Profile picture for MarthaMeighan

Can I buy using the rent to own plan in Flagstaff, AZ? I would like a nicer older place..

  • August 28 2012 - Flagstaff
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Answers (6)

Profile picture for Blue Nile
If the issue is the down-payment and you have lower income... there may be several government programs that you might qualify for to assist with the down payment.  Contact the housing department in your local city or county.  Sit down and discuss with them the options that may be available to you, and any programs that might be available for your situation.

But remember, if you purchase, you are also responsible for the taxes, insurance, and maintenance.  Purchase is not always the best decision.  Make sure you run the numbers and do the comparisons.

I agree with wetdawgs, rent to own is rarely a good idea for renters, as they rarely are actually able to purchase, and it is costing them more money for nothing in return.
  • August 28 2012
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Profile picture for wetdawgs
There are certainly sellers who are willing to consider rent to own, but it is up to each seller.  

You would find far more flexibility in choices if you went the traditional purchase route.
  • August 28 2012
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Profile picture for MarthaMeighan
Hmm. I was hoping for such a lender/seller. I am on several websites that allow that, some who are willing to roll the down payment into the rent contract...
  • August 28 2012
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Profile picture for wetdawgs
"rent to own" is something that a seller must agree to.    Very few sellers are willing to get into such a situation.

If you do find one with a property you are interested, plan on:

a.  A very large down payment, probably not refundable.

b.  Contract price established at the beginning, with two to three years to get traditional funding.

c.  The only amount going to purchase price is the amount above and beyond the fair market rent.   This also tends to be non-refundable.

Rent to own is rarely a good situation, and offers potential for a potential buyer to lose a lot of money.  If you do get involved, make sure to hire an attorney to review the contract.
  • August 28 2012
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Rent to own can be very risky for a buyer. Especially in a market where home owners are losing their homes and tenants don't find out until the bank comes knocking on the door. I would recommend you find a realtor or even an attorney that specializes in Lease Purchases and Lease Options. In my opinion, you may be better off speaking with a lender for advice on what is necessary for you to do to buy a home the conventional way in the future when you're able. 
  • August 28 2012
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Profile picture for Ofe Polack
The answer is yes, if you find a seller willing to enter into such an agreement.
  • August 28 2012
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