Rentals in Forest Park East>Question Details

Taheashaquinn, Home Buyer in Columbus, OH

iam intering in renting to own around karl rd in northtown blv

Asked by Taheashaquinn, Columbus, OH Fri Feb 17, 2012

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I have located 3 properties in that area that are available. Please contact me at 614 893-0521 or e-mail me at hargravejr@aol.com
0 votes Thank Flag Link Fri Feb 17, 2012
Be very careful, sellers are not subject to the same regulations as lenders. Even if you find one the deal may fall apart years from now. I frequently get calls from buyers that lost a ton because the deal did not work out like they thought it would. You are assuming the seller is in a better position than you are, often a very big mistake. Usually the reason a buyer seeks owner provided financing is because the buyer does not qualify for a traditional loan. Underwriting guidelines protect the buyer more than they do the lender. If you work around not qualifying for a traditional mortgage the risk on your side increases a lot. If you search around even a little bit you will find plenty of “buyers” that tried owner financing or lease to own that did not work out so well. The underlying assumption is the seller will also be able to perform someday down the road. That is a very big what if, people die, get divorced, go belly up, lots of bad things could happen to the seller before you are ready. See more info in the link below I hope my observations protect you, good luck,
0 votes Thank Flag Link Fri Feb 17, 2012
Have you heard of NACA. Go to http://www.NACA.com They work with and have programs available for persons with low credit scores. They are in Columbus Saturday for a free home buying/counseling program. Please contact me for any assistance. Thanks
0 votes Thank Flag Link Fri Feb 17, 2012
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