I am looking into rent to buy a home, however i have heard mix reviews about homes being solid while the family believes they are renting to buy?

Asked by Katrisse Kekona, Ontario, CA Sun Jan 27, 2013

bad credit score, single family income, no evictions, looking for a affordable price in a nice area.

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Hena Martin, Agent, Hot Springs, CA
Fri Feb 1, 2013
Sometimes the seller will do a owner carry back with a substantial down payment and more details that take play in this transaction .E mail me or call HENA MARTIN BROKER
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Jan 27, 2013
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
Joan Patters…, Agent, Rancho Cucamonga, CA
Sun Jan 27, 2013
Why would you want to rent right now when rent is about the same as purchasing. WIth interest rates on the rise, you should try to get into a home. I understand you have a bad credit score, but work on getting it fixed-I have a great lender that will help you for free! He loves helping people get their credit back in order.

Please let me know if I can help you in any way!

Kind regards,

Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Jan 27, 2013
Rent to own is full of problems and when you look into the practice I hope you would run away from it yelling and screaming in fear. They are a horrible idea for anyone with bad credit, do you understand to be able to buy it you HAVE TO GET A LOAN! It is not rent for 2 years and it's yours, you must get a loan and the lender must know the house is worth what you have agreed to pay 1-2 years earlier. How can you possibly know what the house will be worth in a year or two??? If you don't buy it for that agreed amount and at the agreed time -- YOU LOSE it and all the extra rent and option money you gave the owner and he gets it back and he can sell it. Run from these if you can even find one. They are rare because they are horrible ideas.
0 votes
Great advice Tim!
Flag Sun Jan 27, 2013
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