i am looking for a rent to own home at least 3/2 in leesburg, fl.. we have enough for deposit and all expenses..just need a listing of homes..help!!

Asked by marby11509, Leesburg, FL Thu Jan 31, 2013

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Debra (Debbi…, Agent, Livingston, NJ
Thu Jan 31, 2013
Well if your credit is that bad (and we don't know what "bad" is, as you haven't shared the numbers) then........simply put, as I am sure you know....... you can't get a loan now!

You don't want to add more financial burden if you're already under stress.

Which brings us back to "rent with an option to own"...if you don't qualify NOW, you better be very certain you will qualify at the end of the lease term.....because if you don't, and can't be approved for a mortgage, and cant buy the house...........you will LOSE your deposit.

Do you really want to risk that?
There are a number of other issues, negative issues, with this kind of arrangement.

Work on getting your scores up to an acceptable level (speak to a olender who can help you with this), and then buy a home.
Not only will you have a full selection of homes to choose from, but you won't be jeopardizing your savings.

Please speak to someone who can advise you properly so that you're on the right track....... and not swayed by promises or dreams you won't be able to reach.

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marby11509, Home Buyer, Leesburg, FL
Thu Jan 31, 2013
i have enough saved for a great deposit for a home but my credit is bad and i dont know how to get a loan for a home
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The supply of homes that are available for lease purchase are very limited and will usually require 15 - 20% down upfront with higher than market interest rates and a short term balloon mortgage of 5 - 10 years. You would need $15,000 to $20,000 to put down on a $100,000 home. Are you prepared to put that much down?
Bill Deese, GRI, SFR
Lake County Realtor
Flag Thu Jan 31, 2013
Ron Thomas, Agent, Fresno, CA
Thu Jan 31, 2013
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.

There is no FORM printed by anyone; there are just too many variables.
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!
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Debra (Debbi…, Agent, Livingston, NJ
Thu Jan 31, 2013
OK, I am curious - if you have money for a deposit - why not buy now?

If it's due to poor credit/low income....then rethink this idea of "rent with an option to own", as you may very well be risking your hard earned deposit money.

You see, in a traditional rent /w option to buy deal, the upfront, or deposit money, is NON-refundable if the tenant does not, or cannot, complete the purchse for any reason!

Most sellers who want to sell, sell now, not a year or 2 from now..........that's why your selectionl of homes will be very limited.
Sellers who opt for this arrangement, may be in financial stress themselves - maybe they owe more than the house is worth, so they cannot sell in today's market......or their expectations are unrealistic.

There are a lot of potential dangers for the buyer in this type of arrangement...........and contrary to what you may think, all of the rent is NOT credited to the purchase (in most of these kind of deals)......only an amount over and above the normal rent would be credited...........or FORFEITED if the sale doesn't proceed.

Make sure you fully understand what you might be getting into.
If you're not financially able to buy now - I suggest you work on that first, then buy when you're able to do so.

Best wishes.........
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Tim Moore, Agent, Kitty Hawk, NC
Thu Jan 31, 2013
You sound like you are going to find a lot of them to choose from. If you find 1 I would be surprised. they don't work and waste time for a seller so sellers avoid them, you should too. rent and buy when you really can. To buy one you have to get a loan you know.
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