I'm looking to rent a 1 or 2 bdrm condo with the option to buy after 1 yr. How do i find these situations?

Asked by Aida Angotti, Windsor Terrace or Prospect Heights Thu Jan 1, 2009

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Aileen-Manha…, , New York, NY
Thu Jan 1, 2009

You have 2 options: you can either do the "leg work" and research yourself or hire a Realtor to help you. If you need any referrals for great Brooklyn Realtors, please contact me.
1 vote
, ,
Tue Jun 19, 2012
Dear Aida,

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
Grace, , Brooklyn, NY
Mon Jan 5, 2009
Hi Aida, I have 1 and 2 bedroom condos offering option to buy in the Prospect Heights area. Feel free to email me at gng@triumphproperty.com for more information. There are also a few buildings in Williamsburg offering this option that I'm aware of. Here's the link to my sales listings http://www.triumphproperty.com/Content/Properties/Sales/Defa…
0 votes
Lisa Brodsky, , 10950
Sat Jan 3, 2009
Hi Aida,
You need to find a competent, creative REALTOR! With the market the way it is right now, more and more homes are not selling easily, so people (sellers, and their agents) ARE looking for creative ways to deal with this! One way is for the seller to offer a rent with an option to buy. This MAY or MAY NOT work for a particular seller. If a seller NEEDS to sell, they may not be willing for you to decide IF you want to buy. You may have better luck renting TO PURCHASE. Meaning that you DO want to buy, but need some time to do whatever..ie, gather downpayment, wait for a divorce...etc...this would probably mena you have to make the COMMITTMENT to buy, put some deposit down and get either pre-qualified...you will need an attorney involved in any case ( this IS NY!). Another possible situation might be someone who is offering a place for rent..but just "THINKING" about selling. In this case you might be able to negotiate "first right of refusal", again, you should have a good agent and a real estate attorney. There very well might be a situation listed that is offering a true rent with option to buy..which is basically a "first right" situation, only terms of a purchase are spelled out. You MIGHT find this listed in the paper or on line, or you might decide to advertise on your own that you are looking...this involves a lot of leg work on your part! The BEST ANSWER is to get an agent looking for you in the area you would like to live! If you were up int eh Hudson Valley I could help you...but I am not, however, I AM part of our relocation company and can easily referr you to a trained and certified relocation specialist in the apropriate area..it only takes about 24 hours...so give me a shout..I'd be glad to help!
Good Luck.....It IS a GREAT TIME TO BUY>>>>or even negotiate your deal for later.....
Happy New Year
Lisa Brodsky
email: lisa.brodsky@coldwellbanker.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Fri Jan 2, 2009
Contact me off line at Gail@GailGladstone.com and I will be happy to recommend a terrific Realtor in that area to assist you.
Web Reference:  http://Gailgladstone.com
0 votes
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