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Answers (7)
Best Answer
- Norrey Acasio, "BigIslandProperties"
- Contributions:62
I can do a search for you on our MLS for properties that do specify that they will consider terms. Also, even though some Seller's might not at first consider "carrying", they just MIGHT with a considerable amount down. As mentioned, it doesn't hurt to ask once you've found one that you really are interested in.
- Rich Bosselmann, "rbosselmann"
- Contributions:37
Rent to own, also known as lease option can be a good way to pave the way to home ownership at todays prices. However, there are possible pitfalls that you should be aware of prior to entering into a contract. Here is how it works. The buyer and seller must first agree on a purchase price, monthly rental amount, monthly amount to be credited towards principal(over and above rents), length of contract and deposit. The check that you send the seller every month will include rent and an additional predetermined amount to be credited towards the principal balance. It is important to note, that should you decide not to buy this home during the lease option contract period, the seller keeps the monies that have been applied towards the homes principal balance.
If at some point, prior to the expiration of your contract with the seller, you decide to purchase the home, you will most likely need a loan. The lender will review your contract to determine the purchase price and also to subtract all of the additional monies from the price of the home, that you have been paying above your monthly rent payment.There are other benefits to being in a lease option contract when it comes to financing the home (email me for more info). This is when it gets interesting. I have seen situations where the home has drastically increased in value during the contract period and the sellers reluctantly complete the transaction. There are also many instances where the home has decreased in value and the buyers decide not to execute the contract, forfeiting their principal payments. In todays environment, you must also be cautious of sellers that are not making their mortgage payment which can obviously result in a foreclosure. There are steps that you can take to protect yourself and assure the best possible result in a lease option transaction. I would be happy to answer any additional questions that you or anyone else may have on this subject or even seller financing which can be a better option depending upon your specific circumstances.
If at some point, prior to the expiration of your contract with the seller, you decide to purchase the home, you will most likely need a loan. The lender will review your contract to determine the purchase price and also to subtract all of the additional monies from the price of the home, that you have been paying above your monthly rent payment.There are other benefits to being in a lease option contract when it comes to financing the home (email me for more info). This is when it gets interesting. I have seen situations where the home has drastically increased in value during the contract period and the sellers reluctantly complete the transaction. There are also many instances where the home has decreased in value and the buyers decide not to execute the contract, forfeiting their principal payments. In todays environment, you must also be cautious of sellers that are not making their mortgage payment which can obviously result in a foreclosure. There are steps that you can take to protect yourself and assure the best possible result in a lease option transaction. I would be happy to answer any additional questions that you or anyone else may have on this subject or even seller financing which can be a better option depending upon your specific circumstances.
- crevan
- Contributions:2
Good Morning and thank you for the info. Do you know if there are any rent to own homes in the area? At the present I dont have money to put down to buy. We currently pay $1450.00 per mo. and that to me seems like a waste of money when the property will always belong to another person.
- Donna Goorsky, "donna goorsky"
- Contributions:10
Sit down and talk to your Realtor.She/He can explain the pros and cons of rent with option to purchase.I am working with several clients that would like to own a home but need a little time to repair credit, ect, but would like to purchase...within a year or so.Together we go through the available homes in the area (and price range that they can afford)Then I begin calling to negotiate on behalf of my client. IT IS POSSI9BLE TO RENT TO OWN,,,EVEN IF LISTING BEGAN AS FOR SALE.!!!!!! GOOD LUCK
- AL McCaw, "Al McCaw"
- Contributions:286
Yup I do. If you are interested in Las Vegas, click my photo to get my contact info. Email me and I'll send you a list. Specify if it is for investment purposes or for your primary residence.
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
You could contact a local Realtor who will send you listings that indicate that owner financing is available. It could save you a lot of time and disappointment.
- John Stewart, "nwhome.us"
- Contributions:2166
Step #1 - find a home that you want to buy.
Step #2 - ask the seller if they wold like to do the financing. You'll never know unless you ask the seller.
Step #2 - ask the seller if they wold like to do the financing. You'll never know unless you ask the seller.
I would like to know if you have any properties with owner financeing
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