Are there any homes that have the option to rent to own?

(0) | asked by: Elizabeth Sprecher | share | 36 months ago | Report

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There are rent to own options out there. But basically what that is consists of a rental agreement with an additional payment that goes into an escrow account that would be used as a down payment when the house is purchased at the end of a set period of time, like a year or two. However the down side for the seller is that if he agrees to the price at the time of the "rent to own" contract, and the market changes, he doesn't benefit from the increase in potential value. The down side for the buyer, is they are tieing up money that could be used for other purposes, no interest accrued (generally) and they are stuck buying a house with a price that was set at the time of the agreement. Now there are variations on that... but basically that is it... however, principals in any agreement can agree to just about anything, so be sure it says what you intend when you go to sign it. Good luck.
(2)   |   by Connie Saltarelli   |   36 months ago   |   Report
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answer by Jeff Palmer   |   Visit My Website   |   Contact Me
Elizabeth, If you would search the internet in your area for lease-purchase, you may be able to find several options. Thanks, Jeff Palmer
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35 months ago  |   Report   |   share
answer by Ron Rovtar   |   Visit My Website   |   Contact Me
Hi Elizabeth: I would suggest you google Lease-own or rent-own and your city. There are websites that compile lists of sellers who will consider this option. However, be very careful. There are a lot of scam artists out there and I cannot recommend any particular websites. Even with reputable sites, you will probably find a few "owners" trying to scam you. Make sure you have an attorney go over any agreement you plan to sign and avoid any offers that seem to good to be true. They probably will not be in your best interest. Best, Ron Rovtar
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answer by Luther Wormack   |   Visit My Website   |   Contact Me
Elizabeth, this is what I tell my clients who want to find rent to own, "they are everywhere!" You just need to make the offer and not be afraid of rejection. You may need to go through 10 offers on homes before that one says yes. Plus their are several ways to show that home seller that this is a good offer for them. Weather or not you own your next home may just depend on the level of determination you have. I'm always happy to help, so if you need specifics feel free to call or shoot me an email.
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35 months ago  |   Report   |   share
answer by Robert Hughes   |   Visit My Website   |   Contact Me
More and more sellers are realizing that in order to market their property effectively in this Real Estate climate we are in; allowing Lease-Purchase(rent to own) and Owner financing, and offering seller financial assistance to a buyer are additional means to get their property sold. Feel free to contact us if we can explain further. Good Evening, Rob Hughes- Long and Foster Realtors
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36 months ago  |   Report   |   share
LAURA MORRIS
answer by LAURA MORRIS   |  
Yes! That's how we are selling our home in TX. It's now more popularly called "Lease To Own". You'll probably have a downpayment to make, so you need to have some money set aside. Good Luck! PS: Just look it up on your browser to find a multitude of companies that are doing it, but don't forget to look them up under the Better Business Bureau. Because of the poor real estate conditions these days, many sellers like us are using that option rather than forclosures or short sales.
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36 months ago  |   Report   |   share
answer by John Greathead   |   Visit My Website   |   Contact Me
Once in a while there are. Especially when the owner has purchased another home without having sold his previous one and can no longer afford to make two mortgage payments. Then rental is the answer but of course they would rather sell so you usually can get an option to buy. Now you are going to have to be able to present an acceptable case for why you are not qualified to buy now and how you will be in a year or hopefully less. Call me for more information. The Real Estate Disclosure Law requires that I provide you with a written Consumer Notice that describes the various business relationship choices that you have with a real estate licensee. Since we are discussing real estate without your having the benefit of the Consumer Notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential. Any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting I will provide you with a written consumer notice which explains those business relationships and my corresponding duties to you.
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36 months ago  |   Report   |   share
answer by John Greathead   |   Visit My Website   |   Contact Me
Once in a while there are. Especially when the owner has purchased another home without having sold his previous one and can no longer afford to make two mortgage payments. Then rental is the answer but of course they would rather sell so you usually can get an option to buy. Now you are going to have to be able to present an acceptable case for why you are not qualified to buy now and how you will be in a year or hopefully less. Call me for more information. The Real Estate Disclosure Law requires that I provide you with a written Consumer Notice that describes the various business relationship choices that you have with a real estate licensee. Since we are discussing real estate without your having the benefit of the Consumer Notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential. Any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting I will provide you with a written consumer notice which explains those business relationships and my corresponding duties to you.
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36 months ago  |   Report   |   share
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