I am trying to find legitimate rent to own property. How should I start or where should I look?

Asked by Mia Johnson-pearson, Pittsburgh, PA Tue Dec 30, 2008

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Gita Bantwal, Agent, Jamison, PA
Sat Feb 28, 2009
I agree you should work with an experienced agent. If you find sale by owners trying to do a rent to own, make sure you get an attorney involved.
If you are thinking of renting now because of credit issues, sit down with a loan offficer and see how you can improve your credit score. They will advice you and you can find out if you can improve your chances of getting a mortgage next year.
Web Reference:  http://www.gitabantwal.com
1 vote
Dp2, , Virginia
Fri Feb 27, 2009
You start with hiring an agent who knows something about lease-options, and you have him/her to help you make an offer on one or more properties using a lease-option.
1 vote
Dp2, , Virginia
Sun Mar 1, 2009
Gita has given you good advice. To it, I'll add to it is for you to also work with a credit counselor if you've had any past credit issues. However, I don't want to make any assumptions. I know of buyers with AAA credit who opt to purchase their homes using lease-options, because they want to "try before they buy". They want to evaluate the home, neighborhood, schools (if they have any children), etc in context; after all, everything looks great on paper.

I also recommend if you do opt hire an attorney, then you should hire a real-estate attorney--preferably one who's also a real-estate investor or who at least has experience working with buyers using creative financing. Assuming that you hire one, who's also an investor, then s/he can help you to negotiate the best possible deal with several alternatives.
0 votes
Elizabeth Ca…, Agent, Pittsburgh, PA
Fri Feb 27, 2009
Hi Mia,

I agree with the other comments, the best way to start your search is to work with an experienced Realtor in Pittsburgh and with rates so low and tax credits, you might be able to close sooner then you thoughts

I know of some downtown pittsburgh condos that might be available as rent to own. Let me know if I can assist with any other questions.

0 votes
Hannah Krause, , 15217
Wed Dec 31, 2008
Hi Mia,

Debbie makes some excellent points in her answer. I am an agent in Pittsburgh (Prudential Preferred, City office); several of our listings would consider a rent to own situation at this time. I'd be happy to help you find properties that meet your criteria and help you find suitable financing, as well as negotiate an agreement that ensures your rights are protected. Feel free to contact me at hkrause@prudentialpreferred.com, or at (412) 521-5500 x302.

Best wishes,
Hannah Krause, Realtor

Prudential Preferred Realty
(412) 521-5500
0 votes
Debbie Renna…, Agent, Rochester, NY
Tue Dec 30, 2008
Hi Mia, i would start just the way you would if you were to buy a home. Find an agent in your area. Once you find the agent, meet with a Mortgage Company/Loan..etc... There are several steps that need to be taken in a rent to own property, but first the bank/loan officer will need to see where your credit scores are to see if and when you will be able to Rent to Own. For example I have several properties, not in your area..sorry... that my clients will rent to own. The first step would be toe review credit scores..once that is taken care of we would then sit down and write a purchase offer. The purchase offer woul have all the terms and agreements of when you were going to start to rent, how much the rent is, how much if any will be deducted from the rent that will go towards the down payment, if it is refundable or not and when the house will close. You might be very surpirsed that you can buy a house sooner then you think. With mortgage rates this low.. don't wait! As far as a house goes you would be surprised how many people will Rent to Own......For them its better then having two mortgage payments. If I can help with finding an agent in your area.. please let me know and Good Luck, Debbie Renna-Hynes Keller Williams Greater Rochester
Web Reference:  http://debbiesellsny.com
0 votes
I am looking for a agent to help me out here in Eau claire wi, to find a rent to own home, I filed chapter 7 bankrupsty and it was discharged in june of lasy year, since then my wife and i are working and pulling in over 100000 a year know we are renting a appartment know would i have a chance to rent to own a home ? My e-mail is vandemaat1@hotmail.com. can you or anyone you know help me out on this ?
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