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Rentals in Woodstock : Real Estate Advice

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  • Local Info4
  • Home Buying15
  • Home Selling2
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Activity 2
Sat Mar 15, 2014
Dan Tabit answered:
gr8tmagess,
Probably, but you shouldn't bother. Rent-to-own is being a tenant for starters. In most cases you must pay a fee to buy the "right to buy" at a later date. You generally also pay over market rent, hoping to apply some portion of this rent toward your down payment. All of this extra money is lost if you don't exercise the option within the timeframe of your contract.
You have no more rights than any other tenant and the only reason a landlord/seller would do this is if it was in their financial interest. In any market there are few if any available, so your options will be slim. You must qualify for a mortgage when the time comes or you've accomplished nothing.
A better alternative is to find an inexpensive place to rent and put your time and energy into qualifying for a mortgage as soon as possible. You'll have more options, more leverage when making an offer and no risk to your money.
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Sun Aug 26, 2012
Pamela King answered:
Dear Irene,

Just as James advised, renting with an option to buy or a land lease will be an option under rentals or homes for sale. However, most of the time these types of transactions are negotiated as buyers and sellers may not be aware of their options. I do not know any web sites advertising this directly. I would be glad to work with you during your search.

You may contact me at pamela.king@bairdwarner.com or 815-245-5725
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Rentals in Woodstock Zip Codes

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