Home Buying in Cary>Question Details

Tanyen Kerr, Home Buyer in Cary, NC

I am looking for a rent to own house in Cary. What real estae agencies handle rent to own in this area?

Asked by Tanyen Kerr, Cary, NC Thu Sep 20, 2012

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I am too so let me know in case you find one like that. Thanks
0 votes Thank Flag Link Wed Apr 10, 2013
I have brokered lease to own deals. Some agents shy away from them because they don't actually close until the lessee actually buyers the home. I can look for lease to own properties for you.
Flag Wed Apr 10, 2013
You have already gotten some very good replies so I will not duplicate what has already been said. What I will add is that having worked with investors who own rental properties, once the owner decides to sell instead of rent, the renter often gets the first opportunity to buy. That being said, find a rental you would consider buying. In today’s hot rental market, not many people are selling. But sometimes circumstances deem it necessary.

I hope that was helpful.
0 votes Thank Flag Link Thu Dec 6, 2012
Tanyen: as you are seeing from the replies here, there are pitfalls everywhere with this kind of situation and in fact our North Carolina legislature all but outlawed one year ago the idea of combining a lease with a purchase contract. I can elaborate at great length on this if you like, but the bottom line is that you are better off pursuing these concepts separately. If leasing makes more sense for you, lease. There are homes all over Cary that are available for rent and while my firm does not offer these services, I know a few brokers whose firms do and I'd be pleased to refer you over. If purchasing makes more sense, then do that. Combining the two, though, can be a recipe for heartache and misunderstanding. If you need to lease, just lease.
0 votes Thank Flag Link Sat Oct 20, 2012
I hope you don’t find one, I have never known a “buyer” to succeed using this method. Don’t put up a lot of money on the front end. A lease purchase is probably not what you expect. Every single person (tenant/buyer) I have spoken to that has done one of these in the last couple of years have lost money, one guy lost $50,000 another lady $25,000 and the list goes on and on. Rent to own is probably not what you expect. In this type of transaction the underlying assumption is the seller will be able to perform in addition to the tenant/buyer. That is a very big what if, sellers are not subject to the same federal regulation as banks, do you really know the seller well enough to give them your hard earned money? I have discussed this in the blog entry linked below. Most of the sellers interested in entertaining one of these transactions will already owe money against the property so they will not (should not) want to record any contact that might trigger the due-on-sale clause in their mortgage. Unrecorded contracts are difficult to protect should something happen to the seller, divorce, illness, death just to mention a few. Other entries in my blog will also shed some light on the subject. I hope my comments give you enough to think about so you do not get hurt, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Sep 28, 2012
You will definitely need an attorney to draw up the contract if you do decide to pursue a rent-to-own. And, rent-to-own can be filled with pitfalls. Give me a call so we can discuss what would best suit your life right now. I would be glad to share my knowledge of the Cary area & extensive resources to help you reach your goals.
Elizabeth Scott
e-PRO, Strategic Pricing Specialist
Fathom Realty
919-306-9699
0 votes Thank Flag Link Fri Sep 28, 2012
I'm getting ready to put my property on the market, we just finished updating inside the house and seeding the front yard this past weekend. I might be interested to rent it out, this house is located in Lochemere in Cary. Let me know if you're interested.
0 votes Thank Flag Link Mon Sep 24, 2012
The rental market in the Triangle is HOT right now, and Lochmere is a great location. I am a Real Estate Investment specialist and work with quite a few investors who are looking to buy rental properties in the area. I would love to see your home before you list it. And if you decide to rent it out, I would be happy to talk to you about its monthly rental potential and how much you need to be cash flow possitive. Feel free to email me anytime.

Tammi Knapp
Coldwell Banker, HPW
KnappT@hpw.com
Flag Thu Dec 6, 2012
I'm looking to move in January of February, so it's too early at this point. I was trying to get an idea of what is available and price ranges so I can plan accordingly. Thank you for the heads up though!
Flag Tue Sep 25, 2012
Tanyen, Lease to own is almost never better than simply renting (which isn't as good as purchasing). If you are unable to purchase right now, I'd recommend simply renting. You will have a much wider selection of homes. As a simple answer to your question, pretty much any Realtor can help you with a lease-to-own, but be aware that there is no standard form for this so you'll still have to get an attorney involved to compose the contract.
0 votes Thank Flag Link Fri Sep 21, 2012
Dear Tanyen,

I have cautioned many folks before, and I always say, "Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer."

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 20, 2012
Tanyen,

Any licensed Realtor can assist you with this request and identify lease to own properties for you. These are few and far between and can be costly and tricky if not navigated correctly. This might not even be the best option for you. Nonetheless, I would be happy to discuss lease to own properties with you, detailing the pros and cons, and help you determine the best course of action for you in your home search. My contact info is below. Thanks!

John Davison
Broker
Coldwell Banker Advantage
(919) 449-7721
jdavisonrealtor@yahoo.com
0 votes Thank Flag Link Thu Sep 20, 2012
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