how can i find a list of vacant homes for sale on a rent with option to buy?

Asked by A96969696, Zion, IL Thu Jun 9, 2011

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MARY JO FIORE-POSTERLI’s answer
MARY JO FIOR…, Agent, Lake Forest, CA
Sun Mar 11, 2012
You should call a broker in your area, but keep in mind a few things:
When writing up a contract you need to have a purchase price that you need to agree upon. In previous markets where homes were appreciating, this would lock in your purchase price.In this market where we are depreciating, the value of the home that you negotiate as a purchase price might be higher in a year or two whenever you state that you want to purcahse and end leasing. It is important to have writen into the contract that you can re- negotiate if that happens, and if you want to walk away you need to stipulate what needs to be done the the money that was set aside to go towards your down payment. Both you and the seller or landlord need to decide what to do with that money if you cannot decide on a price or if you just change your mind and want to walk away...... So, please refer to an attorney once you ahve a contract or lease. Brokers are not attorneys and this type of deal and get a bit complicated in terms of legally protecting you and your money....
Good Luck,
Mary Jo
1 vote
Pardon my typos below. There should be manadatory agreements for sellers to study as a check list inclusion in managing rent- to-own properties to buyers. When a buyer is willing to invest as much money for property, the seller must accept the reality that this is a MUTUAL agreement& that they cannot come in & out of the buyers' paid space simpy b/c they "own" the property. This IS a massive issue& it needs to be sternly addressed. Sellers are considered landlords when they agree to any rent to own contracts. There are MANY stipulations which also need to be included as well as the stipulation which you have described. The seller is in the dead hand poker game here& the buyer is basically the rescuer. The seller had best learn that the longer their property remains vacant based on their Gestapo regulations, t that the reality of foreclosure is guaranteed. Sellers are NOW are "renting" to "foreclosed" property to buyers NOT disclosing this fact. This must also be stipulated.
Flag Sun May 6, 2012
Mary Jo, this is one of the most helpful comments that I have read and being that you have a good grasp in this area, it reveals that your common sense will follow in other areas as well. The Buyer is your strongest suit. Ther seller ALWAYS lies about the true condition of the property and contracts must stipulate precisely what have taught us. Some RE agents are in a dream world in believing that the market is going to ever be as it was. Many home owners have been burnt emotionally& financially & RE Agents today are poorly educated of the many options there are for buyers as far as protecting their contractual rights& in this insane price gouging demanded by sellers. Most of the sellers have lost their mind & they really do not know how to be managers because all that they want is the money. There needs to also be stipulated that an account should be established for repairs as well as sellers are very dishonest in this area. Sellers need to take courses in respecting a buyers' right.
Flag Sun May 6, 2012
Very ethical and well-informed answer and rare for agents. An honest agent who displays compassion will secure a solid future. Greedy agents whose sole goal is to aim for commission WILL suffer. Many RE Agents have depreciated the profession due to insincerity& humiliation against the buyer/ renter. RE agents ought to follow Mary Jo's manner of style. Another thing is that buyers have been victimized by previous owners/ property managers who have been given far too much power to destroy credit reporting more than many realize. Knowledge is power. Work with the buyer who may have some credit issues which may not be their doing AT ALL. Credit reports are not the complete picture and it is foolish to be as simple minded. CR are 90% inaccurate & this is fact. DO not be so easily naive that CR are accurate because they are not. Life happens and owners/sellers are losing credibility due to power plays in harming buyers. Be smart like Mary Jo and consider the complete story.
Flag Sun May 6, 2012
John Walin, Agent, Libertyville, IL
Fri Sep 16, 2011
An agent can customize your search with key work search in the comment field. Also, look at rentals in your price range and those that do indicate the owner will consider leasing with a purchase price in the future. better to just just up rent and not complicate the lease with a land contract one year out. Seller has not much incentive to oblige themselves to a price in the future. Better to rent and have right of first refusal at the end of lease. If you are trying to get some of your rent to count toward down payment on a house that you cannot get a mortgage for/
1 vote
John Walin, Agent, Libertyville, IL
Tue Jun 28, 2011
Vacant is not a defined MLS parameter, rent with option to buy is. If a home is vacant usually it is under foreclosure/short sale and bank wont go along with a more complex transaction. Plenty of rentals out there, not many incentives for a seller to lock in a price today because you have a credit problem with getting a mortgage now.
1 vote
Ekemon631, Home Buyer,
Tue Jul 17, 2012
You have many options to buy and selling houses . Here i can help you by provide a (http://rentalhomematch.com/HomesForRentByOwner.cfm) useful link . Visit this site may be you will be happier.
0 votes
Dfw Real Est…, , Fort Worth, TX
Wed Jul 11, 2012
You definitely need to speak with a real estate agent. This question has many variables. If you're in TX, give us a shout!
0 votes
Michelle Bat…, Agent, Winthrop Harbor, IL
Thu May 31, 2012
The best thing to do is call a real estate office in your area. Licensed real estate agents can provide you with all information listed in the multiple listing service for the area you are looking in.
0 votes
Thatdarnkhat, , Cedar Bluff, IA
Sun May 6, 2012
Such sellers may make a deal with you because they would rather make something than nothing and PLEASE hire an attorney, there is just too much fraud and desperation. Most of this is about approaching this journey in an old-fashioned approach.

