Asked by Cassidy, Benicia, CA Sun Sep 4, 2011

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Dot Chance, Agent, Burbank, CA
Mon Sep 5, 2011
Hi, Cassidy:

Rick Dillion brought up some good points. I bloogged about this recently. Please take a look at my blog and see if this is the purchase plan for you. Sometimes it works...sometimes it doesn't!

Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center

WHEN YOU THINK OF REAL ESTATE...Think! My business thrives from your referrals!
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Rick Dillion, Agent, MARTINEZ, CA
Sun Sep 4, 2011
Hi Cassidy, Rent to Own usually refers to a lease option. This type of plan has not been fully explored by the industry as a whole since many loans have a due on sale clause.However, banks are not as likely to call a note on a seller due for fear of adding to their already overloaded home inventory. Most state that the bank MAY foreclose on the seller if they sell or lease option without the banks permission. Thus the lease-option or rent to own method of purchasing may be the method of choice for many sellers who are in need of selling their property without but are unable because they owe more than the home is appriased for and do not want to damage their credit rating by doing a short sale. Most likely none of the homes you are asking about are lease-options at this time but you didn't identify which homes you were looking at.
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Walter 'Skip'…, Agent, Brea, CA
Sun Sep 4, 2011
Hi Cassidy,
You need to reference an address for us. We cannot tell what you are referring to.
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