Is A Rent To Own/Lease Good? | REALTOR.com? Blogs

Q: I?m currently going threw a short sale that is in my name only, not my husbands. I got bad advice from an attorney that was trying to work a modification for me, he advised us to file BK, so now my husband and I both have bad credit for the next few years. I want to do a rent to own but I?m very scared of the schemes that are out there. Is it good or bad?
?tired of housing schemes, Downey, CA

A: Dear Downey- Most Lease/Own Sellers need their equity of their current home to purchase the next home and are not searching for a long term lease over 12 or 24 months?unless your local market is far different from that here in Mississippi.

Locate a Realtor that has your trust and ask their counsel. Before you do, visit with a lender or credit counselor to affirm the # of years before you can again qualify for a mortgage.

Good luck!
Larry Simons is a Realtor? with Century 21 Maselle & Associates in Flowood, MS

Q: With the uncertainty of the real estate market, it doenst make sense to ?rent to own? a home. There is absolutely no benefit in doing such a thing. If you want to become a home owner again, you need to find a rental that is priced well below what you can afford. Tighten your belt for the next 2-3 years and save like crazy for a downpayment on a home. All the while you need to work on building up your credit. Your main goal should be to position yourself for a home purchase while rates are at historic lows (The FED just stated they will keep them low through 2015). Talk with a mortgage broker now to find out what parameters need to be met to qualify and how far out from BK you need to be until you can purchase. Set this as your goal, and know that you will be laying the proper foundation for home ownership that will last your forever. Look at this ?reset? in your life as an opportunity. I wish you the best of luck.
Paul Aspelin is a Realtor? with Beyond Homes Realty LLC in Victoria, MN.

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Related posts:

1. I Own A Home In One State Can I Buy In Another Without Selling?
2. Is Rent To Own A Good Idea If You Have Bad Credit?
3. How Do I Go From Renting To Option To Buy?
4. Where Do I Start The Home-Buying Process?
5. If A Bank Won?t Finance Me Can I Do Lease To Purchase?

Source: http://www.realtor.com/blogs/2012/09/21/is-a-rent-to-ownlease-good/

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