We are hoping to rent to own a house in Ventura county without paying fees or being scammed.

Asked by Caitlin Lipert, Oxnard, CA Thu Aug 23, 2012

Has anyone done the rent to own process? Does anyone have advice for me? Or is anybody looking for a responsible renter?

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Bonnie Sterling’s answer
Bonnie Sterl…, Agent, Simi Valley, CA
Fri Aug 24, 2012
Hi Caitlin, Rent to own is a tricky proposition. Usually this is a lease with option to buy. Some of the issues are establishing the value for the agreement. Would you expect the value to be at todays market rate or at the rate when you are ready to actually switch to the purchase. Do you have money to put down at the start of the lease to support your serious interest? Do you have extra money to pay per month towards a "down payment", say the rents are $1800 a month for that home, do you have an extra $500 per month to be paying to create the down payment? Who will hold the down payment? The seller/landlord or the escrow company, which makes it in accessible to the seller? Are you willing to forfeit the money if your life changes, because the seller has tied up the property with you based on your intent.

Not to sound negative about this but there are so many different facets to the lease option that it rarely works out on paper...for someone.

I am a Realtor, so, I get paid to sell homes, but I like to thing beyond that. I am someone who helps people see past the initial interest and look at the big picture. So, part of that, for some people sometimes, is not to own a property, during a period of their lives or maybe ever. Homeownership is a something that we think about as being really important and there is probably a time for your to own a home, you might not just be quite ready yet.

Let me know if I or another member of my team can assist you with getting settled now and making a plan about housing for your future.
0 votes
Matt Polaski, Agent, Oxnard, CA
Tue Aug 5, 2014
Hi Caitlin,
Very few opportunities doing rent vs own. I have lenders that if you qualify that can get you into a purchase for as little as 1/2 percent down. Visit PropertiesinVentura.com for more information or contact me direct.

Matthew Polaski
Keller Williams Realty
BRE# 01782721
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