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Old 03-03-2011, 08:31 AM
 
Location: New York City
633 posts, read 1,164,990 times
Reputation: 299

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is there a site for these?
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Old 03-03-2011, 09:42 AM
 
Location: Cary, NC
43,292 posts, read 77,115,925 times
Reputation: 45657
Try Craigslist, for Lease/Option, Rent to Own, etc.
I don't mean to look for ads, but to advertise yourself as wanting one.

Might shake out some stuff.

These sorts of transactions are rife with risk and fraud, so be sure to have an attorney working it for you before you give a penny up.
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Old 03-03-2011, 01:16 PM
 
9,680 posts, read 27,165,555 times
Reputation: 4167
Stay far away.

Many bad deals here from downright fraud to the owner getting foreclosed and losing the home along with your deposit.

Save up for a deposit on a regular
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Old 03-03-2011, 01:23 PM
 
Location: Cary, NC
2,407 posts, read 10,680,321 times
Reputation: 1380
I agree with Mike. Make sure you understand what agreement you are entering and have an attorney draft the contract. Why are you looking to do a rent-to-own or rent-with-option-to-purchase? There are only a small number of cases when this kind of transaction makes the most sense.
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Old 03-05-2011, 07:44 AM
 
64 posts, read 173,693 times
Reputation: 71
My husband and I were in an option-to-buy agreement at one time. You need a realtor who is savvy in lease-to-own/option-to-buy agreements as well as an attorney to write the agreement. There are no fill-in-the-blank forms anymore.

We found the home because the house had been on the market for so long that the owner was open to this agreement. A realtor can help you search for homes you like whose owners *might* be open to this type of agreement. It's worth a shot.

Good luck! It's a long, drawn out process, but the right realtor and attorney will guide you.
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Old 03-05-2011, 08:43 AM
 
Location: Triangle Area
67 posts, read 157,363 times
Reputation: 44
As the other posters said, be EXTREMELY careful or stay away. Sometimes - rarely, you simply have someone who is moving out of their home and can't sell it. But, most of the time, these people are having serious financial problems. They may be facing short sale or foreclosure and you won't know it. Even if you find someone not in this situation, most of time, people willing to do these types of deals really do NOT want to sell their homes. They want you to make their house payments until their financial situations improve. Then, they want their house back. If you have some money to put down and good credit, speak to a Realtor. As a former Realtor, I was able to find my clients who had a little down and good credit, various financing options. Go to the NC Housing Finance Agency: North Carolina Housing Finance Agency and look for financing which you may be qualified for.

Good Luck!
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Old 03-05-2011, 09:33 AM
 
1,751 posts, read 3,688,749 times
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how about seller financing? would that be safer but still do the trick?
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Old 03-05-2011, 12:02 PM
 
Location: Cary, NC
43,292 posts, read 77,115,925 times
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Quote:
Originally Posted by librarySue View Post
how about seller financing? would that be safer but still do the trick?
Finding a Seller without a mortgage who will finance can be very difficult.
They are usually farther ahead to cut the price and get a lump sum payment and no ongoing worries.
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Old 03-05-2011, 03:17 PM
 
Location: Raleigh, NC
12,475 posts, read 32,246,306 times
Reputation: 9450
Rent with Option to Buy is different from a Lease/Purchase.

Most of the people that go this route have some credit issues that will be sorted out within a year.

If your concern is that you need a place to rent because you don't want to buy until you know the area...this is what my clients have done in the past:

Find the school you would like (not always gonna happen) your children to attend. Look at n'hoods in that area and decide if that is really where you want to live. Make sure that homes are in your price range, in this area.

Find a rental in that area. Sign no more than a 6 month lease. Believe me, people that own their own homes can't rent more than 6 months without going crazy!

I have seen it happen over and over. I just had 3 clients break their 1 year lease because they couldn't stand living in an apt. again, after all those years of owning their own home. I am not making this up.

With a 6 month lease, you have plenty of time to find a home you really like and when you are ready to buy, you don't have to worry about moving the kids to a different school.

It works.

Vicki
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Old 03-10-2011, 10:02 AM
 
18 posts, read 38,770 times
Reputation: 11
When a seller does a seller financing, isn't that similar to co-signing with the owner of a house on the loan?

IMO, Owner/Seller financing sounds a bit safer and stable compared to rent to own lease/purchase.

It is true that there are so much fraud out there, but then again there are a lot of sellers who are in a tight spot, too.

What would be a good way to move along the line of a Seller Financing prodedure?
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