I am looking to do a rent with option to buy. How do I go about finding a home owners that do this with?

Asked by Monica, Littlestown, PA Mon Apr 19, 2010

We pay $1150 for rent right now, we pay on time every month. We are looking for something around this price, will consider paying $1200 if needed. We are hoping to find a 4 bdrm home with atleast a bath 1/2. We tried to get approved for a mortgage but were told we should wait one more year before trying to buy a home. We are looking for a rent with option to buy in a year or 2. No more than 2 yrs. We dont want to have to keep moving our 3 children around and taking a chance of them having to start new school district if we keep having to move. We want to find a place we really like and stay there for MANY, MANY years!! (Possible forever) Does anyone know how we can find home owners that do this? Thank you for your time, Monica

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5
Cook808family, Home Buyer, Milton, DE
Wed Sep 12, 2012
We have a SFH FSBO (will be listing in a couple months on MLS) in Littlestown, beautiful, vintage upgraded capecod - 3BR 2Bath and willing to consider rent to own for a good family. I can understand where you are coming from - God Bless you! I see that your post is a couple of years old but thought I would give it a shot!
0 votes
ckbrwnwll, Both Buyer And Seller, Spring Grove, PA
Tue Aug 21, 2012
I have a 4 bedroom 1 bathroom home in Spring Grove. We have it listed for sale for 89,900. We been talking about having it make as a rent to sale.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Apr 19, 2010
Be careful with a lease purchase. Here in SW florida more than one buyer has experienced foreclosure when the seller stopped making their payments. I would check with another lenmder to see if you could purchase now.instead of waiting a uear or so.
0 votes
, ,
Mon Apr 19, 2010
Hello Monica

You need to speak with a Realtor. They can customize the search options to include rent to buy or owner financed properties.
Also can I ask why you need to wait a year before getting a mortgage. What do you need to do to be in a position to buy? I am curious at to your mortgage game plan moving forward.

Alan
0 votes
Don Tepper, Agent, Burke, VA
Mon Apr 19, 2010
Very easy.

See my blog at http://bit.ly/findaleaseoption

Bottom line: Some will be listed that way. Most won't. Some will be on the MLS. Most won't.

One piece of advice: Although you would like to buy in a year or two, make the option for as long as possible--say 3 years or longer. The option can (and should) be written to give you the right to purchase at any point during the option. But you want to give yourself as much breathing room as possible in the event that somehow you're not able to qualify to purchase in 2 years.

Hope that helps.
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