Alexiswilson…, Home Buyer in Charlotte, NC

Is it better to rent or to rent to own. Is it helpful to go to the bank or seek help from a Realtor. Are there any affordable Realtor.?

Asked by Alexiswilson09, Charlotte, NC Tue Oct 27, 2009

What are the next steps in trying to get help. I need preferably a 3 bed room with at least 1 bath.Seeking a home to rent/rent to own or buy. I am looking for a 3 bedroom home in the south charlotte, west blvd, remount rd, s. tryon st. I am trying to move by dec 1st.

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Ron Trzcinski, Agent, Aberdeen, SD
Thu Nov 5, 2009
It is better to purchase than it is to rent. You get tax advantages by purchasing and you start to gain equity in the home.

Go to a Real Estate Agent and ask how much they charge, but typically your fee to the Buyer's Agent will be paid for by the Seller.

Rent to own contracts can be structured in a variety of ways, but basically there are two key different ways.

One is for you to pay the rent, plus an additional amount that would go into an escrow account. This additional amount would go towards the purchase if you should take this option, but would be kept by the Owner if you never exercised the option to purchase. You would do just as well to rent and save money on your own and buy when you were ready so that you would not put your money at risk.

The second rent to own method does not increase your rent, but rather, allows for you to tap into the Owner's equity should you exercise the option to buy. This would require an Owner who has equity and who is slightly desperate.
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Glenda Marks, , Charlotte, NC
Fri Oct 30, 2009
You need a buyers agent to represent you. If you qualify under the Good Neighbor Plan you possibly could get 50% off of the list price of the home, and pay as little as 3.5% down, and possibly get the sellers to kick in the closing costs. If there are other issues, there are even better answers. You should give me a call and we will talk. And then there is the matter of the tax credit of $8,000???? Let me know if I can help you.

Glenda Marks, Broker/Owner
Cell: 980-322-2532
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Judith Dowda…, Agent, Cornelius, NC
Wed Oct 28, 2009
Hi Alex:

Why do you want to rent to own? You can purchase a home with as little as 3.5% down with an FHA mortgage.

If you rent to own, the owner of the home is your bank. So, you would need to find properties that have that as an option.

I would suggest that you first check with your bank and see if you qualify for a mortgage loan. If you qualify, they will tell you how much you can borow. Once you know that, you can go shopping.

Best Regards,
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Matthew Alex…, Agent, Charlotte, NC
Wed Oct 28, 2009
I am a Realtor and also an investor and own several homes in that area that are available for lease purchase, if you would be interested to see any of them please shoot me an e-mail.

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Beau Ferguson, Agent, Charlotte, NC
Tue Oct 27, 2009
Hi Alexis
The seller typically pays all Realtor fees so it is always in your best interest to have a Realtor by your side when purchasing a home. (it doesn't cost you anything more). It could cost you a mistake if you dont' have a Realtors professional guidance.
Now, the first thing you want to do is see if a bank will give you a loan for a home. That's the first place to start. If for some reason you can not qualify, then you can try pursuing the rent to own option. However, if credit is an issue, a rent to own can be a challenge as well.
If you need the name of any lenders, feel free to contact me........I'd be happy to help.
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