Peaceandpow…, Real Estate Pro in Hurd, ME

Is it possible to rent a house and then in a few years convince he owner you wnat to buy it?

Asked by Peaceandpowerparenting, Hurd, ME Sun Jan 20, 2013

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Thom Colby, Agent, Irvine, CA
Sun Jan 20, 2013
If that's what you want, then at the beginning of the lease term and within the Lease you should spell out the terms under which you would buy and the seller will sell. "Lease-Option". This way you set the price and terms now and there will be no question later.

Good Luck !
1 vote
purefct, Renter, Fullerton, CA
Thu Jul 3, 2014
About 12 years ago I owned three rental houses in Columbus Ohio. One tenant asked if they could enter into a 5 year purchase contract with me. I believe in Ohio it was called a Land Contract. We agreed on the rent, additional payment options towards the equity, and an increasing vesting in the appreciation of the property based on his rent payments. We also agreed on a base purchase price with an option for me to increase the price depending on changes in real estate values (if they rose higher than anticipated).

He did this because his credit wasn't good enough to qualify for a loan and he didn't have money for a down payment. I benefitted because I still received rent and some equity appreciation while he was able to build equity in order to qualify for his loan. In the end I think he completed buying the home in 3 years rather than 5. There was a condition that if he couldn't purchase outright by the end of 5 years, he would receive his Payments towards equity back but would not receive any equity Vesting from appreciation.

I don't know if many people would do this but I liked the guy and wanted to help out and since the house was in a lower income area I feel I sold the house to him for a better price than if I sold to a traditional buyer.
0 votes
Alex Montelo…, Agent, Seal Beach, CA
Thu Jul 3, 2014
You re better off looking for homes that are already listed for sale. Selling a home that you are renting will be entirely up to the Landlord/Owner. More often than not, it doesn't work that way. Unless the owner has the desire to sell. All you can do is ask.

Best of luck,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cel
BRE lic #01456982
0 votes
Ingrid Ski R…, Agent, Mission Viejo, CA
Mon Jan 21, 2013
If you are renting in Ohio I would seek out an agent to help with the laws there and what you can do within the lease contract there. If leasing in california i would talk to the landlord about putting in a clause to have the first right to buy the house. Of you decide to do a lease option to buy did you know by putting the money (amount to be decided) upfront is non refundable. I do not recommend this as why would you want to tie up or lose this money. You would also determine the price of the home as this time which could be a good deal to you locking in an amount and no so good for the seller i would not have my hopes up for buying the house that you rent as most owners are using this for additional income for them
You would be better finding another home in that neighborhood that maybe more willing to sell. So have all your ducks in a row before having the agent check with the homes sellers in the neighborhood first. Get pre-qualified so you can show you re a strong buyer and have x amount of money in the bank to close the deal. Good luck

Ingrid Ski Realtor
0 votes
Todd Foust, Agent, Anaheim, CA
Sun Jan 20, 2013
Sure its possible but just remember they have no obligation to sell to you because you have rented the house. Thom gave you good advice, I'd only add that if you really want to buy the house, you'll need to find a homeowner that will have motivation to sell. No easy task, most times its easier to shop from the homes listed at the time your ready since those owners have shown the motivation you'll need.

Trying to get somebody to sell something that they have no need to sell is usually an expensive proposition for the guy buying it.
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