If it really means that much to you, it will be worth it. Also, have courage and simply ask (you can even ask your doctors or aquaintances because you never know who knows another and this is how it happens. It really does. You should NEVER pay for a list and many lists ask for too much personal information.

You should NOT have ALWAYS have to provide your e-mail or your telephone number. Too much info. You may search Craigslist, through the real estate section for sale by owner or broker, but be very discerning when doing so.
Make sure they have a telephone number, make sure they are not only showing a picture of the outside of the property, but multiple photos of the inside. Ask all your questions over the phone or e-mail. If they cannot answer it, they are dishonest. I know.


Have a list of questions and negotiate. 90% is about negotiation because there are some sellers who are at the end of their rope because buyers WILL only consider up to 250,000 (the max 300,000 but it had better have everything you are looking for). Most people are willing to make the money and you will be doing THEM the favor by eliminating the middle man. Also, place an ad in a reputable newspaper (not your personal address or home number) but list what you are looking for.

DO all of these things because you never know which may come up for you first. Also, consider if you would like to relocate to a neighboring state with lower taxes.. Make sure that the seller is not in the middle of foreclosing (Google "Blockshopper" and the address. Please). Ask folks that you would not normally ask. I am telling you, this works.

Even contact your local state's office for a legitamate list because they may refer you to a free list or to those who are about to lose their home BUT you may be their last hope. Please organize your options and do it all. Never only stick to one place.

Also contact Silver Crown Agency--Mr. Kershner-- (they will help with rent to owns with out the snotty dishonesty just to lead you to their agency to "motivate" you to buy a house.

Ask you local shop keepers as well, they may have a friend who needs to "rent to own" their property. Be creative, but not using billboards and stuff. save the money and think like a detective. All the money should go to your purchase and not a list. Anything other than that is fraud.

Blessings to You and I know that you will find something, maybe not immediately and maybe so, but beware of the dictorial types. You should have a right to have a pet with out paying 300-600.00 for pet fees, there is something unethical about that.
(cont...)
It is excessive and they will give you a 1000 reasons of paranoid viewpoints just to get that extra money. They'd have to clean the place anyway with a steam cleaner and paint and yet they accuse your pets of being a wild orangatang when they have pets of their own who aren't even trained.

Some ask for "pet interviews" another wanted to leave the pets alone for an hour to see if they would bark. It's insulting.

