Home Buying in Rio Linda>Question Details

Amber, Other/Just Looking in Rio Linda, CA

can i rent to own this home?

Asked by Amber, Rio Linda, CA Sun Jun 28, 2009

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As Fred said, you did not give any specifics on which home you were writing about. But as a general rule in this market, most homes are short sales, meaning that they are selling for less than the sellers owe the bank. Therefore, a Rent to own is probably not an option that they can offer. However, if you find someone who is selling for other reasons, the rent to own option may be a viable alternative.

You should research some other discussions here on Trulia for the specifics of rent to own contracts, but essentially, you are completing a lease agreeement in total, with a separate option agreement such that, within a specified period of time, you can purchase the property at a specified price. That right will most likely cost you an upfront fee of, maybe, $!0,000 and will be nonrefundable should you decide not to purchase the property during the option period. There's pro and cons to the rent to own agreement for both the buyer and seller. You will not be eligible for rights as a homeowner (the first time homebuyer tax credit, or other tax breaks) until you execute the purchase on the home.

But in any case, whatever home you're interested in, this question is best answered by the homeowner and a matter of negotiation.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Jun 29, 2009
Greetings from Florida.


More information is needed, please.

Can you provide an Address or an MLS Number?

Then your Fellow Californians can assist you.

Best wishes,
Fred
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0 votes Thank Flag Link Sun Jun 28, 2009
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