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Old 05-04-2013, 06:14 PM
 
50 posts, read 102,254 times
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Are such options common in San Antonio?
Thanks.
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Old 05-05-2013, 06:54 PM
 
Location: San Antonio, TX
8,399 posts, read 22,979,962 times
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Isn't "renting to own" basically the same as "buying?!?"

If you're talking about property, how is that any different than purchasing?

If you're talking about appliances and furniture, usually those places have such exorbitant interest rates you're better off using a credit card or even getting a loan.
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Old 05-05-2013, 07:22 PM
 
50 posts, read 102,254 times
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Sorry, I wasn't clear. What I meant is a "lease option".
I copied this from wiki definition:
A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate. In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
I am not too clear about how it works. I am exploring, trying to find out more, to see if it is applicable to my situation.
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Old 05-05-2013, 08:17 PM
 
Location: San Antonio, TX
1,361 posts, read 2,271,468 times
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My husband knew someone who did rent to own with some of his properties. Often the people never finished the contract so he would start over with the next person. I'm not sure how you would find a property with that option. Most likely not through a realtor so maybe Craigslist or online somewhere.

From what I understand a portion of the rent applies toward a down payment which is applied at some point when the sale is finalized. I'm sorry but I have no idea how you get to the sale point
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Old 05-05-2013, 08:40 PM
 
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It's done, but not often. Honestly, it's not a great option for buyers, as you're throwing SO much money away. It's actually something that we (as Realtors) have to have an attorney write up if we do one. There are so many caveats and so many ways for it to go south that most tend not to touch them. I've only done one in my career (about 6 months ago) and while everything is looking good, neither party are 100% comfortable with it just yet.
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Old 05-25-2013, 08:04 PM
 
13 posts, read 16,521 times
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Quote:
Originally Posted by SanFranciscoTX View Post
Sorry, I wasn't clear. What I meant is a "lease option".
I copied this from wiki definition:
A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate. In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
I am not too clear about how it works. I am exploring, trying to find out more, to see if it is applicable to my situation.
Lease Options for more than 6 months is no longer used due to new state laws. Some home owners may not be aware of the new law and still do it.

An alternative is owner financing, but the problem is that majority will not be able to refi due to lack of equity. I would save up and buy using HUD.
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Old 05-26-2013, 10:34 AM
 
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Default Option to buy

We have a property that we would lease w/option to buy- in zip 78240- if interested contact (email)me for more information.
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Old 05-26-2013, 01:07 PM
 
13 posts, read 16,521 times
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You guys need to pay attention to Texas law about lease options
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