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Rent vs Buy in Michigan : Real Estate Advice

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  • Local Info32
  • Home Buying456
  • Home Selling82
  • Market Conditions9

Activity 32
Mon Jun 19, 2017
3ajaan3 asked:
I'm having a hard time finding a place. Currently I am staying with roommates and would like my own home but I keep getting denied. I know my credit score I around 530-590
0 votes 0 Answers Share Flag
Thu Mar 16, 2017
Simssasha6 asked:
Sun Sep 27, 2015
Debra (Debbie) Rose answered:
rent to own favors the seller, not the buyer..I do not recommend it!!

The price is usually set at the beginning of the lease, and an upfront deposit is expected. This deposit is NON-REFUNDABLE if you do not buy the home for any reason. You may also be expected to pay an amount of rent OVER and above the usual rent - only that rent overage would be applied to the purchase, not the entire rent (which is what a lot of people think) ...........and........that rent overage would also be forfeited if you do not buy the home.

You will have very few homes from which to choose as most people who want to sell their homes, and CAN sell, sell now not later.
You have to hope the seller isn't upside down on their mortgage and that they stay current with their payments - otherwise say goodbye to your money.
Lots of risks!

I suggest for now you rent in the normal was while working on whatever it is that is keeping you form buying a home . Once you're ready and able to proceed, then you will have the full selection of homes from which to choose.
Sit down with a lender now, and see what you need to do in order to be able to buy a home in the future.
Best wishes......
... more
1 vote 1 answer Share Flag
Sun Jan 25, 2015
Tim Moore answered:
You can't weed out every possibility that the owner of a rental will not fall into trouble or decide to someday sell it, even using the best Realtor out there. Your Realtor will know how to find out who the owner is, many areas have good public records online so you can match up the listed owners name with who you are talking to. Never deal with an owner that is not there to show you the property, in other words if they say they are in Africa as a missionary and to send them money = that's a scam. Never send money to get keys or an application, those are scams. ... more
1 vote 2 answers Share Flag
Mon Jan 12, 2015
D3lliott1 answered:
You can buy entire packages of properties (with houses) through for as low as $500 per property. Why pay "rent" when you can own??
1 vote 4 answers Share Flag
Mon Jan 12, 2015
tmillerrealliving answered:
Hi Josephine,

Where you ever able to locate and purchase a home?
0 votes 4 answers Share Flag
Tue Oct 7, 2014
Bosophiea asked:
I don't know if this amount will be affordable
I need to know all fixed costs . And I need to live knowing what's my budget ?
0 votes 0 Answers Share Flag
Wed Aug 27, 2014
Ben Vorspan answered:
If you plan on staying in the same house for more than 5 years, it's usually going to make more financial sense to buy.

Contact a local mortgage broker and ask for some details about your break-even point. You should also make sure that you can get pre-approved for a loan that's high enough to buy something comparable to what you rent right now. If the bank is concerned that you're going to retire in 5 years and have no income, they might not lend... ... more
0 votes 1 answer Share Flag
Tue Apr 15, 2014
Morethanlending answered:
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... more
0 votes 4 answers Share Flag
Fri Mar 21, 2014
Frank Fisher-love answered:
Thu Nov 21, 2013
Linda Lee Andrews answered:
yes we are & its threw Hud too!!
0 votes 2 answers Share Flag
Sun Jul 28, 2013
Karen Yunck answered:
I know a house in Riverview that is coming on the market soon that the seller might consider that option. How big of a house are you looking for?

Karen Yunck
Keller Williams ... more
0 votes 1 answer Share Flag
Tue Feb 5, 2013
Roger Belue answered:
Leasing with an option to buy is usually a tricky feat. Lots of sellers will be willing to lease the property for a predetermined contract term without making an appealing option. If an option is made, it's very hard to determine what the value of that option should be. If you sign an option up front to purchase the home after the the lease term expires, the property value may change before that lease expires. This can work for good as well as bad depending on the trend of the market where that property is located. ... more
0 votes 1 answer Share Flag
Sun Jul 15, 2012
Eric Michael answered:

There are very few true good opportunities to rent with the option to buy.

Read the blog I wrote about this at the link below.

All of my contact info is in the blog, in case you have any questions. ... more
0 votes 3 answers Share Flag
Tue Jun 26, 2012
Laura asked:
non distance to school, hospital, market,etc
0 votes 0 Answers Share Flag
Sun Jan 22, 2012
Ryan Halsey, SFR answered:
You can always find a private mortgage investor to borrow money from. It is a short term loan. They can be found on the internet. Called a "hard money lender"
0 votes 3 answers Share Flag
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