Any sellers in Haverhill willing to enter into a rent-to-own agreement?

Asked by Sandy, Haverhill, MA Fri Apr 27, 2012

we lost our home 3 yrs ago and are interested in buying again but need help w/downpayment. heard about rent-to-own and thought it might work well for us (providing that we would qualify for n FHA loan at the end of the agreement).

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4
Brenalee Sny…, , Westminster, MA
Wed Jun 20, 2012
Hi Sandy,

Yes I may consider your idea? Are you still looking for a plce to rent with lease option?
Do you have a job? monthly steady income? These are important factors.

Please email me if you are still interested.
HappyHomesREI@hotmail.com
0 votes
Wen Farina, Agent, Reading, MA
Sat Apr 28, 2012
That is a risky proposition and you should exercise great care if you go that route. You mentioned you lost your home 3 years ago, was that thru a short sale or foreclosure?. There are also some programs that are available for down payment assistance that I am familiar with along with some funding for specific areas. Have you checked with a lender to see what you can currently qualify for? have you checked your credit report?. As I mentioned the programs have less strict guidelines and depend on the person's qualifications, let me know if you have any questions wenrealty@yahoo.com
Web Reference:  http://www.wenrealty.com
0 votes
Marilyn Ellis, Agent, Andover, MA
Sat Apr 28, 2012
Sandy,
Out of curiosity I googled "Rent-to-own in Haverhill, Ma" which listed 28,700,000 results on that topic. You must be careful and make sure that what is being offered is understood, appropriate and legal.
From the websites listed there is a lot of information to investigate and verify. My suggestion would be to sit down with a lender, financial planner, accountant or even a Realtor experienced in short sales/foreclosure and make a plan based on your personal financial situation. The plan can help illustrate if it even makes sense to rent-to-own, other loan options besides FHA, town/city of choice down payment programs or even local CHAPA lotteries.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Apr 27, 2012
Lease/Option is very dangerous way to go:
The Buyer is usually desperate and the Seller knows it.
There is no "boilerplate" contract, so that means involving an Attorney.
Plus the Contract can be written any way the parties want.
You will be guaranteeing that you will buy the house at a definite time in the future, for a predetermined amount.
Do you KNOW where you will be 3-5 years from now, financially and family-wise?
Do you KNOW how much the house will be worth in 3-5 years?
You will be betting thousands on those answers.
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