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Rent vs Buy in Dallas County : Real Estate Advice

  • All138
  • Local Info17
  • Home Buying61
  • Home Selling12
  • Market Conditions2

Activity 12
Sun Aug 4, 2013
Dixon Wong answered:
As a realtor, we are not allow to do any rent to own transaction.

You can find a home that owner will able to do seller financing so you can work out payment details with him/her

Dixon
Realtor
www.findyourtexashome.com
... more
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Sat Mar 9, 2013
Mattie Brown asked:
Fri Feb 8, 2013
pbettye99 answered:
Will you please give me the question you want me to answer?
0 votes 1 answer Share Flag
Tue Jan 8, 2013
Kenneth "Kenny" Bebensee answered:
Whatever the lease states and it will state the terms when the lease goes month to month.

Kenny
Turtle Creek Realty
0 votes 8 answers Share Flag
Wed Feb 18, 2015
Kenneth "Kenny" Bebensee answered:
Fri Nov 4, 2011
Don Tepper answered:
You can't do lease-options in Texas. They're OK in the other 49 states, but Texas has some very strict regulations that effectively block most types of lease-options.

Here's a blog I wrote on how to find them (if you're thinking of doing it somewhere else): http://bit.ly/findaleaseoption

They're not hard to find. And there isn't much in the way of initial qualification. The owner of the property simply has to agree to: (1) lease the property to you for a specified period of time, and (2) give you the right to buy the property during a specified period of time. So, upfront, it's often only about as difficult as leasing. The challenge can come later, when you want to exercise your option and actually buy. At that point, most tenant-buyers seek conventional financing. And so, at that point--depending on your option period, it could be 2, 3, 4 or more years away--you'd have to qualify just like any other buyer.

Some of the websites out there are legitimate. Others . . . I have my doubts. Tip: Don't pay any money upfront to "join" or "become a member." Legitimate investors will make plenty of money on the transaction itself. They don't need to get $25 or $50 or whatever from people looking for lease-options.

Finally, have a lawyer review all lease-option paperwork.

Hope that helps.
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Wed Feb 18, 2015
Dallas Texas answered:
You need to identify what your monthly budget is regarding your search. If you are an agent you should be able to use MLS for search.

Craigs list we are well aware have many scams. Best work with listing agent AND you are agent handle transaction.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Tue Mar 16, 2010
Patrick Thies answered:
You have a couple of questions here on Trulia. It sounds like you need some to help quide you.

First speak to a lender to see if you will qualify for a loan. You could bring someone with you and ask questions. Don't get into anything until you understand what it is you are signing or doing. ... more
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Tue Mar 2, 2010
Voices Member answered:
I don't really understand your questions. I'm assuming you mean that you are wondering if you should purchase a home and take advantage for the tax credit but your credit is not good. First off, speak with a lender to see if you can obtain a loan with your credit. Secondly, you will need to move VERY quickly to capture the first time home buyer credit. You must be under contract before April 30th and close by the end of June; not a lot of time to find a home you love.

I really have no clue what you mean by getting a loan from your bank or filing bankruptcy and it all stopping you from renting. You may need to clear that part up for anyone to help answer that part of your question.
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0 votes 6 answers Share Flag
Tue Mar 2, 2010
Bruce Erickson answered:
Sabrina .. There are lots of 2 bedroom homes in Dallas country with 1 1/2 and 2 baths in our MLS system available for lease. You need to talk to an agent who works leases about your specific needs and what is required in applications, credit and deposits. I am sure you can find something but it will jtake some work on yours and an agents part.

Good Luck .. Bruce
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Tue Mar 2, 2010
Bruce Lynn answered:
Kathy,

1st thing you want to do is get prequalified with a lender. See how much townhome you can afford and what the monthly payments will be. In today's market this may be cheaper than renting. Once you determine if you can get a loan and how much loan, then pick a part of town to focus and find a place that works for you. If you can do this by April 30th, you may also qualify for a nice tax credit.

Good luck.
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Wed Oct 28, 2015
Lukasz Wojtuszkiewicz answered:
The best place to start for any home buyer in today's market is to sit down with a mortgage lender and go over all of your finances. This way you will find out what you can afford. Find out what the homes in your desired area are going for and if you can't afford them, also ask the mortgage person if there are any steps that you can take to fix up or build your credit, so maybe you can. ... more
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