Tanya Willia…, Renter in Upper Marlboro, MD

Is is possible after a "hardship" and low credit to rent a condo and perhaps later as credit improves try to buy it at the same low price?

Asked by Tanya Williams, Upper Marlboro, MD Sat Mar 19, 2011

I have no money down, but can gurantee rent will be paid on-time "every" month which will include electronic deposit. Is is possible?

Help the community by answering this question:


As a Real Estate Agent, I would never tell someone that they couldn't rent or buy. Timing and proper preparation are key for any goal. In your particular case, your hardship may need to be properly explained to your new landlord. That way , they can see what happened in your life to produce this hardship. I always have my clients write a strong credit explanation and offer payment options, that would advantageous to a landlord. This shows you are trying and may be favorable in your case..
So stay hopeful, put your best foot forward! Once you are ready to consider buying a home, speak with a mortgage lender to discuss what options you have and give yourself time to put this goal in motion. Good luck!
0 votes Thank Flag Link Sat Mar 19, 2011
Hi Tanya.

If by hardship you mean you sold a property in a short sale.
, most banks require a 3 year window before you can get a mortgage. With low credit, most landlords will be looking for a few months security. What you are asking about sounds like a lease with an option to buy. If you find the right seller/renter that may be possible. The problem is most owners want a downpayment for the buyout offer, and most lease buyout contracts are set for a certain time pewriod with inflation adjusters built into the ultimate ourchase price. Good luck$
Maureen McEnroe
Licensed Real Estate Broker
Prudential Joyce Realty
0 votes Thank Flag Link Sat Mar 19, 2011
Hi Tanya,

I would agree with Lori, You have to evaluate the timing on purcahsing. Additionally, rent to owns are not typically the best way to purchase, because purchasing is a emotional and financially delicate situation. When you decide to purchase, you want a particular home that you love and meets your needs. Most time people buy rent to owns because its convenient. If you are going to rent, then rent until your credit gets better, once your credit is in order then buy a property that you love and meets your needs. Call Lori Woodruff if you have any further question see is extremely valid professional in the marketplace.
0 votes Thank Flag Link Sat Mar 19, 2011
Dear Tanya, yes it is possible but not easy. It depends whether the owner of the condo empathises with you and your "hardship". How low is your credit. One would have to look at your credit report to give you further advice. But I will be glad to meet with you and figure out the best possible way to approachyour dilemma. Call me, Elisabeth Salchow, RE/MAX United Real Estate, 301 627-9200
0 votes Thank Flag Link Sat Mar 19, 2011
In many instances apt. complex is less expensive than a property owner condo.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Mar 19, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer