My wife and I are looking for a rent to own property in Fairfield, Ca. (94533/94534) and our credit needs some work. How can we pull this off. Bodie

Asked by Bodie, Fairfield, CA Mon Aug 15, 2011

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Don McDonald’s answer
Don McDonald, Agent, Napa, CA
Tue Aug 14, 2012
I would recommend you stay away from the "Rent to own" scenario. Often these deals end up very sour. Imagine all that can go wrong. Typically you pay a premium (Higher Rent) to allow partial funds to be set aside for a presumed down payment. You agree on a price, terms etc., But things change and change fast. I always ask the question "What If". What if the values go down, what is the go up, what if interest rates increase, mortgage insurance goes up, what if the home doesn't appraise during the purchase period, what if something major happens to the home, what if Fannie Mae, Freddie Mac stop allowing 3.5% down. All these can cause serious issues and a loss of your hard earned savings towards the home. These questions and hundreds more should be answered prior to any "Rent to Own" deal is made. The smart move would be to rent either month to month or for a shorter lease period and save, save, save. You will be surprised at how quick you can save 3.5% for a down payment.
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Dianne Langs…, Agent, Fairfield, CA
Tue Aug 14, 2012
There are many rent to own companies in existence. Investors routinely buy properties today with the intentions of renting them to people like yourselves that would eventually like to own them. Waypoint Group is one such entity. Google them, or I can provide you with their website. They may be able to help you.
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Don Tepper, Agent, Burke, VA
Mon Aug 15, 2011
See my blog on how to find rent-to-own properties.

Hope that helps.
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Ron Thomas, Agent, Fresno, CA
Mon Aug 15, 2011
someone else just asked the same question:

A lot of people are in the same boat:

Find a house that is managed by the owner; not a Property Management Company.

Meet them at the house and tell them your story; be open and honest.
If they won't rent it to you, you probably did not want them as your landlord anyway.

Good luck and may God bless
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