How do we find houses for sale with land contract or rent to own options?

Asked by Amy, Grand Rapids, MI Mon Apr 7, 2008

Because of credit we are unable to finance a house by conventional methods. We are in the process of cleaning up our credit, but it will realistically be a couple years (depending on the lending institutions) before we can get a conventional motgage. In the meantime, we have decided to look for a rent to own or land contract. We are currently renting in the north GR area and the house we are in is too small. We also make pretty good money and would like to see it going to an investment and not a landlord. We have a small down payment (2-4k) and would like the selling price to be below $185,000. If anyone can give us advice on where to find a house with this option or any other advice about land contracts, we would appreciate it.

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7
Lola Audu, , Grand Rapids, MI
Mon Apr 7, 2008
Amy,

We have assisted clients who are in situations similar to the one you described. The good news is that there are more options available today than there have been in recent history. The Grand Rapids Association of Realtors allows real estate agents to search for land contracts and other terms which may indicate a willingness to rent or lease with an option to buy.

In addition, we search beyond the borders of the local MLS to assist clients with locating suitable homes on sites such as Craigslist. It's extremely important to negotiate these type of transactions correctly.

There should be close coordination with a reputable lender as well as a written lease and purchase contract which protects your interests and provides options for you in the future. When this is not done properly, you can easily loose a lot of potential hard earned equity.

We'd be happy to sit down with you or talk over the phone about the specifics concerning your situation. There is no obligation. When we understand what you are looking for, we can research and forward listings which you can review in the comfort and convenience of your home.

You may also visit our website or blog to read about the experiences of clients we have helped recently.
Web Reference:  http://www.auduhomes.com
1 vote
Michelle Gor…, Agent, Ada, MI
Sun May 11, 2008
If you are willing to live on the SE side of town, Garfield Development may be able to help you with this. As they are helping a client of mine right now. For more info and details you can call Garfield Development and ask for Kevin Perdue. Or e-mail me and I will put you intouch with the right people.
0 votes
Dustin Orban, , Greater Grand Rapids
Thu May 8, 2008
Good morning Amy,

I have a company that finds houses, that you can rent to own. We figure out how much you can afford and back out of that figure, taxes and insurance. We then figure about based on the figure that remains, after we take out the taxes and insurance, the principal and insurance payment. So, what can you afford, how many bathsrooms, bedrooms, do you want a garage (how many stalls)??? Once I get that information, I then can find a home that you can rent to own. I deal with; many home owners, real estate investors that are in the market to lease their homes with the option to buy (aka rent to own).

Dustin
Cell: 616-292-4859
email: dtrump23@yahoo.com
0 votes
Melinda J. R…, Agent, Grand Rapids, MI
Mon Apr 7, 2008
Amy, like the other agents have said we certainly can find these in our multiple listing service. However, I have also found that with the current land contract buyers that there are quite a few sellers who will consider land contract terms even if it is not offered. I also suggest getting a buyers agent to help you out. Let them know what houses you may be interested in and have them call the listing agents to see if those particular sellers would consider land contract terms.

If you have further questions regarding this please do not hesitate to contact me through my website at http://www.GoMelinda.com

I hope this information helps! Best Wishes!
Web Reference:  http://www.gomelinda.com/
0 votes
J R, , New York, NY
Mon Apr 7, 2008
I have a couple of buyers in that situation. Have you considered approaching landlords with a rent to own option? Sellers for the most part need the cash to buy their next home and are not as flexible with that scenario.
0 votes
Michelle Gor…, Agent, East Grand Rapids, MI
Mon Apr 7, 2008
Amy,
Not sure why my account did not come up when I answered below, but here is my info......... sorry!
0 votes
Michelle Gor…, Agent, Ada, MI
Mon Apr 7, 2008
There are quite a few homes with that option, if you have a buyers agent they can look up these terms for you and send you a list of homes availble in your price range and area. I went on the web to see if you could search for homes by finacing options, but did not see a toggle for it. If you do not have a buyers agent I would be happy to help.
0 votes
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