I want to rent with opt to buy..any takers?

Asked by Barbara Smith, Lawrenceburg, IN Sun Jan 9, 2011

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Sally Grenier, Agent, Boulder, CO
Sun Jan 9, 2011
I agree with Bill and Tim. It's possible to do, but usually only benefits the seller. Work on your credit, save for a downpayment, reduce your debts, and then go buy a house the old fashioned way.

Have you even talked to a lender to find out what you qualify for? Sometimes people are surprised to find out that they are qualified to buy. Let me know if I can refer you to someone who can see where you stand. If you don't qualify yet, they'll be able to tell you what you need to do, so that you do qualify down the road.

Sally

sally.grenier@coloradohomes.com
Web Reference:  http://www.sallygrenier.com
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Dallas Texas, Agent, Dallas, TN
Sun Jan 9, 2011
You need to ID what your monthly budget is in order for a Realtor to locate a property .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Tim Moore, Agent, Kitty Hawk, NC
Sun Jan 9, 2011
Bill is correct. Rent to buy in times when home values are going down is even a worse idea than normally. These things rarely work out in favor of the renter and the seller is the only one who wins. You can buy with little down if you look at HUD homes or FHA home loans. Just rent until you can buy and don't get sucked in to a rent to own.
0 votes
Bill Carey, Agent, Charlotte, NC
Sun Jan 9, 2011
Barbara,
This is not a good choice for you as a buyer. Run from anyone who suggests that you rent to own. Buy when you qualify for a mortage do not get into a rent to own contract if you are unqualified.

The rent to own contracts are a sellers tool to get people into houses. The process is that you will sign a contract saying that you will buy the home someday in the future 12 months-18months. You will put down a sizable Non-refundable option deposit which will be applied as a downpayment when you buy when and if you buy on time. Normally an 8%-10% deposit. At the end of the contract if you don't buy the house for the original terms you will lose your deposit. Now you get to start all over again after losing $5,000 to $10,000 it's better to rent until you are ready..

Best of Luck,

Thank you,
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialist
Cell 704-905-0740
Fax 866-343-5945
Bill.Carey@HendersonProperties.com l http://www.HendersonProperties.com

Henderson Properties
Charlotte's Premier Real Estate Company
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