Is there a nice home in Elizabeth City, NC for a family of four seeking lease with option to buy?

Asked by tightclaw77, 27909 Wed Dec 1, 2010

Will be ready to apply for mortgage loan within 18-24 months, but need extra space immediately. Need something with a nice sized yard for kids to play. Good income and great rental history. Could afford $1300 mthly payment. Would like to move by February 2011.

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Markanddebbie, Home Seller, Yulee, FL
Sat Dec 18, 2010
Hello my wife and I have a home in Elizabeth City that we would be interested to work with you on. It is 4 bedrooms 3.5 bats with formal rooms and an extra family room. It has a fenced in yard on .5 acre. It is located in a water access community. Please provide us with contact info to discuss. Can provide photos on request. Our email address
0 votes
Jim Elliott, Agent, Elizabeth City, NC
Sun Mar 27, 2011
There are some lease option homes available in the area. What kind of option fee were you interested in making?
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Booboo, Home Seller, Richmond, VA
Tue Dec 28, 2010
Please let me know if you are still looking. I have a 4 bedroom waterfront home ~1900 sq. ft. with a large garage.
0 votes
tightclaw77, Renter, 27909
Thu Dec 2, 2010
A lease to own opportunity is what we're interested in and feel it will work if the right home were available. Thanks for your input! Still looking...
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Judylynn Hoo…, , Elizabeth City, NC
Wed Dec 1, 2010
I echo Tim's comments; rent to own is hard to find and doesn't often work out. Here in Elizabeth City, we have some great homes with large yards that you could rent for $1200-1400 a month. They are usually 4 bedrooms with 2.5 baths and sit on between a half acre to a whole acre. That way you could save for your down payment as Tim suggested.

Judy Lynn Hooser, Broker, SFR
William E. Wood and Associates/Eliz City
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Dec 1, 2010
Rent-to-buy is hard to find. I would ask you why you would want to pay an extra option fee each month to the landlord if you don't expect to buy for a year or more? In case you do not know, rent-to-buy properties have an extra fee called the option fee added to the regular rent. If, for example, the rent is $1000/mo the owner might add an extra $200 each month to be used for your down payment in a year when you buy the house. The theory is that you would have $2400 of option money to use towards the purchase. The problem is that if you don't buy it you loose that option money - it's gone. Rent-to-buys can work but the vast majority (about 85% or more) don't work out and the renter looses the option money. Some owners do this over and over and get the extra money each time.

My suggestions is find a rental you like, save the extra money each month is a separate account and don't use it or spend it. Then buy a house when you are ready and you will be able to find the house you want rather than just one will to offer the rent-to-buy option which will greatly reduce the number of homes to look at.

Tim Moore
President - Lamb Realty Inc
Kitty Hawk, NC
0 votes
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