Are there any homes here that would rent with option of buying. We are currently moving to the area due to a job offer there for my husband.

Asked by lions1stlady, Newell, IA Tue Sep 17, 2013

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Georgia Weav…, Agent, Storm Lake, IA
Tue Nov 26, 2013
Possible Lease Option Acreage coming on the Storm Lake IA real estate market. There is one property coming on the market in late December or January. Albert City address, it is located on a hard surface road, has 2 bedrooms, 1 bath, full basement, single car garage, fruit trees, new septic system, well and a new steel roof, also some additional buildings that the owners will remove in 2014. Owner is considering a lease option to purchase purchase. A lease option is different from a rent to own. Please Google Lease Option or click the link below so that you know how this process works. This property is an acreage, not sure what it will be priced at but believe it will be under $90,000. A Lease Option is a good option for someone who needs a little time to get their credit improved to qualify for a standard mortgage. You will need a percentage of the purchase amount up front to purchase the option. Contact me if you would like to be contacted once this property gets closer to coming on the market. 712-291-0118.
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Georgia Weav…, Agent, Storm Lake, IA
Fri Oct 18, 2013
If you are able to find a for sale by owner who is willing to agree to a rent to own or to a purchase option, it is absolutely CRITICAL you have your own representation, either an attorney or a REALTOR who understands the total ramifications of what you are signing.
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Georgia Weav…, Agent, Storm Lake, IA
Fri Oct 18, 2013
Rent to own homes and purchase options are very unusual in our area. When we do see one of these, it usually requires a large down payment/deposit/fee to buy the option to purchase. This fee (usually 10% or more) sets the future terms for the purchase, like price, interest rate, etc. This money is usually not refundable, it should apply to the purchase but does not always. This is because in essence the owner is acting as the banker and assuming the risks of the loan.
Unfortunately our area, Storm Lake, Alta, Newell, Early, Aurelia and Cherokee have a large shortage of good quality rentals. We have a list of some of the local landlord's contact info on our website at http://www.WeaverRealtors.com, or stop by the office at 607 Lake Ave in Storm Lake and I can get you everything we are aware of that is available.
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, ,
Tue Sep 17, 2013
Before you put up any of your hard earned money for an option make sure you become an expert on how a mortgage underwriter will look at the deal. Hint, it isn’t what you think it is, and the underwriter will not just accept whatever you and the seller negotiate. They will follow their guidelines for the type of loan you try to use when it comes time to pay off the seller. That is usually the point in time when the “Buyer” discovers they have lost all of their money and must start over. Keep your money, rent a house or apartment if you are not ready to buy right now.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
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Tim Moore, Agent, Kitty Hawk, NC
Tue Sep 17, 2013
You won't find many if any of these things. They are more myth than reality. Just rent and buy when you can. Rent to own can often cost you more then you know.
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