Is thihouse a rent to own? and how much down would be needed?

Asked by Terry Shader, San Antonio, TX Tue Mar 5, 2013

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Ron Thomas’ answer
Ron Thomas, Agent, Fresno, CA
Wed Mar 6, 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!

Good luck and May God bless
0 votes
Brenda Sharp, , San Antonio, TX
Wed Mar 6, 2013
This property is for sale and is under contract, meaning someone is in the process of buying it.
Rent to own is very risky for the renter, with many pitfalls. I would be happy to answer any questions you may have and help you find a mortage-lender to answer your questions about the other property you own.
Brenda Sharp
0 votes
Terry Shader, Home Buyer, San Antonio, TX
Tue Mar 5, 2013
I'm looking for a house to rent to own. I don't have a lot to put down for closing cost. I am in an apartment tat runs me 485.$ a month and will be going up in july. I'v been at my current place for 5 yrs . I do have another home, but i have nothing to do with it . Would that be a problem ?It just has my name on the deed with one other person. And she makes all payments, and live there.
0 votes
Kay Kirby, Agent, San Antonio, TX
Tue Mar 5, 2013
This house is for sell only and is currently under contract. Are you looking for a house to buy or rent? Either way I can help you find the perfect house for you.
0 votes
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