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.... more
I'd call in because if you broker has a package it is usually associated with a specific email address which may not be the one that you are currently using. In order to save you the pain of merging accounts later I would call in and have them give you some direction. Once they do this your profile, listings, and everything else should syndicate accurately. Good luck.... more
As a unrepresented buyer, you wait until a sign appears on the front yard. It could be another year.
There are many processes a lender can use to dispose of such real estate.
You would be well advised to have your REALTOR get plugged into that property so when the process start is tripped, you can be at the front of the line.
IF it's Fannie Mae, you will not be allowed to cherry pick. You will compete just like everyone else.
I'm in the process of closing one now, and 5 days before closing, find a $360,000 code violation lien on the property. Of course that is easy to resolve, but in the real estate environment, there is a surprise around every corner.
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor FL
Exercise your real genius, get a CIS Score for your home.
The population of New York state is not decreasing in total number. It just isn't growing as fast as the other states in the Nation. Depending what area of "Upstate" you are looking in, there are plenty of ways to make great investments. There are plenty of great investments especially around the Capital District into Saratoga County. Depends how much money you would like to spend though.... more