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MrsPJ
Joining Team Blue with Baby #2
Member since 5/06 1155 total posts
Name:
Tiffany
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Rent while buying/Rent with option to buy
Does anyone know the specifics of how a rent while buying option works on a house?
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Posted 5/7/08 3:46 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Rent while buying/Rent with option to buy
Rent with option to buy is very complicated and not usually beneficial to the buyer because of all the terms involved. Plus it doesn't really happen in Long Island.
It's more of a "south" thing. So if you are looking at Long Island, I don't think this will really be much of an option.
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| Posted 5/7/08 3:48 PM |
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MrsPJ
Joining Team Blue with Baby #2
Member since 5/06 1155 total posts
Name:
Tiffany
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Re: Rent while buying/Rent with option to buy
Well I actually have found a bunch of homes that are listed this way and we have approached the owner of a house that we would LOVE to buy with this option and he is calling his lawyer to discuss specifics. I just wanted a little background before the he calls us back. We have no down payment $ and we LOVE this house. We are going to have to rent anyway right now, so I thought it was a good option.
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| Posted 5/7/08 3:52 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Rent while buying/Rent with option to buy
We had a realtor/friend over on monday. She said that she can get people into home-ownership for as little as $1,000.00 down.
If you are interested in talking to her FM me.
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| Posted 5/7/08 3:58 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Rent while buying/Rent with option to buy
Posted by MrsPJ
Well I actually have found a bunch of homes that are listed this way and we have approached the owner of a house that we would LOVE to buy with this option and he is calling his lawyer to discuss specifics. I just wanted a little background before the he calls us back. We have no down payment $ and we LOVE this house. We are going to have to rent anyway right now, so I thought it was a good option.
Rent with option is very popular during tough times. They were hugely popular in the late 80s and while some "buyers" got burned, many actually got to buy homes they could not have otherwise.
IMO you should find an attorney that has experience with these contracts before you sign anything.
The concept is that your rent will become your DP after a certain length of time, you'll have a great record of rent paid on time & hopefully things will turn around in a couple of years & you'll qualify for a mortgage.
Meanwhile the homeowner covers the bills on the house he can't sell.
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| Posted 5/7/08 10:52 PM |
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pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
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Re: Rent while buying/Rent with option to buy
Posted by MrsPJ
Well I actually have found a bunch of homes that are listed this way and we have approached the owner of a house that we would LOVE to buy with this option and he is calling his lawyer to discuss specifics. I just wanted a little background before the he calls us back. We have no down payment $ and we LOVE this house. We are going to have to rent anyway right now, so I thought it was a good option.
just curious, where is the location of these homes? is it long island? I would like to check it out.
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| Posted 5/7/08 11:03 PM |
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MrsPJ
Joining Team Blue with Baby #2
Member since 5/06 1155 total posts
Name:
Tiffany
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Re: Rent while buying/Rent with option to buy
The homes are all on Long Island...check out craigslist. I have seen a bunch...or check out real estate agencies and ask them which rentals have an option to buy.
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| Posted 5/8/08 11:47 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Rent while buying/Rent with option to buy
It's actually becoming alot more popular on LI.
Be sure to have an attorney guide you through this process. I know of a few people who purchased homes that they rented/leased for a few years and they are very happy.
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| Posted 5/8/08 11:54 AM |
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