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http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20051120/NEWS/511200337/-1/NEWS01
"I think prices are pretty much what the market can bear," said Bill Palmer, of Claymont, who is selling a two-bedroom condominium in Paladin Club north of Wilmington. "Whoever buys now will get the best end of the stick."
Yeah....up their ass!
…….. how in the world does thig thing “rent to own†being peddeled in the Modesto Bee work? Please keep it simple so I can follow along. Thanks
Same thing as buying except for one major difference, when you rent with an option to buy and the bottom falls out, you can just leave....you are not forced to buy. When you buy with an IO loan(because you have to), when it falls you can walk away(like I know most will).....but your credit will be destroyed, your assets will be seized and your salary will be garnished for several years.
Sellers are so desperate now since they can't sell (no buyers), they have to rent the property instead using the (0%) chance that housing will not fall as a marketing strategy.
Bap33....I am not a realtor and If I was, I would need to know more about your area. All I can tell you is that I believe(and have read) that rent-to-own will be more popular in the near future due to the fact that many have overleveraged themselves and will soon realize that they cannot sell their way out of it. Every rent-to-own contract is different and each one may be (dis)advantageous to you in one way or another. If your looking to rent and someone is offering a rental payment comparable to any other rental of the same area (option to buy or not), I'd say go for it....but don't let the option be a reason for them to charge you more.....because house prices will drop quite a bit(along the coasts) and you will not want to buy....but if you like the monthly payment and you are not obligated to buy or there is no penalties involved on the contract, then go for it.....but then again, what is the advantage?
I am only interested in this because I find it amazing that the same home that would take a $2,500 payment can be offered at $1,000 as a rent to own.
Yes...this is quite strange, however the seller may be a speculator that may be in a serious financial bind and is desperate for someone to buy them time by getting at least part of the monthly payment from a renter. Why would they do that? Maybe (s)he realizes that we're at the top of the market and figures if (s)he could get someone in there for a while, it will help make the payments until the renter gets spooked by the drop in housing prices and bails out (and maybe excercises a stiff penalty for breaking the lease). If the house was purchased using an IO loan, his/her payments may be alot lower than you think right now, also some deals look too good to be true until you find out the details of the contract.
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This thread is dedicated to discussion of the many social ills caused by/resulting from renting: depression, homelessness, crime, unemployment, poverty, domestic violence, out of wedlock children, venereal disease, unnatural fondness for mullets & C/W music (or, cornrows & gangsta rap ), preference for public transportation, etc.
Chicken/egg question: which comes first --renting or the many malignant social problems associated with it?
Please share some amusing anecdotes about jealous bitter renters you're currently taking money from or have (reluctantly) had contact with. Have any of them recently tried to talk you out of a lucrative condo spec purchase, or discouraged you from engaging in bidding wars using no-doc I/O financing? Do they cringe when you tell them how much you made on a property you owned for less than three days? Do they blab on and on about "fundamentals", "negative cash-flow" and "rampant speculation"? That's what people like that do, you know. That's why they're called "jealous bitter renters".
Why are successful investors like us so much happier, more intelligent and irresistably attractive to the opposite sex? Is our ability to make a fortune flipping properties the result of superior genes or better breeding? Can jealous bitter renters be helped, or, are they doomed to commiserating with other losers in blogs like this forever?
Discuss, enjoy...
Bull$hitter
#crime