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Old 11-27-2006, 04:55 AM
 
Location: chicago for now
109 posts, read 296,181 times
Reputation: 56
Default With so many empty houses in bluefield and princeston why wont they rent to own.

I have been trying to rent to own a house in wv and every place i call say we dont know of any listing or dont have any. There is so many empty houses i would think the owners would want to do a rent to own with a small down payment. Especially houses that have been on the market along time.

I know they are trying to get people to move back to the bluefield princeston area not everyone can afford to just pay 40,000 or have great credit.

Does anyone know of any rental companies i am only interested in houses in a decent part of wv. thank you
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Old 04-13-2007, 10:18 PM
 
10 posts, read 27,424 times
Reputation: 15
i understand your frustration i have lived here all my life and i had to buy a mobile home becuase i have less then perfect credit. these houses just sit and got to waste.
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Old 04-14-2007, 12:21 PM
 
241 posts, read 495,553 times
Reputation: 99
I'm doing a rent to own on a piece of property with a MH close to Princeton. The owner has a lot of properties in the area, mostly MHs.

It's actually a big headache for someone to do rent to own. There are legal fees involved, you have to collect rent, make sure the property is being kept up in case the renter defaults which is more common than you think. And then if they do, there's the whole repossession process which involves more legal fees.

So that may be why most people want to just sell outright and not bother with it. In fact, I have seen ads that say "no rent to own."

And keep in mind if you do a rent to own with a down payment and you do default, you lose everything.
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Old 04-14-2007, 12:38 PM
 
23 posts, read 107,953 times
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dkdean:

Look in the yellow pages under mortgage brokers. Chances are even with some credit problems a mortgage broker can help you find a lender, or put you on a a time track as to when and how you can secure a mortgage. Most importantly pay your rent on time.

I am not in the mortgage business, but have other real estate experience.

Good luck.
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Old 04-15-2007, 09:02 AM
 
Location: Western Pennsylvania
2,379 posts, read 4,316,243 times
Reputation: 724
Here's another reason that Rent To Own might not be popular.

West Virginia has a large elderly population. The house was Grandpa and Grandma's. Grandpa died a few years ago, and Grandma passed last month.

The house was paid for long ago. The only current expenses are taxes and utilities, both relative small. If the children rent the house for a year, it ties up closing the estate until then. The estate has enough assets to pay the current expenses, and they're free to sell it as soon as they get an acceptable offer.

As another has written, they don't have to worry about repairs, upkeep, cleaning, etc. that might be necessary if they rented.

Snorpus
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Old 04-17-2007, 02:59 PM
 
Location: Ritchie County
47 posts, read 128,082 times
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I'd suggest buying a local Bulletin Board or Traders Guide for the area you are interested in. Most rent to owns or land contracts aren't going to be thru real estate agents. We bought a 3 BR on 1.5 acres in Ritchie county this past Oct. on land contract for under $10,000 and I had found it in the Bulletin Board. I have looked at 2 other places in Ritchie and Wood Co. with a friend that is shopping like this as well. They do exist but most do require some fixing up but you have to look and be willing to do the work Good luck!
Marilyn
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Old 04-20-2007, 03:10 PM
 
Location: Plano, TX
714 posts, read 1,722,062 times
Reputation: 370
What snorpus says is true in my family. My grandparents on my mom's side lived in a large house from 1930 to 1982, most of the second generation (8 children) are deceased or out-of-state, most of the third generation has moved out-of-state. Of all of the grandchildren (17), only one has stayed in Princeton. Most have moved to California, or North Carolina.

We are not in a rush to get rid of it, because of the memories that we have there. Also, it is a nice place to have for family reunions, visits, etc. But, eventually, we will sell it, and it will probably be a Home Depot or something like that.
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Old 04-25-2007, 09:03 AM
 
180 posts, read 728,355 times
Reputation: 150
Check in the Trading Journal. It comes out every Sunday early A.M. There are often ads in it that will consider RTO.
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Old 05-17-2008, 09:35 AM
 
4 posts, read 8,092 times
Reputation: 12
Default Does he have more???

Does the owner of your MH have any more??
I need a 3 bedroom..4 would be nice!! We have been trying to buy a house since Feb and they are still giving us the round around..
Could you please email me back or something and let me know..
Greatly Appreciated
Leenie











Quote:
Originally Posted by millersangel View Post
I'm doing a rent to own on a piece of property with a MH close to Princeton. The owner has a lot of properties in the area, mostly MHs.

It's actually a big headache for someone to do rent to own. There are legal fees involved, you have to collect rent, make sure the property is being kept up in case the renter defaults which is more common than you think. And then if they do, there's the whole repossession process which involves more legal fees.

So that may be why most people want to just sell outright and not bother with it. In fact, I have seen ads that say "no rent to own."

And keep in mind if you do a rent to own with a down payment and you do default, you lose everything.
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Old 05-17-2008, 11:24 AM
 
4,715 posts, read 8,483,230 times
Reputation: 974
Do what the Pro's do..get the address of several of those empty houses and go to the courthouse. Locate them on the tax map and contact the owners...This will take some work and its called prospecting...If the owner is the Sheriff or a bank, you can buy it for taxes or possibly cut a deal with a mortgage broker involved with the bank...

a legitimate Owner finance is just that...A down payment is made...Payments are set up and adheared to. Insurance, taxes and up leep are the responsibility of the new owner.
The old owner holds the Title with a 'Deed of Trust. If things get out of hand he has the right to evict and re-claim the property...
It is not a 'rent to own agreement per se because a land parcel has other value equities that elevate it about a renting situation.
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