • Home Selling0
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Activity 2
Tue Jan 20, 2015
ds010355 asked:
I'm doing a sociological assessment of established but eclectic communities in the Appalachian area. Claysville, 15323 was of interest because of unusually disparate income variances…
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Mon Sep 2, 2013
Debra (Debbie) Rose answered:
Please make sure you understand what a "rent with the option to buy" really means.
There are a lot of potential pitfalls for the buyer, as this kind of arrangement usually favors the seller.

You will have to pay for that "option" - the right to buy or walk away - it will be a non-refundable upfront deposit, and/or an amount of rent over and above the usual rent.
You will forfeit that money if you do not, or cannot, buy the home for any reason.

If you cannot qualify now for a loan, my advice is to wait until you can qualify, then buy a home in the normal manner.
You will have a lot more homes to choose from, and not live with the risk of losing that upfront money!

Best wishes.............
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