Home Buying in Shippensburg>Question Details

Mpiper73, Home Buyer in Shippensburg, PA

does anyone know of any rent to own properties available.?

Asked by Mpiper73, Shippensburg, PA Tue Aug 30, 2011

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8
Are you still looking for a Rent to Own property? My Wife and I have one available. Are you open to areas other than Shippensburg? I also know of at least one other Rent to Own property if it is still available.
0 votes Thank Flag Link Mon Jan 2, 2012
Buying is really a better option these days and with the FHA req. being so low I wuld really advise that route!
0 votes Thank Flag Link Mon Sep 12, 2011
Hi Mpiper,
I receive calls often asking for information about Renting to Own, and my first response is, "What is your time frame to purchase and be in a house of your own?" Most folks have no time frame, they just don't have the funds for a down payment and closing costs. While Rent to Own is an option for some and sometimes works, I have a few cautions: 1) have an attorney prepare a Rent to Own contract with the landlord/seller and you (renter/buyer), 2) make sure that when the time comes to purchase the home, have a reserve of at least 3 months mortgage payments saved, 3) there a scams out there, sadly to say, especially with homeowners who are in default and on the verge of losing their home. Hire a Realtor that specializes in the area in which you want to live, and ask that they check with a title company the status of the home whether it is in default or foreclosure. If not, hire that attorney to prepare a contract. My recommendation: rent, save, then buy the traditional way. Here is a link that offers more info.
0 votes Thank Flag Link Mon Sep 12, 2011
i want to reiterate what Mikel stated...but maybe more direct at the risk of being offensive. "Rent to Own" is a scam, it doesn't work. JUST RENT FOR NOW, home prices are not climbing. Rent, SAVE, SAVE SOME MORE, THEN put 20% down on your next home bye making the sacrifices today for your future benefits. That is the only way you should ever consider buying a home. yes harsh, but be motivated by this not discouraged!! It can be done! I am living proof of it. yes lots of beans and rice but LIFE is just as good living within your means as it is living a lie by living in excess of your means.
Here is a blog about When it is a good time to buy....Patients is your answer.

http://blog.house-guy.com/when-is-it-a-good-time-to-buy-real…

best of luck.
0 votes Thank Flag Link Wed Sep 7, 2011
I bought and paid for a house rent to own and it worked perfectly for me. We did have a lawyer draw up the agreement and paid it off in 15 years. I would do it again in a heartbeat. We sold that house and bought a large one conventional mortgage and I would still consider rent to own if I was to purchase another home. It may not work for everyone and you need to do your homework by getting a professional contract, but it does work. Luckily for both me and the seller no commission was paid either! LOL
Flag Thu Oct 11, 2012
M,

I am always confused by so many people asking about rent to own. The vast majority do not end up "buying" it or excercising their option... they often get into a higher than market rent situation for the option .... and if they DO end up in a position to buy... they now have locked themselves into one property instead of the hundreds or thousands of other options out there. Do yourself a favor.... Rent for now... when you are ready to buy, call a Great Buyer Agent who is a Realtor in your area and find the best deal to purchase.. and buy it on those terms.
0 votes Thank Flag Link Mon Sep 5, 2011
Hi Mpiper,
You could get a bunch of solid listings with the rent to own by contacting a local agent and requesting those types of listings. It's very common to get those types of listings in today's market. But soem of them do want credit scores etc.
Deeley Chester
0 votes Thank Flag Link Mon Sep 5, 2011
I have a property in Phoenixville that is 'rent to own"!
0 votes Thank Flag Link Sun Sep 4, 2011
Consider working with an agent of your own, he/she will be your best guide. When it comes to rent to own properties, do reserach and inform yourself well beforehand, you could stand to lose a bit of money if things don't work out as planned...
0 votes Thank Flag Link Tue Aug 30, 2011
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