Good afternoon Debi,
Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.
The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.
The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.
It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.
Saving money for a down payment? Well, heck, you can do that on your own.
If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.
With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.
Find a way to save up on your own; not with Rent To Own.
Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.
*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!... more
You want to be comfortable with your real estate agent and trust is a must. Interview several agents and see which one best suits you and you're needs. Every agent has a little bit of a different way to get things done so interviews are great for finding out what they're all about. You want an agent who will be honest with you, not just tell you what you want to hear.
Check out my blog "Tips to Finding a Listing Agent" at http://www.trulia.com/blog/KevinHudoba/2013/06/tips_to_finding_a_listing_agent.
Exit Realty Redefined
A security deposit MUST be in an escrow account, period. A landlord is allowed to ask for pre-paid rent, up to the entire year, which does not have to go into the same account as security. The only exception is a rent stabilized apartment, which legally can only ask 1 moth rent and 1 month security. Just make sure the lease states that the last 5 months are pre-paid. That way, if something happens to the apartment or building, you get your rent back. As far as breaking the lease. the moment you sign it (and it's countersigned by the owner) you are legally responsible for the entire lease, so unless you get a new tenant to take over, or get a new lease (which most landlords will do) you're responsible until you do.
Disclaimer: I'm not an attorney, but my knowledge comes from 22 years experience doing Manhattan sales and rentals, as well as 18 years of being a landlord in Manhattan and Long Island.... more
A 2011 law makes it illegal for New Yorkers to rent an entire apartment for less than 29 days. Only designated dwelling units on a certified list are used for occupancy for fewer than thirty consecutive days. Multiple Dwelling Law [MDL º 4(8)(a)] and, (ii) the Administrative Code of the City of New York [1968 Building Code º27-265, New York City Building Code º BC 310.1.2 and New York City Housing Maintenance Code 27-2004 (a)(8)(a)]... more
Month to Month rentals do exist, but they usually occur after a lease has expired. The Landlord will not extend the lease for another period but allow the Tenant to live in the unit on a month to month basis. These are conditions that would be agreed to by Landlord and Tenant.
It should be understood, that under the law, the Landlord or Tenant is only required to provide a 30 day notice to move out. While this prevails on a lease, the Tenant would also be liable for the payment of the total value of the remaining months on that lease if they wish to move out before the expiration. Not true on the month to month.
If you are looking for available rentals in the 33156, they most likely will not exist, as the Landlord will be most likely seeking a 1-year lease period.
Hope I have addressed your concerns.
The Henmir Group... more
Welcome to the A, as they say down here! (smile). Are you looking to rent or own? If I can assist you, please contact me.
Prudential Georgia Realty (The Right Choice)
Yes, a good credit score opens doors for you. If you do not have good credit at this time. Start working on improving your score. There are many website (Free) that you can go to for advise.
Then, when you heading towards improving your credit score. You can share this info with your landlords. Some will turn you away, other will appriciate the fact you made some mistakes and are working to fix them.
Theresa A. Clyde. Realtor
Coldwell Banker Brokers of the Valley.... more
There are 3 homes available in the Skyline school district.
3 bedroom 2 bath with carport at Ellsworth & Main $849mo
2 bedroom 2 bath 2 car garage at Ellsworth & Southern $895//mo
3 bedroom 2 bath 2 car garage at Ellsworth & University $895/mo/
If you would like to see these homes or need additional information contact me. My services are free to you.
Liza Rhima, Realtor
Dream Homes to Investments * REO Listing Agent
US Preferred Realty
4 8 0 . 7 8 8 . 4 0 1 6 phone/text
l i z a r h i m a @ g m a i l . c o m... more
Just visit my web site at http://www.aatrealty.com/
I have the Most Advanced Real Estate Search Platform
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Through our innovative Lifestyle Search System, users can visually see the relational perspective between all things important in their real estate decision making process. Looking for a home within a quarter mile of a high school, a half mile of a coffee shop, and 2 miles from a grocery store? AATRealty can find you those homes.
Broker / Owner of AATRealty... more
I know of a beautiful house for sale in the Clayton/Smithfield area that you should take a look at. The house can't be rented due to the convenants; HOWEVER, the homeowners are very motivated and would like to make a sale by the end of the month, which could work in your favor for getting a BEAUTIFUL custom built home for a great deal! here is the link to the house...please check it out and let me know what you think. Thank you and best of luck!
Did you need assistance with purchasing a home in the Temple City area? I would be happy to send you some listings that fits your criteria or answer any questions you might have.
Feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com.
DRE #01920120... more