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Rent vs Buy in Ohio : Real Estate Advice

  • All353
  • Local Info13
  • Home Buying205
  • Home Selling39
  • Market Conditions1

Activity 36
Wed Aug 17, 2016
Valoanfinanceus answered:
Down payment is required for every home buying loan escape VA mortgage. If you contact a VA loan consultancy, such as, your loan definitely approved by the authorized lender. ... more
0 votes 8 answers Share Flag
Sat Jul 9, 2016
Pamela.d.wingate asked:
We moved into our home in Feb. Paid $3500 that was to be used towards rent or lease to own option. Our landlord is now saying the lease underwriting company wants to evict us. I've…
0 votes 0 Answers Share Flag
Fri Aug 7, 2015
thinz answered:
Rachael - I'm going to disagree with Larry's response and here's why...
First, I would not want to ruin someone's dream for getting ahead by thinking that there are only 2 scenarios and both are undesirable.
Yes, I agree I would not want to rent/buy from a place where maybe someone was murdered, or ran a meth lab (pretty extreme examples don't you think??) but I certainly think making an offer based on a seller's motivation is about if there are many homes on the market, and the seller is just lumped in and can't make a sale? To me, I love expired listings for making offers with owner financing or other creative terms that possibly you are not being considered or mentioned. There are many homes sold based on a price locked in for 10-15 years or more? A lot!! These kind of deals are becoming more common for motivated sellers that just want to get out yet have a steady income stream in the process. So I don't agree on both hypothetical scenarios and would not want a potential homeowner to avoid this option to get ahead. For you, I'd recommend you carefully evaluate and do your due diligence before signing an agreement. If you have a friend that is in real estate or law, or a title agency you may want to consult with them on any potential agreements you consider.
There are motivated sellers that do not have sneaky reasons for selling...requires asking questions and doing a quick title search to see more about the other liens or issues that may impact the sale of a home. Worth checking....don't just give up based on a post here. Email me directly if you have any other questions about it. Tom Hinz
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0 votes 2 answers Share Flag
Mon Mar 16, 2015
Gerald Feenstra answered:
Hi Rachel,

Some sellers are willing to entertain land contract offers which are similar to a rent to own situation. However, under land contract you are entering into a legally binding contract holding you to the purchase of that property. Rent-to-own properties are pretty rare as it takes a very trusting landlord to enter into such an agreement as the tenant could choose to opt out at any time. Most landlords either have a rental property because of the cashflow it brings in, or they are looking to sell a property in full to regain their investment in a cash form. Unless you're able to find a rental property where the landlord is willing to enter into a rent-to-own agreement, you'll likely have to find either a rental or purchase a home.

I hope this information was helpful!

Gerald Feenstra
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0 votes 1 answer Share Flag
Sun Oct 5, 2014
Mike McEntush answered:
One of the best resources to find rental homes are through Craigslist
0 votes 1 answer Share Flag
Tue Jan 28, 2014
Dustin Leis answered:
There are opportunities in the Greenville area to purchase homes on Land Contract. Land contracts are simply when the owner of the property acts as the bank. Now that sounds simple, but they are very involved and you need to have a real estate agent or attorney involved in the process. Most of the time you will still need to put up a down payment for the home. You can reach me at 548-5750 to go over the entire process.
Dustin Leis
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0 votes 1 answer Share Flag
Mon Nov 11, 2013
Kimberly Lawson answered:
That's a loaded question (referring to credit). Concerning things 20 yrs old, they shouldn't still be there..? It is difficult to give specific advice when we don't have the full picture.. However, there are certain rules for say an FHA loan that limit collections etc. Depends on the collective balance. The short answer is, YES, there are options out there for fair credit. If you have add'l questions, I would be happy to help. Best wishes otherwise, Kimberly Lawson, Ohio licensed mortgage loan originator. Contact add licensing information can be found on my profi ... more
1 vote 2 answers Share Flag
Fri Oct 18, 2013
Trevor Curran answered:
Good morning Kenan Jue,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

Key Points of Rent-To-Own:
• Portion of monthly rent payment is set aside by Landlord towards a future down payment
• Landlord/Seller locks you into a price today for a purchase tomorrow
• Forces the Tenant/Homebuyer to save towards down payment
• Tenant/Homebuyer still has to apply for a mortgage in the future to purchase the home
Rent-To-Own "forces" savings towards a down payment. Your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.
At the end of the agreement, usually 2 to 3 years, you must apply for a mortgage loan to complete the purchase of the home. The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

You can save for a down payment on your own.

