Profile picture for tia3456

I am looking for owner finance? Lease option rent to own

4 bedrooms. bellingham, ferndale, lynden, custer, everson??? Please help
  • March 14 2014 - Bellingham
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Answers (6)

Profile picture for wetdawgs
You are carrying a huge burden.    You have two adults living with you, plus a baby and an expected baby (with a grieving mother).    It is very kind of you to wish to continue to support them nicely in a more comfortable home.  But, you may wish to think through this carefully.  They are adults now, and should  not be your  responsibility financially. 

"rent to own" is not simply "pay rent until one day you own the house", it  instead requires a very big down payment and monthly rent more than the fair market rent with only the difference going to ownership.  When you sign a contract, you are signing that in two or three years you will be able to get a mortgage at an agreed date at an agreed price.   If you are not eligible at that time, you lose all the money and you lose your home.   In other words, it is extremely risky to your money.

So, listening to your story I suspect you can't afford to lose $10,000 or $50,000 in a couple of years and I don't hear how you and your adult offspring plan to turn around the family's financial picture so it won't happen.

You know that old cliche of helping people who are helping themselves?   What steps are you taking to improve credit scores (if that is needed)?    What steps are you taking to save up a down payment?   How are you holding the two adults in your household responsible for contributing to the costs of running the household?
  • March 14 2014
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Profile picture for tia3456
Problem is I owned a home and like so many others I got screwed over by my lawyer that I hired.  The plan was to save my house.  I am now renting for the first time in 16 years.  I don't too much care for it but have been managing.  I am a single mother of four, two of which are twins and they are 20.  One of them has a baby and the other is pregnant.  The one with the baby is on her own and the other one was too until this Friday when her fiance died suddenly.  I now have a baby on the way to support as he paid for everything.  My place is too small for all of us and we have two small dogs.  I keep praying to God that someone will see my struggle and reach out.  I'd prefer to own rather than rent.  Just putting my story out there in hopes someone will see my plea and help.
  • March 14 2014
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If you can't get a bank loan there's usually a reason for that.  You'd probably be better off improving your credit situation before buying.
  • March 14 2014
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Profile picture for wetdawgs
Owner financing and rent to own  or lease option are all very rare.     All of them require a substantial upfront payment that is not refundable, so are quite risky.

  • March 14 2014
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  • March 14 2014
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I am not in your area, but your best chance of finding something would be to reach out to real estate agencies in your area to see if they have any home listed that the owners would be willing to finance. Good luck.
  • March 14 2014
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