Profile picture for MovingtoDallas

Can you help me find a rent-to-own by the end of May?

Hello,

I am looking for a rent-to-own home in the Plano area. I am currently living in Washington state and will be moving during the third or fourth week of May.

There are going to be a few challenges. 1) I'm only a little familiar with DFW. 2) I'd like to keep monthly payments under $1,200 per month. 3) I had a foreclosure three years ago. 4) I don't have a lot of cash for a down payment. 5) I am obviously going to be starting a new job after I move.

I appreciate your comments and assistance.
  • April 25 2011 - Plano
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

I agree 100% with Wetdawgs.  All the risk is yours.

In addition, you said that you are not familiar with DFW, what if you end up not liking the area or the home?  Just stick with a lease and when you are ready to purchase, you can pursue that avenue.

I'll be happy to assist you find a home to lease if you need help.  Feel free to contact me through my profile.  Zillow's rules do not allow me to post my contact information here.

Naima
  • April 25 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
I would do a standard rental in a new-to-you community so you can get to know the area.

"rent to own" is often a losing proposition for the potential buyer.    Most sellers want a substantial, non-refundable down payment. In addition, the only amount going towards purchase is the amount above and beyond fair market rent.    Even if you have an attorney approved contract, the owner may decide to forget to pay the mortgage.

Enjoy your move.

  • April 25 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for amandathomas
Hi, and welcome to Texas! While there are leases with purchase options and owner financed opportunities available in the Plano area, Texas laws have changed to make the rent-to-own type of purchase arrangement possible only when written by an attorney. Most landlords who will consider both leasing and selling a property will limit the working contract to either one or the other. A lease property with a purchase option will basically give you the flexibility to pre-negotiate a purchase price, and get your financing in order to execute against a formal offer by a set date, usually no later that the lease expiration date. Sellers may not credit rental payments or give other concessions toward the purchase without having the agreement formalized by an attorney. Does this help?
  • April 25 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.