I want to know any websites or listing for rent to own properties on Brunswick, Ohio?

Asked by Latorya Ross, Brunswick, OH Wed Jan 2, 2013

I am looking for rent to own in Brunswick, Ohio

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Wed Feb 6, 2013
Good morning Latorya,

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
Robert Erney, Agent, Cleveland, OH
Tue Mar 12, 2013
Ya i'm not sure about all these long answers. I do not know of any websites that offer a rent to own search. A real estate agent like myself can put you in there system and have every lease option deal that fits your criteria on the market sent to your email! Contact me anytime I would love to help you out! :-) You may be able to work a deal with a seller that isn't really offering a lease purchase option depending on your situation.

Get your lease purchase list here and watch some educational videos about the process!
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Lucien Solut…, Other Pro, Brunswick, OH
Wed Feb 6, 2013
Latoya, I've seen that you have posted this same question in two different ways on this site. First of all, I'm not a real estate agent, so I'm not trying to sell you me or anything else....only give you an answer so you know what you're up against. As an investor...I buy homes, I sell homes and I rent homes. For me to do a rent to own, I'm pushing my 'profits' out into the future unless I make some fairly heavy surcharges on you up front. One of those is the option price. It's similar to a down payment and my stipulation is that you strike (buy the home) in a certain period of time or forfeit all of your option money to me. You may not be ready to obtain financing before the strike date and guess what....you lose. The second part of the deal.....I'm going to charge you rent that is in excess of market value so that the "extra" is what you are actually applying to that all important down payment...actually by reducing the purchase price one monthly rent payment at a time. How much more that extra needs to be is something that has to be figured out for your personal situation. Essentially, this is the old land contract purchase mechanism with some new clothes. Investor owners used to do land contracts because the failure rate was fairly high and they got to keep the house and the money and do it all over again. People looking for these kinds of deals are either misinformed as to the way they work and think they are cutting out middlemen and therefore saving money or they have bad credit and are looking to lock down a home. If you have bad credit, then I'd stay away from rent to own....none of you monthly payments will be reported to a credit bureau and help you in any way. If you don't have a down payment that will get you into a home outright....then wait until you have it. Bottom line, the reason there aren't too many of the rent to own properties in the market is because it really doesn't work out well in the current times we live in. One last bit of advice...if you do find one and decide to pursue....GET A LAWYER! .... not a real estate agent.
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Alan Hallock, Agent, Medina, OH
Thu Jan 3, 2013
Good question, "Rent to own", like "lease option" and "lease purchase" properties are very difficult to find because it is a very specialized search. We have several properties listed that are lease purchase properties on our website http://www.hallockproperties.com.
Please be very careful to verify the advertisement is not a scam. Many of these listings are by private owners that are trying to dump distressed property not otherwise easily salable on the conventional market. Avoid properties in foreclosure or with wet basements, roof leaks or other major maintenance issues.
Alan Hallock , Broker at Hallock Properties. 330-722-3055.
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Rita Legan, Agent, Strongsville, OH
Wed Jan 2, 2013
Hello Latorya, Thank you for the great question! No, I do not know of any websites that are specifically rent to own homes in Brunswick, Ohio. You might be able to secure a rent to own home that is a rental or has been on the market for a while.
Sellers who would agree to go rent to own are looking for a down payment, Is that something you might be able to furnish? Sellers are also looking for a buyer who could buy the home in two maybe three years at the most. The best way to get started is to talk with a lender who can inform you of what you would need to execute the purchase of a home at the outside of 3 years. At that point you are ready to go
and my be able to start making offers on the home you want! Happy New Year and looking to guide you through the home buying process.
Best Regards,
0 votes
Kate Monk, Agent, Chagrin Falls, OH
Wed Jan 2, 2013
A really good agent would be able to assist you with your search. I've helped many buyers find their ideal home through this option and I would be delighted to assist you too.

My contact details are below, I look forward to hearing from you soon.

Best Regards,

Kate Monk
RE/MAX Traditions

Check out what others are saying about me on my profile page here on Trulia :)
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