You don't have to pay a 6% commission (3%buyer agent, 3%seller agent) is the biggest reason they advise against it. If the " licensed" real estate industry was so above board and looking out for you, why/how did the housing bubble occur? Somebody had to sell all those houses knowing that bogus loans were used by people that could never repay. The only thought was of higher & more frequent commissions! That is what a RE agent or broker won't tell you!!
Call me or E-mail me if you have any questions or want the truth about Rent to Own.
Albert Marrujo Jr
Most folks who consider a rent to own or lease/option are those who can not qualify for a mortgage.
One exception is those who are well qualified but the banks refuse to lend because their income is not W-2 based.
If you are not able to qualify for a mortgage,,,,there is a REAL reason. Trying to circumvent these protections will cost you a bundle of money in the end and you will still be without a home.
Spend the next year in becoming qualified for an FHA backed mortgage. The long term benefits to you are too many to list. Exercise financial discipline and enroll in a credit building program.
Where do you go? A local lender, one who has a long history in investing in the community via mortgages and small business loans. Call one of the loan officials you find after entering your city or zip code.
Select an "A" or "B" graded lender at: http://www.BankingGrades.com (al)
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.RealEstateMadeEZ.us (al)
As for not having the ex on title, wait until the divorce is final, good luck,
You need to be careful with rent to own agreements. You may not have any way to compel the seller to sell the property when you want to buy. The seller may not be able to sell the property to you for one reason or another. For example, the owner of the property may get an additional loan or lien on the property while you have the rent-to-own agreement.
There are other ways to get you into a house, such as seller financing. Give me a call if you would like details.
It can be done and yes you will be taking a risk, since you have to put down a large sum of money. Homeowners will ask you between 3&-5% of asking price. And if you don't qualify that down payment is not refundable.
Have you think about qualifying yourself first before you go to this extend?
If you have any other questions please contact me at 626-674-0847.
Ruth E Feast