Profile picture for wsgaddis

Bankrtuptcy and lease to own.

Hello,

I have recently gone through bankruptcy and would want to rent a house instead of an apartment.  Lease to own would be great.  I cannot seem to find local rentals, or rent to own.  Is this something a Realtor would be able to help with?
  • May 11 2010 - Kennesaw
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Answers (3)

Profile picture for Alan Grizzle
Our area has very few rent to own listings. You would be much better just renting something until you can get you credit back to a point where you can buy something. This would give you a much better chance of finding what you are looking for rather than just setteling for one of the few lease to own homes that may not be what you are looking for.
  • May 20 2010
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Profile picture for wetdawgs
Lease to own is something a Realtor could help you with.   Zillow doesn't appear to have a specific category.   

Lease to own is a tricky situation.  Perhaps 1 in 100 to 200 houses for sale are lease to own (number depends on the market), therefore, you are seriously restricting possibilities with this desire.   In addition, lease to own is expensive, and rarely do people actually follow through and end up owning.   Most owners want a non-refundable down payment and only money above and beyond normal market rent goes toward the purchase price.     Why not rent for two or three years to rebuild your credit, your down payment, and increase your flexibility.

  • May 11 2010
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Both of the local MLS services have rental homes and lease purchase homes listed.  You could search for them from most agent web sites including mine.  However with most agent listings they may be more picky about the credit and the bankruptcy likely will be a problem.

You can search for listing on Craigslist or the local paper.  Befoer you sign anything you might want to spend a little money to have an attorney or Realtor review what your signing to make sure you understand the terms.

Let me know if there is anything I can do to help. Good luck.
  • May 11 2010
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