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Dolgeville : Real Estate Advice

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Activity 4
My NC Homes…, Real Estate Pro in Chapel Hill, NC
Sun Dec 13, 2015
My NC Homes Team answered:
ent to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option, that said it's very possible given today's low interest rates that you may be able to buy a home. The best way to find out for certain is to speak with an honest lender.
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Shirley Weid…, Real Estate Pro in Cincinnati, OH
Mon Sep 10, 2012
Shirley Weidner answered:
It is always possible to set up a lease/buy option in any area. Find a local realtor first. Tell him/her your price range, area, number of bedrooms and baths, etc. The realtor can set you up on an "AutoHotSheet" from the local MLS (sets your parameters and searches, each day, for houses that have come onto the MLS). When you find something you like, ask your realtor to contact the listing agent and see if the owners are agreeable to do a lease/purchase contract. There will be a contract to purchase with an end date (1 or 2 yrs out) and a regular lease agreement that spells out monthly payments, deposit, owners & sellers responsibilities etc. You will need to give a regular earnest money check, (held by one of the real estate brokers in a non interest barring acount) to show your intent.

It is a bit complicated, so you should have a Real Estate attorney check out all paperwork so your rights are covered and the sellers concerns are covered, (costs @ $100. in Cincinnati OH area). I have written a couple of these and in the right circumstances with willing buyers and sellers, everyone is happy. Good luck!
Shirley Weidner
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Van  Billings, Real Estate Pro in Dolgeville, NY
Mon Aug 23, 2010
Van Billings answered:
Steve, we certainly have some properties that match. Ck my website, www.vanbillingsrealestate.com . In the village properties cost less, in the country properties with land cost more. Did you already buy? If you are in Brooksville, that's a nice area. When I'm down there I head to Pine Island for the beach. ... more
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Roberta Wass…, Real Estate Pro in Yorktown Heights, NY
Thu Jul 8, 2010
Roberta Wasser answered:
Victoria, You need to be financially ready to move quickly, meaning nothing to sell to buy and cash ready to go to contract right away. I hope this answers your question any more i will be more than happy to answer my e-mail is rowasser@comcast.net ... more
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