There is the possibility of a lease to own............

[Joanne]

We saw the house this weekend. It's been on the market for "quite some time" according to our "agent." The seller's agent is the professional who helped us get into this house. This house is too small, in a tanking neighborhood, and has some major issues (that the landlord won't be fixing).

 

I could afford the monthly amount that the agent gave me a ball park on.

 

We recently looked into new home financing, and we have a very clear understanding of where we are, and what it will take to get our credit rating up to getting traditional financing. We'd lease to own for a couple of years, and then get bank financing.

 

I hope we can come to mutually satisfying agreements.

[duckens]

The closest would be "Buying on Contract"?

 

I don't know anything else about it except that my dad sold a house under those circumstances once....and then he got the house back because the contract fell through.

 

He didn't really want the house back, so he had to sell it again.

 

ETA: As I understand it, Buying on Contract

1) doesn't usually have a lease clause

2) doesn't involve the banks

3) must be agreed to by the seller. Most sellers want their money up front.

Edited September 3, 2012 by duckens

[Annie G]

Sounds like it might be a great opportunity! Hope it works out for you!

[Dobela]

My dad has sold some of his rental properties as lease to own. It can be a great thing as the owner has to save that set amount each month so it can be put towards your closing costs. Make sure you have a good contract, even take time to have an attorney look at it first. Some landlords in our area are notorious for writing LTO contracts that are no win for the buyer.

[MariannNOVA]

Sounds like a plan.:001_smile: