Kenneta Bey, Home Buyer in

I'm currently looking for a rent to own property that has 3 bed, 2 bath, living/dining room, 2 garage and fiished basement.

Asked by Kenneta Bey, Fri Aug 31, 2012

I'm looking for a home in these areas: Cleveland Heights, Shaker Heights, University heights, S. Euclid, Lyndhurst

Help the community by answering this question:


It all comes down to being informed and doing your due diligence. Before going the "rent to own" route, have you exhausted your other options? Do you have a family member that could cosign for you? Have you tried to execute a financial plan that would allow you to buy a home through conventional financing (maybe after a few years time)? This plan should include a strategy to improve your credit and save enough for 20% the price of the home.

Houses in the Cleveland area are at record lows. Although they may very well begin to rise, it will most likely be a slow process. 20% down on many nice homes is around 12-18k. I don't know your financial situation, but by living frugally and cutting discretionary expenses you may be able to save this amount quicker than you think.

Best of luck!
0 votes Thank Flag Link Sat Nov 17, 2012
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
0 votes Thank Flag Link Fri Aug 31, 2012
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