news754 0 Report post Posted November 21, 2004 Hi all I'm looking at a house for myself. Owner just bought a house and does not have to sell. What are some of my options that I can use to get this house and still have my house to Rent or Lease purchase? The house I'm looking at is going for mid 4's and is a friend of my wifes. Thank you Dean Share this post Link to post Share on other sites
kingston 0 Report post Posted November 21, 2004 Hi all I'm looking at a house for myself. Owner just bought a house and does not have to sell. What are some of my options that I can use to get this house and still have my house to Rent or Lease purchase? The house I'm looking at is going for mid 4's and is a friend of my wifes. Im sorry let me clarify to make sure I understand you want to purchase a home where the owner isn't in a position where he has to sell. Is this right Is this a distressed property or just a home you would like to purchase? I guess I need further clarification and details. As I see it you can buy the home, assume the loan and keep that as your primary residence and classify your other home as a second home or income investment property. Share this post Link to post Share on other sites
Kimberly 0 Report post Posted November 22, 2004 I'm looking at a house for myself. Owner just bought a house and does not have to sell.Dean, How long has it been up for sale? Have you asked if they'd be interested in a lease purchase deal?Have you verified the comps on the property?What's the appreciation in your area? Eventually even those who don't need to sell usually get tired of an empty house. If you want to make an offer before that point, it would probably have to be one strongly in his favor. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 22, 2004 Dean, for starters, what does the homeowner want to do? You, of course, want a Rent-To-Own deal. But, will he go for anything other than a straight and traditional sale? At the very least you need to ask him what he is open to. Once you do that, come back here with some specifics such as Kim suggested, and let's see if there is anything we can work with. Share this post Link to post Share on other sites
news754 0 Report post Posted November 22, 2004 Thanks all The owner wants to sell it only I'm going to buy it with a traditional loan. I'm going to rent out my house or L/O to sell it. Thanks for all the info Dean Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 23, 2004 I'm going to rent out my house or L/O to sell it.<{POST_SNAPBACK}>Set it up as a Rent to Own, unless you absolutely, positively cannot bear the thought of selling it. By now, you know all the benefits and advantages of doing so. Share this post Link to post Share on other sites
