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looking for a rent to own home home

looking for a rent to own home or a land contract
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July 23 2010 - Kokomo
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Hi...most of the rent to own properties I see never materialize into an actual transfer or property.  I think most would either have no commitment (rent)...or buy outright.  If you have a decent credit score now is the Time to Buy with interest rates at 50 year lows.  There couldn't be a better time to purchase with rates and prices where they are this summer.
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July 23 2010
I can assist you if you are looking in the Indy metro area. If not, let me know where you are looking and I can have an agent contact you.
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July 23 2010
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Rent to own or lease to own homes are not very common, and usually an agent is more likely to have them filtered out in their database than Zillow.

Some of the downsides:
a.  Very few owners will consider this option, so your possibilities are narrowed considerably.
b.  A large deposit is required in many cases.
c.  Only the amount above and beyond fair market rent is contributed towards the purchase.
d.  The purchase price is set when you come up with the contract, so if prices go down you still have to pay that price.
e.  Very few rent to own contracts end up with the purchase of the property, so the deposit and the extra monthly payment will be lost.

Why not rent for a couple of years and save and/or fix up your credit so you can do a regular purchase?
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July 23 2010
When you find what you are looking for, hire a board certified Real Estate Attorney to draw up the paperwork and remind him he is working for and representing you in this transaction.

Rent to own and land contracts are extremely risky for you the buyer.

Good Luck!

James Callas - Realtor®
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July 23 2010
What area are you looking in?
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July 23 2010
 
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