Zillow Advice: Rentals - I want to rent to own, But cant get a loan from the bank because i have a recent bankruptcy. http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ Zillow Advice | Zillow Real Estate Work with a great lender ... http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ Work with a great lender to get your finances on track. &nbsp;It is never a great deal to rent to own as the majority people who rent their home to sell do so at a higher price as you are risky and they know the extra money is forfeited if you cant get a mortgage and the price of the home will be at current market value which may be higher than when you started renting to own. &nbsp;Their are so many loop holes that typically benefit the owner and not the person renting to own,<br/><br/>This really has to be thought through and you should take the time like posting this which is great to know what you may getting into. &nbsp;Also contact a Real Estate attorney which in Illinois would be around $450 to draw up paperwork if you were to proceed.<br/><br/>Proceed with caution and there are so many risks and you have money and fix up time invested in a home that may never become yours. Sun, 23 Sep 2012 18:34:00 GMT http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ 2012-09-23T18:34:00Z The real question one must ... http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ The real question one must ask is what is the benefit to the buyer? In my opinion, it usually makes more financial sense to rent and work on your credit. Sat, 22 Sep 2012 01:30:00 GMT http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ 2012-09-22T01:30:00Z I am a private investor willing ... http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ I am a private investor willing to help.<br/>My partner and I buy homes nationally on a rent to own basis.<br/>800 to 900 per month is very doable. &nbsp;If you have 2500, or 3% to 7%<br/>as an option amount, it will be a no-brainer!!<br/>Bob<br/><em>[deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines]</em> Sat, 22 Sep 2012 01:03:00 GMT http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ 2012-09-22T01:03:00Z Everyone wants to build some ... http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ Everyone wants to build some equity in a home, and rent to own is a creative way to do that. From a Realtor's perspective, very few of those land contract&nbsp;commitments&nbsp;are ever followed through. As far as finding someone willing to offer a land contract, it can be a difficult search, but many investors are interested in selling some of their homes to buy other larger investments or to downsize their portfolios and take advantage of their equity. You can ask any landlord if they are willing to do this. My recommendation if you decide to pursue a rent to own is to first seek the aid of a real estate attorney. Do not engage in handshake agreements! Land contracts can be difficult to understand and should not be entered into without legal representation.&nbsp;<br/><br/>The downside of rent to own is similar to any creative financing provided to those who are repairing credit: It can be a vastly more expensive option. The equity that you build on a rent to own will probably balance out the higher price and terms that you are likely to pay. If you wait the extra 2-3 years for a full discharge to establish credit and purchase a home with a mortgage will likely be well worth your time.&nbsp;<br/><br/>If you have a decent down payment and can spare 800-900 a month, your financial position is pretty healthy even considering the bankruptcy. Once you get done with that, you may be surprised at how much strength you really do have in financing.&nbsp;<br/><br/>I hope this helps. Every situation is different, if you feel like discussing further, send me a message.&nbsp;<br/><br/><br/><br/> Thu, 20 Sep 2012 22:29:00 GMT http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ 2012-09-20T22:29:00Z Some agents have lists of ... http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ Some agents have lists of owners who are willing to consider "rent to own".&nbsp; However, be aware that there are many potential negatives.&nbsp;&nbsp; <br/><br/>Most owners expect a down payment of at least 10% (non-refundable) and the amount that goes towards purchase is the amount above fair market rent.&nbsp;&nbsp; <br/><br/>Very few rent to own actually end up going to closing, IMHO, it is more sensible to simply rent for two or three years until qualified to purchase. Thu, 20 Sep 2012 22:20:00 GMT http://www.zillow.com/advice-thread/I-want-to-rent-to-own-But-cant-get-a-loan-from-the-bank-because-i-have-a-recent-bankruptcy/460758/ 2012-09-20T22:20:00Z