with regards to st. andrews community in wellington, can any of the for sale condos be a rent to own option? my name is Lou and my email is procop85@a

Asked by Ljb1010, 33414 Sat Sep 18, 2010

recently short saled in November of last year and took a pretty good "hit" want to get back in the market wit a condo

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
,, , Jupiter, FL
Sat Sep 18, 2010
Lou, I would not recomment rent to own, or lease option. Considering your previous situation, your best option is to lease, and put money away every month for savings toward purchasing in the future. I don't know all of your circumstances but it may be several years before you will qualify for another mortgage. On another note, condo financing is still next to impossible to get. That may change in the future.

Don't lock yourself into any property right now.

I hope this helps you.

Craig Fialkowski GRI,CDPE
ERA Herman Group
561-827-1790
Newflproperties@gmail.com
0 votes
Tom Priester, Agent, Tequesta, FL
Sat Sep 18, 2010
Lou,

Many times properties that are listed for sale may be open to a lease with a purchase option. It will certainly depend on the owners debt on the property and the offer you are making. As the saying goes; anything is available at the right price. Any scenario for a rental agreement with an option to purchase will involve 2 legal documents; the lease and the option.

The option to purchase should specify the length of the option (typical is anywhere between 1 and 3 years), the purchase price of the contract and the option price and how it will be paid. Many times we see the option added to the monthly rent and placed in an escrow account as the down payment towards the purchase price.

I do know of three units in St. Andrews at Polo Club where there is a realistic expectation the owner is very open to this type of transaction. Again, a lot will count on the terms of the option offer. If you would like to explore these opportunities in greater detail, please feel free to contact me at your convenience.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Willaims Realty
561 308-0175
tom@tompriester.com
Web Reference:  http://www.tompriester.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more