Dogs are cleaner than kitty litter boxes for example. Anyone asking that much for pet fees or telling you whether you can do this or that, stay far away from.

Seller/owner should only worry about if you can pay the rent and if you are not a criminal, anything more is trying to power play your life.

NOT all Sellers/Owners are dishonest they know who they are (but MOST are greedy and not up front.. they sound like the nicest people ever, but they are just shamelessly unethical and overly judgemental as they need the same criminal back ground checks that thay demand from you and 8 in a row for 3 different friends of mine should tell you to use utmost caution).
0 votes
Thatdarnkhat, , Cedar Bluff, IA
Sun May 6, 2012
Many times, the libraries have workshops where you can sign up for a financial class and then to ask others if they may know of those who are offering such an option. Another thing, is church and other community organizations.

Please be extremely cautious because the sellers/owners are so greedy and dictorial that it has become discouraging. Real Estate Investors and banks may be able to refer you to such information as well.

It also depends on the area you are searching in as well. Another thing is for you to drive around to the neighborhoods that you are interested in. Some folks may rent their home to you at first and later after you develop a rapport, you may be able to negotiate.

Many times, a listing of rent-to owns are assisted by RE Agents who have pressured the seller to astronomically demand for prices that are unrealistic (most of the lists are very much like this). You could also go to "for sale by owners" because so many of them ask for insane prices for a house built in 1915 for 300,000 & will not get a bite out of anyone..(more info)
0 votes
Thatdarnkhat, , Cedar Bluff, IA
Sun May 6, 2012
Dear Zion, Il,

We have asked the very same question. Sadly, the folks with this information refuse to help because this business is about fleecing the buyer out of everything that they have in as far as pilfering their savings. All that we have seen on-line, particularly, is that when you request for such a list, they ask for your e-mail address and credit card numbers to offer a monthly fee for a list of vacant homes that ought to be free. I may sound cynical, and I am, but there is hope and a lot of what you (just as us) may have to do is to visit the local library, commit to a disciplined amount of foot work (this searching for vacant homes with "rent-to option" offers is a lot like looking for a job and this society has made it such a simple task so difficult. It isn't right and it isn't fair. I have more ideas....
0 votes
Gary Geer, Agent, Antioch, IL
Sat Sep 10, 2011
Contact a local agent for information on homes for rent that offer "rent with option to buy".

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes
Gary, this is not a "dig" against you personally, at all. I am truly speaking for many others who are living in hotels as families right now because of the insanity of simply owning a home. This should not be considered an "American dream" any longer. It is naive. A home is a necessity, not a luxury. Right now, buyers who may have credit issues ( but not evictions or any of the legalities concerning court issues) must be given a greater path of options& help from well informed RE agents across the board. Local agents have very little patience if any b/c they are pressured to make sales& not help the buyers. Rent w/ option should not be as complicated as it has become. Also, there should be TWO applications, one which offers rent renewal & a 2nd that offers rent to own so that the option is there. Most buyers will agree to this more than the agents know. Local agents are very limited in this area. RE agents should KNOW this by now& they do not.
Flag Sun May 6, 2012
Gary, the buyer should ALSO, contact an attorney as well (and a reasonably priced one at that). People are not made of money& the home buying process must include the consideration of the budget on the buyers' end. A Great agent will often have a list of resources to strategize a team for the buyer. The rise in fraudulence in this Real Estate business is so blatant & terribly humiliating. This is serious business b/c serious amounts of money is being exchanged here. This is a new period for buyers& sellers, the days of greed&manipulation will only destroy both parties. Most agents today are DISHONEST regarding the rent to own offers. Buyers are very serious in this area& deserve the honesty needed to know that an agent is willing to assist in this option. Many of the RE Agents become belligerent & will not work w/ the buyer in rent-to own. Buyers need to be able to KNOW that they have the flexibility to OWN anything & cannot be "motivated" to buy when the economy is as unstable.
Flag Sun May 6, 2012
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