Zillow Advice: Rent vs. Buy - IM LOOKING FOR A TAKE OVER PAYMENT, OR OWNER FI. SITUATION. OR LEASE TO OWN. POOR CREDIT

There are many people who ...

Wed, 09 Sep 2009 22:18:00 GMT

There are many people who are in your unfortunate situation and you have put yourself in a public forum to ask for advice. Everyone will have opinions to your situation just as they would have opinions on other subjects and topics. Some of the outspoken should think before they answer so bluntly as no one ever truly knows what the future may have in store for them. I think it is very smart to work towards repairing your credit and rent for now. This may be difficult to do and my advice to you would be to seek out the assistance of the Tacoma Housing Authorty. I hope they can be of assistance to you. I am enclosing their web mail address.
http://www.tacomahousing.org/housing/RA/rental_assistance_other.html
I wish you luck and when you have your credit secured and back on your feet, I invite you to contact me to assist you and your family in the future when ready, willing and able to purchase.
Best wishes to you,
Cynthia Donahoe
Realtor
Keller Williams Tacoma

Owners take a big risk when ...

Thu, 11 Jun 2009 13:42:00 GMT

Owners take a big risk when they finance a property and allow occupancy. Most owners would prefer to sell if they can. I think you need to do what you can to repair your credit so you have other options beyond owner financing. If you are looking for an owner to carry you, you need to be honest with them about your situation and also open about your budget so they know that you are a good candidate for a rent to own. Most sellers that do rent to owns will require a non refundable down payment to protect them in case you walk out of the deal, require you to carry a renter's policy for the property and will do some form of a rental contract to allow them to take back possession of the property if you stop making the payments as agreed. Sellers have to protect themselves. You also need to make sure any contract you sign is fair and spells out how an when you will get possession of the property. Any contract that you have will have a deadline the you must be able to obtain financing by. If you do not meet ti, you would lose your payments and your down payment deposit. I know that you might want to buy now, but getting your financial house in order would give you a lot more choices just one year from now if you want to buy. Please consider it.

You are a CREDIT RISK, and ...

Thu, 11 Jun 2009 13:30:00 GMT

You are a CREDIT RISK, and HURRICANE.. Emm lets line up, and give my home away... NOT... you ask for input but you don't want negativity... 4 KIDS and 2 DOGS... Let me guess, they are ROTTS? Correct? What do you drive? A Corvette (by your decision tree results I would not doubt it, 2 seats) I am being this mean because you have the nerve to say KEEP YOUR negativity to yourself after asking a question, that frankly speaks volumes of your intent. (not to pay for long)
Do you have any idea of HOW MANY CHOOICES LANDLORDS HAVE? Sellers don't have ability to LET YOU TAKE OVER PAYMENTS (you wont pay anyway) only 100% owner could do that, and why when he / she could get all cash from a REAL BUYER / PAYER. you are a RENTER and that is only because someone is going to be NICE or you are going to lie about your DOGS. (2) I have 2 dogs, and I had to pay 800 pet (Extra) deposit)

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in other words, only tell ...

Thu, 11 Jun 2009 05:40:00 GMT

in other words, only tell me answers that i want to hear!

PT Barnum was right!!!

Family of 4, Me, Spouse, ...

Thu, 11 Jun 2009 04:51:00 GMT

Family of 4, Me, Spouse, 2 Kids. If you only have personal issues to add, Dont respond. Im not interested in sharing my personal information I asked a question, not applied for a loan. Thanks to those of you with the positive advice that was very helpful. You others why are you even on this site? please don't respond with your negativity.

"take over payment" - unless ...

Wed, 10 Jun 2009 20:12:00 GMT

"take over payment" - unless a person has a mortgage that orginated in the 1980s (or before), mortgages no longer allow someone to take over the payment, instead, they have to finance on their own.

"lease to own" tends to be a bad situation. Most owners who are willing to consider this are looking for a substantial down payment (which will not be refunded) and expect monthly payments to be higher than rent payments so that each month you are adding to the down payment. This difference between rent and the lease to own payment is also not refundable (and of course the rent isn't refundable). Very few lease to own situations actually move to ownership. It is a bad time to get involved in lease to own now as the price of the house will be locked at today's prices, but it isn't clear that Tacoma has bottomed out.

Therefore, I agree with the others. Now is an excellent time to rent.

IT MIGHT BE HARD FOR YOU ...

Wed, 10 Jun 2009 19:15:00 GMT

IT MIGHT BE HARD FOR YOU TO RENT... 2 DOGS? 4 KIDS... Oh YEA please TAKE GOOD CARE OF The Property, EVEN if you were a SAINT that is a lot of WEAR AND TEAR... and WITH POOR CREDIT why do you want to BUY? That is in part, of the problem that got the MARKET in to the mess it is in. People that SHOULD NOT (you) be home owners, were made to fit in to one (for a short time) and then it all comes undone.

You think your credit will be better in a year? WHY? What is on your credit that makes it bad? ONE thing, or a BUNCH OF little ones? or WHAT .. WHAT IS YOUR FICA? and Who do you owe? (Taxes) Ex Wife?

What do you do for work? How long? MORE INFO Needed. PLEASE.

Sorry about the lack of tact ...

Wed, 10 Jun 2009 05:32:00 GMT

Sorry about the lack of tact here - most people diving in for the first time are getting the trial by fire. Although the answers may be blunt, they are correct in their responses. You will very likely get an undesirable contract if you try to buy or do a lease-to-own contract right now. It's best to repair your credit first, so that you're in a good position to negotiate down the road.

NOBODY is going to give you ...

Wed, 10 Jun 2009 05:27:00 GMT

NOBODY is going to give you a reasonable deal like that. Anybody telling you otherwise is trying to rip you off, period.

thanks for not answering ...

Wed, 10 Jun 2009 05:08:00 GMT

thanks for not answering my question and your sarcasim. please don't respond if you really have nothing to say on my issues. Thank you