If you are dedicated to the idea of buying a home, create a savings plan. When you have enough for a down payment YOU get to decide on the price you're willing to pay for a home based on market conditions.
With Rent To Own you're locked in to the house and to the price. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Get Prequalified by a local Mortgage Banker. You may find you're qualified now for a mortgage loan.

Trevor Curran
NMLS #40140
... more
0 votes 7 answers Share Flag
Wed Aug 21, 2013
Bryant Mero answered:
Good morning,

It would actually be in your best interest to work on building your credit and rent in the meantime. There are various credit repair agencies that can assist you and I can recommend them to you. Consider getting a rental within or below your budget. This will allow you to save up for a home of your own while your credit is being repaired so you may qualify to buy. Renting to own is risky and there are various pros and cons depending on each persons unique situation.

Feel free to contact me directly at the number below if you'd like to be advised further on this. In looking at your own distinct situation, together, we can come up with a proper solution that fits your needs and future desires of home ownership. I look forward to being of service to you!

Bryant Mero
EXIT Realty Search
917- 327-7870
Certified Buyers Representative

If you thought my answer was helpful please give me a "Thumbs-Up" or "Best Answer"

Good luck!
... more
1 vote 6 answers Share Flag
Mon Jul 1, 2013
Bridgette_Evans asked:
Add some detail about your question
0 votes 0 Answers Share Flag
Wed Apr 17, 2013
Kimberly Lawson answered:
Hi Sarah,

I would also add some things that you might not have considered.

I'm sure you've heard this ole adage, you get what you pay for. Based on the quick search I performed I found it's either 1) a condo, unless condos are prevalent in an area I would pass OR 2) There are a bunch of repairs that will be needed because it's a foreclosure (not to say all foreclosed properties are in need of a lot of repairs).

Isn't cheaper. You've mentioned the monthly cost. Something you're not considering when you own real estate there are property taxes, insurance, mortgage insurance depending on the amount of your down payment (none if you put down 20% or more) and association dues. I'm not making any quotes. I am only using the figures from your original post: if rent is $400 and if you were able to obtain a loan for $180/mo. The $180 + $200 for taxes and insurance for Single Family Residence or for a Condominium you'd pay for the same taxes but the insurance you pay is an HomeOwner's Association Dues (which includes walls out insurance for the Association) and then you buy a H06 policy too, this covers the walls in and your contents/personal belongings the cost would be over the original $200 used solely for example purposes. All in total either way you're paying just as much as renting, if not more, in monthly cost.

I haven't even mentioned that with a landlord, they fix everything! If you own, you are the landlord. There is bound to be something that needs your attention.

So, while all of the other advice is great too, I wanted to provide something more towards how it would affect you financially if you did decide to move forward with buying.

I hope this helps.

I am a licensed mortgage loan officer in Ohio only. My licensing and contact information is in my profile.
... more
0 votes 3 answers Share Flag
Tue May 8, 2012
Duane Johnston answered:
sometimes there are RTO's on the list, sometimes we have to find them.
Call or email me, I'll see if I can help you.
Duane Johnston,
Howard Hanna Real Estate
330-752-4892 ... more
0 votes 1 answer Share Flag
Mon Jan 30, 2012
Anna M Brocco answered:
Rent to own situations are rare in this area as most sellers would rather sell outright, therefore do consider working with an agent of your own, he/she can best guide you, approach sellers on your behalf, provide any necessary information, etc. Keep in mind that rent to own can be risky, and one could stand to lose a bit of money, therefore do inform yourself well beforehand, and do consult with an attorney who specializes in real estate. If you haven't done so yet, consider visiting with any licensed loan officer, see if you can simply buy outright. ... more
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Fri Aug 5, 2011
Misromeo asked:
Fri Jul 1, 2011
Nick answered:
thanks for the answer!

no, i did nothing to breach the contract. in the lease, the owner agreed to care for the lawn and snow removal, he contacted me and told me that he was no longer willing to do it. I said the only way I would do it was if he would lower the rent, because I don't own a lawnmower or snowblower. He then said that he wanted to cancel the lease.. I was outraged!

The owner must really not know what he's doing because he missed out on a full month's rent, which would've easily covered any lawncare expenses for the year, by breaking our lease.
... more
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