I am about to get married in next three months and am looking for a rent to own or lease to buy option in the Del Mar Carmel Valley area. Help ?

Asked by Rick, San Diego County, CA Mon Jan 10, 2011

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The Salas Gr…, Agent, Solana Beach, CA
Mon Jan 31, 2011
Would love to be able to help you with this search. My name is Jesse Salas and I work heavily in this area. My office is down the street please contact us with any questions or help! In addition, if you are a hero, we can help you even more. I am an EXCLUSIVE Homes for Heroes agent. Can't find another one in San Diego =)

Jesse G. Salas
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Rina Podolsky, Agent, San Diego, CA
Mon Jan 31, 2011
Hi Rick,

Let me add this, I agree with what has been said, however I do understand the logic being wanting a lease to own. Maybe you don't qualify for a loan today but will qualify a year or so from now and you don't want to loose money by simply paying rent, specially now that market trends say that San Diego is one of the cities where it is better to buy than to rent.

However, in the specific areas that you mentioned, there is a shortage of rental properties as it is, if you add to that the fact that you want a lease to buy option, you will have decreased your pool of options by 85% if not more, so you would be limiting yourself greatly to choosing a home not by what is best for you, but for what is available.

I have seen peoples that have done this in the past and when the time to excersize the option to buy comes along, they go out and see what is available for sale and many times they decide they want to buy a different house and in doing so, they end up having paid a costlier rent all along.

My two cents are, explore what is available as a lease to own, if there is not anything that you truly love, go for a cheaper lease, save the extra money in a separate account that you can use as down payment in a year from now, or, if you do qualify for a loan today, take advantage of the mortgage rates and buy sooner rather than later. There are also creative ways to buy that involve some planing, or outside the box thinking that might be an option.

Let me know if I can be of help to you in any way, even if it is just sitting down and assessing your options in a more detailed way and creating a plan of action that works specifically for your situation.

Oh, and Congratulatios on the wedding!!!

Rina Podolsky

Windermere Exclusive Properties
Carmel Valley-Del Mar-Rancho Santa Fe

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Joan Wilson, Agent, San Diego, CA
Mon Jan 10, 2011
Everyone is giving you really good advise. Rent to own, lease to buy....all are set up to benefit the seller more than the buyer. If you have any money left after the honeymoon...you should look at other options. You might qualify for FHA or Homepath loans. If you were in the military, there is VA. You could talk to a seller about being "the bank". All of these options are better.

Good luck,

Let me know if I can help you in any way!

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
License # 01341483

Blog: http://JoanWilsonRealtor.com

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Cory La Scala, Agent, San Diego, CA
Mon Jan 10, 2011
You may not need to go the lease-option route. FHA loans require a small down payment of 3.5%, and they don't go by just FICO scores (580, but some lenders ask for 620 anyway). FHA uses your payment history for the last 12 months, for a variety of accounts. A well-crafted FHA offer could be a good, and cheaper, option if your credit scores are at least 580.

Some lenders need 45 days or longer to close an FHA loan, especially the larger lenders, so be you choose one that routinely closes FHA loans in 30 days or less. I can send you some to contact if you'd like to see if this is a viable option for you.

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Bill Hays, Agent, Cardiff, AL
Mon Jan 10, 2011
Hey Rick:

Why have you decided that is what you are looking for? Most rent to own deals never come to fruition and you as the renter lose money. It will require a consideration (sum of money) upfront given to the seller, plus a agreed upon sale contract, plus generally an inflated rent for which an agreed upon amount is put toward the down payment. You will agree upon the sale price now.

If the market goes down, you won't exercise the option because 1) the sale contract is above market value; 2) you won't be able to get a loan. Yes, you could still work with the seller to try to renegotiate the sale contract, but what is the point? The term can be anything but typically not more than a year or two. Could the market go up and the agreed upon sale price become a deal for you? Sure, but not many people see it that way - probably less than 5%.

Rent to own may not be your best option. The help you need is a professional to talk with who can assist you in building a plan to get to your ultimate goal of home ownership. There are better ways than rent to own. Besides, you have a more pressing event to be focusing on. Let me know if I can be of assistance to you.

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Kristina Ley…, , San Diego, CA
Mon Jan 10, 2011
Hi Rick,
Congratulations on your upcoming marriage!
An agent would need to sit down with you and ask more questions in order to determine what rentals are on the market that meet your needs and then determine what might have rent to own options. I work primarily in North San Diego and my office is in Carmel Valley. I am happy to help.
Web Reference:  http://www.kristinaleyva.com
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Tyler Brown, Agent, Cardiff, CA
Mon Jan 10, 2011
This takes a bit more effort and experience than a regular purchase. It's also difficult to find help from an agent due to the fact that they wouldn't be paid until the option was excercised, if it's excercised at all...

I'd be happy to help you and your fiance find a lease option...Call me.

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