We are family of 3 can put 30k down on a house, our credit is being repaired. Low 6's Anyone out there still do rent to own? Yonkers AREA

Asked by Dobirdsmommy, Yonkers, NY Sun Jun 3, 2012

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Donald Mituz…, Agent, Chappaqua, NY
Sat Sep 15, 2012
Yes, but you have to give this a lot of thought. Put yourself in the homeowners position. You agree to do a rent to own. Say you agree to a price of $400k. A year from now the price of the home has gone down. You don't buy and the owner looses. Say the price goes up. You buy the house and the owner looses out on the gain. Either way, the owner looses. If you want it to work, then you have to make it attractive to the owner. Let's say you put up $20k as option money up front. If the price goes up, you buy and you gain. If the price goes down, you don't buy, but the owner gains the option money. This way you are both sharing some risk. Another way you might do it is pay a higher rent with part of it going towards a down payment. At least this way the owner has some protection in the higher rent they collected. If you want to make it work, you have to make it attractive to the owner. There is one other factor to consider. Is the house vacant? If it is, then the owner may be more willing to negotiate with you. If the owner is living in the house, they may not be. Many owners also need to sell in order to purchase their next home. In that case it probably wouldnt' work. Hope this helps.
Don Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Prudential Douglas Elliman
1 vote
Debby Frank, Agent, Scarsdale, NY
Thu Sep 13, 2012
If the terms are right, homeowners may be more inclined to consider it. Call me to discuss further.

Debby Frank
Keller Williams Realty
(914) 498-5443
0 votes
Eduardo Mart…, Agent, Yonkers, NY
Mon Jun 4, 2012
call us we can help Ara 1 R ealty Group.llc or go to http://www.ara1realtygroup.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Jun 3, 2012
There are other factors besides credit that determine mortgage qualification, therefore visit with any licensed loan officer see if you can buy outright, before considering rent to own. Keep in mind that rent to own can be risky, and one could stand to lose a bit of money.....
0 votes
Rey Hollings…, Agent, White Plains, NY
Sun Jun 3, 2012
Rent to own is very rare. If when landlords advertise rent to own, they really mean rent to rent. They may want to sell, but don't want to be handcuffed with a contract to their disadvantage. If you have money for a down payment, the tables turn and you are in control. You can get a sweet rent to own deal if you plop a wad of cash on the owner and offer them something they would have said no to before. If you need an example...AskRey.

Rey Hollingsworth Falu
Licensed Associate Broker
Houlihan Lawrence - Westchester

0 votes
Christopher…, Agent, Tarrytown, NY
Sun Jun 3, 2012
Hi, It's best to connect with an agent in Yonkers that can monitor listings for you. Rent to own can be tricky so make sure they know how the process works and also have an attorney draw up or review the agreement.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
0 votes
, ,
Sun Jun 3, 2012
You can actually own if you want to. I can help you raise your credit above 640 to where you qualify. Email me at mfisher@unitednorthern.com of call me (347) 242-1206
Web Reference:  http://www.markfishernyc.com
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