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My question is regarding a condo that is on foreclosure

What if I saw a home that is in foreclosure and I wanted to rent to own it if I could
  • April 21 2013 - El Cajon
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Answers (4)

lease to own is not an available option on REO properties
  • April 22 2013
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And, lease to own will cost you more money up front in the form of increased rent. Then if you still don't have a down payment, or qualify for a loan, at the end of your option period (1-2 years usually), you don't get that money back. Lease options are an investment technique and that's how these investors make their money.  Save either 3.5% or 5% for a down payment, save for closing costs, pay EVERYTHING on time for 12 months so you could at least get a FHA loan (3.5% down, 580 FICO, but 620 is a lot better, many lenders require this).
  • April 22 2013
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Bank owned properties aren't available as lease to own. You would need to find someone to purchase it and then sell it to you on lease to own.
  • April 21 2013
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In our market the banks will not rent or lease to own a home they will sell and that is it
  • April 21 2013
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