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I am looking for rent to own

by bennydoe386 from Lithonia, Georgia. Jul 28th 2017 Reply

Can you help me?

Jul 28th 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

In this market, where homes have multiple offers within hours of the listing becoming active, then why would a seller offer their home as a "Rent to Own"? There's only one logical explanation. Because the seller has a benefit.. Either they are selling the home for much more than it's worth, or the property is not sell-able because of some material defect (bad title, clouded title, liens, etc..) or the property has some physical defect which makes its not fanciable using any type of conforming financing.. (Bad foundation, too many properties on the same well, property line dispute, etc, etc, etc) There's even an investment strategy where an investor lists their property for "Rent to Own".. they collect $3K to $10K as an "Option" fee, charge you higher than market for the monthly rent, and then 2 to 4 months later, when you are late on the rent, they evict you.. and they are not obligated to refund you the "option fee".. If by chance you do make the payments on time.. they still win because they received higher than market rent, and they will typically sell the home for higher than market as well. I don't care how it's presented.. Lease to own, rent to own, lease option purchase, etc.. in general, they are all the same.. huge benefits to the seller, and the buyer get's hosed.. You're far better off working on your credit, save your money for a down payment, and then buy something using conforming financing.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 31st 2017
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