Just as a real estate agent would help you find homes that are available for purchase, are they agents that specialize in finding homes that are lease with the option to buy, and if so, where do I find this type of agent.
Yes, most agents can help you find such a property. My advice is don’t do it and for more reasons than I want to go into in this forum. My advice is to find a good rental for less money than you are paying now and save that extra for about two years. Pay down all of your debt and get a great credit score. At that time find a real estate buyer’s agent to help you find a house in your price range and in the location that suits you best.
Of course, if you do find that special house with a rent to buy option and disregard what I said above do not disregard this piece of advice which is to hire a real estate attorney to put together an agreement that would cover the many, many details of such an arrangement. Just a sampling is how would the price be determined? What kind of time frame would guide this? What about interest rate, amount of monthly rent to be applied to the purchase? You can see how complicated it is and cannot be left to people’s memories and good will.
May 30th, 2010 at 12:51 am
Not really since there is no way to pay them a commission….unless you are willing to pay them yourselves. Besides, these types of deals are just the latest way to get people into houses they cannot afford. 5 years ago it was ARM and 100% financing loans…today it is these schemes. These are ONLY designed to prey upon people without common sense or who are delusional. Unless you fit that bill…PLEASE stay away.
References :
May 30th, 2010 at 1:16 am
Yes, most agents can help you find such a property. My advice is don’t do it and for more reasons than I want to go into in this forum. My advice is to find a good rental for less money than you are paying now and save that extra for about two years. Pay down all of your debt and get a great credit score. At that time find a real estate buyer’s agent to help you find a house in your price range and in the location that suits you best.
Of course, if you do find that special house with a rent to buy option and disregard what I said above do not disregard this piece of advice which is to hire a real estate attorney to put together an agreement that would cover the many, many details of such an arrangement. Just a sampling is how would the price be determined? What kind of time frame would guide this? What about interest rate, amount of monthly rent to be applied to the purchase? You can see how complicated it is and cannot be left to people’s memories and good will.
References :
Former real estate agent