I would like help finding rent to own homes.

Asked by kaybriasia, Suitland, MD Sat Jul 6, 2013

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3
Ron Thomas, Agent, Fresno, CA
Sat Jul 6, 2013
I have been cautioning buyers about doing a Lease/Option for a long time now:

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.

There is no FORM printed by anyone; there are just too many variables.
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!

Good luck and May God bless
2 votes
Akil Walker, Agent, Upper Marlboro, MD
Sat Jul 6, 2013
Hi Kaybriasia,

I think Ron hit on the head with all the variables that you have to take into account. As a renter, you will have an opt to purchase if a landlord decides to sell either way.

if you are paying $1300 or more for rent. you can purchase a home for roughly that maybe less. The question becomes if you have the savings for a down payment and can maintain the up keep of the home.

Feel free to give me a call if you have questions.
1 vote
kaybriasia, Home Buyer, Suitland, MD
Sun Jul 7, 2013
Thanks guys, from your answers and the bit of research I have done, this option seems to have too many variables.
0 votes
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