Looking for rent to own homes anybody know any?.

Asked by Bonnie Curts, Huntsville, AL Sun Aug 5, 2012

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7
Debra (Debbi…, Agent, Livingston, NJ
Mon Aug 6, 2012
be very careful of any "deals" offered to you, and make sure you understand every single word in the contract (or have a real estate attorney review it first), as those deals usually strongly favor the seller....not the buyer!
1 vote
Sohail Salah…, Agent, Chicago, IL
Mon Aug 6, 2012
I work with developers and investors who work out deals with people on a rent-to-own basis. Let me know what you are looking for.


Sohail A. Salahuddin | Broker Associate | Visionary

Innovative Property Consultants Team | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

http://www.innovativepropertyconsultants.com

"Locally Known, Globally Recognized"
0 votes
Synthia Noble, Agent, New Lenox, IL
Mon Aug 6, 2012
I agree with the other posts, rent to own is not typically a great option.
if you are renting - find a rental that works for you, preferably one that is cheap enough to allow you to save money so you can get into a position to buy down the road.
when you are ready and able, find a house to purchase that works for you. The sooner the better to take advantage of historic low interest rates and record low housing prices.

I recommend you talk to a lender now. Have a professional review your credit with you and give you direction to get into a position to purchase a home in the future if that is your goal. there is no cost or obligation to have a lender pull your credit and review it with you. also hud has resources available, go on their website or other websites - heck, google "how to budget to purchase a home" for tools.

Best of luck.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Aug 5, 2012
If you can't buy now for whatever reason (and it must be either lack of good/high enough credit, insufficient income or little or no down payment) - wait until you can qualify, and buy then.

Best wishes.........

ps oh, and make sure you understand what is involved in a rent with an option to purchase transaction....there is usually NON-refundable upfront money......or an amount over and above the normal rent that will be forfeited if you don't buy the home!
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Aug 5, 2012
Rent to owns never work out well. Focus on one or the other.
0 votes
Philip Sencer, Agent, Chicago, IL
Sun Aug 5, 2012
Rent to own is almost impossible to find in this market. Just wait until you can get a loan and buy.
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Aug 5, 2012
Lease/Option
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.

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!
0 votes
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