any house for sale can be rent with option to buy? who gave that option? the owner?

Asked by Josie Gonzalez, Miami, FL Mon Nov 12, 2012

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7
David Siddons…, Agent, Miami, FL
Tue Jan 22, 2013
The Option to purchase after renting can be given by the owner/seller. You ofcourse can always ask for this option.

I have handled some cases in which the renter purchased the house afterwards so I could give you some more details. For more information contact me on 305 508 0899 or drop me an email at siddons.d@ewm.com
regards David Siddons
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Jan 22, 2013
Lease/Option
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
marc jablon, Agent, Boca Raton, FL
Mon Nov 12, 2012
It is unusual to find a home for rent with an option. However, as noted below, there are occasional exceptions. Most owners who rent with an option will be checking the buyer's credit rating. That is because at a certain point, whether it is a year, or 2 or 3 down the road, the buyer will need to purchase the property and obtain a mortgage in order to do that.

The owner will usually expect a lump sum deposit paid up front that shows that the buyer is serious about a future purchase. This deposit is typically non-refundable. If the buyer decides not to purchase the home, the buyer will lose that deposit.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Alberto Baca, Agent, Miami, FL
Mon Nov 12, 2012
There are houses for sale with the option to buy but they are a lot less common. The owner is the one who makes that decision. You're welcome to contact me if you have any other questions.

Thanks,
Alberto Baca
The Keyes Company
305-218-2504
0 votes
Vivian De Ma…, Agent, Miami, FL
Mon Nov 12, 2012
Dear Josie,

As Mr. Epstein said on his response to you, not every house that is for sale can be rented with the option to buy. There are certain houses for sale that the owner gives the option of renting for a period of time and after that period, the tenant buys the property.

All the terms are to be negotiated at the time of executing the contract which is a rent to buy contract. There are also houses for rent that once the tenant negotiates the terms, a right of first refusal is added to the contract. This means that if the owner is going to sell the property, the tenant has the first option to buy the property.

Is there any special reason why you are looking to rent with the option to buy? Interest rates are very low at this time and rental property has gone up because of a shortage in inventory. I suggest that you get pre-qualified to buy and look for a property in the area you will like to live.

If I can be of further assistance, please do not hesitate in contacting me, you can reach me at 786-406-0503 or by email at vivian@marchena-mena.com.

Best of luck.

Vivian de Marchena
Realtor Associate
Fortune International Realty
2401 S Douglas Rd
Miami, Fl. 33145
0 votes
Steven Epste…, Agent, Coral Gables, FL
Mon Nov 12, 2012
No not "any house" the owner has to be willing to offer such terms, so YES it it the Owner that "grants you the option for a specific price & upon a specific set of terms which may include you forfeiting your option money deposit if you fail to exercise your option. Please send me you phone no so we can discuss this more interactively and we can get on the same page. Regards, Steve 305-546-5132
0 votes
Anthony Khou…, Agent, Hallendale, FL
Mon Nov 12, 2012
Josie,I got a beautiful house rent to own
New construction,let me know if your interested
Anthony Khouri
305 300 8540
0 votes
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