Melissa Coff…, Home Buyer in Saint Albans, WV

Should I rent to own or lease with option to buy?

Asked by Melissa Coffman, Saint Albans, WV Tue Feb 26, 2013

Found out yesterday I dont have any credit. Learned that apperantly paying in cash and in full at one time didnt help me. But I dont know what would be better to do? And can I go to my bank and see if they have any forclosures they would rent? Is that even possible? I dont know what to do.

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John Walin, Agent, Libertyville, IL
Tue Feb 26, 2013
I agree with Tim, straight rental for 2 years and reassess then. Option to buy locks you in a price now for two years hence. Sellers tend to be overly optimistic and you may well end up having a contract price over the market price then. Also, rent options typically have a rent premium that is nonrefundable against the purchase price. So your paying jacked rent for 2 years to get right of first refusal.

if you like my answer, thumbs up me and best answer, thx!
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Donald Mituz…, Agent, Kaatonah, NY
Tue Feb 26, 2013
Tim had a good answer. I would also add that you should get a credit card or two, use them and pay them in a timely manner. You can pay them if full if you want or keep small balances so you don't pay too much interest.

Good Luck!

Don Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
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Tim Moore, Agent, Kitty Hawk, NC
Tue Feb 26, 2013
None of the above. Rent and buy when you really actually can. The other options are not good and the rent to own is the worst option.

Banks won't rent homes they bought at foreclosure, they want to sell them.

If you have cash to buy a house why do you need credit? Just buy it with the cash.
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