Zillow Advice: Buying a Foreclosure - can one successfully complete a 'lease option to buy' on a pre-foreclosure (lis pendens) home? Or is http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ Zillow Advice | Zillow Real Estate I rented a home that I believed ... http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ I rented a home that I believed to be lease to own,but it was sold at an auction two mos.ago. I have lifelong pets which are big,old dogs.I have several bills which are now on my credit,and going to take a few months to pay. I've been searching for a rent/lease to own,or just a rural type rental w a fenced yard for my dogs...close to Brandon-within a few miles. I don't care if it's a manufactured home,or old farm house. It's kind of a rush now. You'd think that with all the foreclosures,there would be someone willing to rent out one of the thousands of vacant houses,to pay their bill or otherwise,instead of them just sitting empty. ..Any suggestions-please feel free to comment. Thank you. :0) Sat, 23 Mar 2013 00:13:00 GMT http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ 2013-03-23T00:13:00Z Run! You're getting yourself ... http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ Run! You're getting yourself involved in a mess and you'll only lose on this one.<br/><br/>Very few rent to own deals actually close escrow with the renter buying the property. If you can't get traditional financing now, will you be able to in a year? Probably not. So it probably won't close and you'll probably lose any "additional rent" you paid to hold the option to purchase.<br/><br/>Save your pennies, build your credit, and skip any funky deals that sound too good to be true. Good luck! Sun, 11 Nov 2012 22:10:00 GMT http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ 2012-11-11T22:10:00Z There are some properties ... http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ There are some properties that are bona fide lease option to buy, but not they tend to be by owners who have reasonable equity, or are underwater and have a very optimistic price in mind.<br/><br/><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:RelyOnVML/> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]-->While the theoretical concept of lease with the option to buy may seem attractive, some of the realities are considerably less so.<br/><br/> Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.&nbsp;&nbsp; I consider it much smarter to spend a year or two working on improving your credit and (if necessary) saving up a good down payment.&nbsp;&nbsp; Yeah, it is tough to move but it even tougher to lose a lot of money attempting to buy.<br/><br/> Some features of rent to own:<br/><br/>1.&nbsp; Down payment required - often substantial (say 10% or more) and is non-refundable if the potential buyer doesn't purchase.<br/><br/>2.&nbsp; Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.&nbsp; This is also not refundable.<br/><br/>3.&nbsp; If not qualified for financing at the agreed upon&nbsp; time and price, then you lose everything.&nbsp;<br/><br/> 4.&nbsp; The price is agreed upon at the beginning of the contract, and housing prices may still be decreasing.<br/><br/>5.&nbsp; You still depend on the owner to pay their mortgage.&nbsp;&nbsp; If they fail, you lose.<br/><br/>If you do get involved in this, please involve an attorney in the contract. <!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-bidi-font-family:"Times New Roman";} </style> <![endif]--> Sun, 11 Nov 2012 20:12:00 GMT http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ 2012-11-11T20:12:00Z are lease to purchase websites ... http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ are lease to purchase websites merely scams? Sun, 11 Nov 2012 20:06:00 GMT http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ 2012-11-11T20:06:00Z No, that isn't an ... http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ No, that isn't an option.&nbsp;&nbsp; Sun, 11 Nov 2012 19:43:00 GMT http://www.zillow.com/advice-thread/can-one-successfully-complete-a-%27lease-option-to-buy%27-on-a-pre-foreclosure-lis-pendens-home-Or-is/468151/ 2012-11-11T19:43:00Z