What Do You Think of a Rent-to-Own Home, or Lease Option?
My fiance and I are getting married in October. We’re tired of renting and have been very interested in buying a townhouse. Our apartment lease ends this December, and since we’re paying for our wedding in October we have no opportunity to save for a down payment on a house this year.
What do you think of a rent-to-own home, or lease option? It sounds like a great opportunity for us — ready to buy, but we need a little time to save for a down payment, and to qualify for a better mortgage.
What are your experiences with the rent-to-buy or lease option? Advice is welcomed from sellers, buyers, realtors, or anyone who’s had experience in this field. Thanks!
I think they are great in your position. Make sure any paperwork is reviewed by a lawyer (usually a relatively small fee). Make sure you go through a private seller rather than one of these large companies that only care about the money and not actually selling a home. Also, it is best if you talk to a mortgage lender before you even get started. They can tell you how long it will realistically take you to qualify for a mortgage. We have sold a house lease-to-own and you sound like ideal tenants! We have another for sale if you are interested. : )
Filed under: lease rent to own homes
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its great for someone who doesn’t have the money for a down payment or who doesn’t have the credit, income, etc requirements … this will give you time to get in position to get the mortgage … it will also give you a chance to try it out an if there is something you really hate about the property …. you maybe able to get out of it … try to get wording in the contract that gives you that option … the seller may not want it but it’s worth a shot
References :
mortgage banker / realtor
I think they are great in your position. Make sure any paperwork is reviewed by a lawyer (usually a relatively small fee). Make sure you go through a private seller rather than one of these large companies that only care about the money and not actually selling a home. Also, it is best if you talk to a mortgage lender before you even get started. They can tell you how long it will realistically take you to qualify for a mortgage. We have sold a house lease-to-own and you sound like ideal tenants! We have another for sale if you are interested. : )
References :