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Old 09-11-2008, 08:10 AM
 
2 posts, read 4,649 times
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I am considering putting my condo in Worthington up for sale by doing a rent-to-own option rather than trying to sell it out-right in this market. Has anyone done that and what was your experience both with the process on your home and then when you went to try and get a mortgage on another home, does the bank like/dislike having "rental" property that is rent-to-own? Thanks.
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Old 09-13-2008, 07:50 AM
 
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Default Rent to own both of my houses

Quote:
Originally Posted by JudyAlline View Post
I am considering putting my condo in Worthington up for sale by doing a rent-to-own option rather than trying to sell it out-right in this market. Has anyone done that and what was your experience both with the process on your home and then when you went to try and get a mortgage on another home, does the bank like/dislike having "rental" property that is rent-to-own? Thanks.
Hey Judy,

Your onto something, I have both my rentals sold on a lease option. I used Great City Real Estate to find me tenants on both. They handled everything from marketing to lease signing. Would highly recommend both selling your house via rent to own and great City as well. The whole process took less than 30 days both times.

My bank used my leases to offset the payments and I had no problem buying my new home. I cant say if the bank liked or disliked the rent to own option, but I can say they were happy to see them leased. I would not have qualified with out them.

Hope that helps.

paul
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Old 09-17-2008, 06:51 AM
 
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Thanks for your info Paul. I have been looking at the Great City website off and on for a couple weeks, but I did not see anything that said they were looking for homes to manage/rent. What kind of management/marketing fees were involved?

Judy
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