Can anyone recommend a good agency that can help me find rent to own homes in the area , and the rent to own process?

Asked by Heather Monica, 60004 Wed Jun 12, 2013

I've been trying to look on my own, even at regular rentals, because we do need a place before August... i have already had someone try to scam me, and I would feel much more comfortable with an agency assisting me in my search for a temporary rental, or a long term rent to own, which is what we really want. So tired of paying rent to people who refuse to maintain the property.

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7
Barry Smith, Agent, Saint Petersburg, FL
Wed Jun 12, 2013
Dear Monica, This seems to be one of the most common questions asked on here. Rather than repost what I wrote and what another agent wrote, please refer to a previous post in the web reference below.
1 vote
Annette Law…, Agent, Palm Harbor, FL
Thu Jun 13, 2013
Bella,
You posted your question in the "RENTALS in Saint Petersburg" section, however your location appears to be in zip 60004. One can assume you are looking to move to Saint Petersburg, right?
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What really need to occur is an evaluation of your situation. Most purchase and rent to own and lease/options will require a downpayment.
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There are many folks who do lease/optins exlusively. These folks rely on the sign in the yard to capture a citizen to respond. This citizen will not be working with a professional and consequently the outcome is they citizen exits poorer than when they entered.
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The lease/options you WANT will be created by the muliti-dimensional real estate professional who can assess your situaton and match it the abiity of a home owner. THESE SITUATIONS ARE UNADVERTISED AND ARE SELDOM PREDATORY.
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You however must invest in the outcome by picking up the phone and making an appointment. One outcome could be you are not at this time qualified to be a homeowner. That could be the reality. You must be willing to invest in developing the disapline to live within a budget, to save, to reduce your spending, reduce your debt, maintain a regualar job, and increase your income. It's important.
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The agent willing to expose a homeonwer to you must have some confidence you are COMMITTED to home onwership. Too often, citizens look at rent to own or lease/option as a means to circumvent the protections in place to protect them. Qulifiying for a mortgage IS centered on protecting you by insuring you have the resources and capacity to fullfill ALL the obligations, both expected and unexpected, of onwership.
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Don't take the path that appears easy. Do what you know you need to do. Make an appointment with an agent in your destination location.
0 votes
Melissa Goss, , Center Moriches, NY
Thu Jun 13, 2013
I get calls like this all of the time, the thing about situations like this is that A. Our sellers are never looking to rent, they want to sell. B. The seller will probably quote you at a higher number, and only take a very small small small portion of the rent and put it toward the purchase. Hence, they will also require higher rent to make up for the pennies they're putting away for you toward the purchase. Lastly, most agents, including myself will not take part in assisting this sort of arrangement
0 votes
Elaine Cloud…, Agent, South Pasadena, FL
Thu Jun 13, 2013
I forgot to mention the "other" thing. Renting directly from an owner can be a problem because you have little recourse when you need maintenance and the landlord ignores your requests. So, rather than renting directly from an owner, contact property management companies and ask them about their rentals.

In any case, a lease agreement should specifically address property maintenance matters. Who is responsible for the lawn? If is something major, like the roof is leaking, that is the landlord's problem. If the toilet runs or a faucet is dripping, it is probably up to the tenant to take care of minor repairs like that. Some landlords prefer that some matters be taken care of by the tenant, with prior approval, then deducted from the rent. Many landlords say they don't hear there is a problem until it has escalated to a more expensive one, so be sure to say something immediately. Better yet, get an email address you can write to so you have a history.

Word to the wise: never moving into a property that needs maintenance. Somehow it never gets done.

Again, good luck!
0 votes
Pamela Cohn, Agent, Clearwater, FL
Wed Jun 12, 2013
Bella Elise,

Elaine and Barry have summed it up. Most Sellers aren't going to even consider it....they want to sell. Those that do, are usually preying on the person with poor credit or no down payment, either demanding non refundable money up front or a much higher than usual rent price with a small portion going to down payment. Either way they are coming out ahead, getting their money up front, knowing the likelihood of the tenant ever being able to buy is low.

There are 2 types "lease option" where you pay now for the "option" of buying later. The price is not necessarily determined now. It merely means the Seller can't sell to anyone else until your option runs out. Then you either buy and the lump sum up front goes towards your down payment (not your monthly rent). The other is a "lease purchase" where you agree now on a price and when you have to buy (usually 6 mos. to a year) Again they may ask for money up front or a higher than normal rent with only the additional amount going towards down payment.

If you had the money up front it would be better to save it and work on your credit score or in the second case pay an average rent and start saving the additional amount you would be paying in a "lease purchase" and work on your credit.

If Credit is not the issue, and down payment is, I suggest looking into the First Time Home Buyer programs. There is some grant money or interest free loans to help with down payment in some areas. It's important to speak with lenders that are familiar and approved for these programs. You should be working on getting some down payment saved. Going into a home with no down payment and no funds for repairs is what got many into their housing problems.

First Step speak with a lender to see what you can comfortably qualify for or how to fix your credit. Second step interview full time professional agents and find one you are comfortable with and willing to work with you long term. This way you can be learning and following the market so that you will be ready when all your "ducks are in order."

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155
0 votes
Elaine Cloud…, Agent, South Pasadena, FL
Wed Jun 12, 2013
Bella Elise --

We can all sympathize with crummy landlords, but there is no such thing as a rent-to-own that is not a scam, unless you have tons of money. Assuming you do not, you should do one of two things. Talk to a mortgage broker who specializes in first time home buyers. You might qualify for something. (Email me directly for a contact.)

TO learn why rent-to-own is more like rent-to-lose, follow my friend Barry Smith's suggestion below and click the link.

Good luck!

Elaine
0 votes
Elaine Cloud…, Agent, South Pasadena, FL
Wed Jun 12, 2013
Bella Elise --

We can all sympathize with crummy landlords, but there is no such thing as a rent-to-own that is not a scam, unless you have tons of money. Assuming you do not, you should do one of two things. Talk to a mortgage broker who specializes in first time home buyers. You might qualify for something. (Email me directly for a contact.)

TO learn why rent-to-own is more like rent-to-lose, follow my friend Barry Smith's suggestion below and click the link.

Good luck!

Elaine
0 votes
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