Seller Finance vs. Rent To Own - Posted by Arthur Montano

Posted by Dee-Texas on March 21, 2001 at 19:57:56:

My flight was at 10am Thursday but I wanted to come in earlier to go to Lonnie’s workshop…so…I’m flying standby for the 6am flight…darn! I hate mornings, but I’ll do just about anything to get there early and see my friends and talk RE.
If I get there early you can bet I’ll be sitting in the bar waiting for ya’ll…at 3pm…beer waiting on the table.

Seller Finance vs. Rent To Own - Posted by Arthur Montano

Posted by Arthur Montano on March 21, 2001 at 11:42:10:

Hi everyone. I have a small problem that I know you all can help me with. I have a house that I’m having a problem selling. Here’s the scoop- 1988, 4/2/2 car, ch/a, 1800 sq. ft. security system, large inground pool (clean) w/ screen enclosure, all electric w/ appliances. Roof in good shape w/ standard size lot for area (80x175) in fast growing area. Maybe thats the problem, the houses around here are being mass produced in the $80’s and $90’s for 3/2’s with no pool. Anyway, the house needs carpet and paint inside. Out side ok. Last occupants had cats and it smells it.

Asking $109900 with a $2500 discount if they put take care of the carpet and paint. $7,500 dn. I figure that way they could install what they like and the colors they like. I’ve showed this house about 25 times and have made two paymnts of $812 ( privious owner would not catch up back payment and was ready to give it back to the bank). Still people want it but no one returns back with a deposit.

If I can’t sell it within several weeks I need to explore the possibility of Rent To Own. Can anyone give a brief synopsis of what the difference between Rent To Own and Lease Option? Thanks, Art Hope to see you all In Atlanta>

Re: Seller Finance vs. Rent To Own - Posted by Dee-Texas

Posted by Dee-Texas on March 21, 2001 at 17:31:40:

Hello Arthur,
My rent-to-own and L/O are the same thing. I use bronchicks contracts. Usually when you advertise rent-to-own you will get people with low credit scores…and not as much down as some of the other ways of selling…but your phone will ring off of the hook. What are the compariable rents going for in that area? The pool is a lilability that you will have to deal with for starters before you l/o or rent-to-own.
In this type of area I would advertise
great area
won’t last long
Call 555-555-5555
You can be higher on the rent if your offering them a house without all of the closing etc. The main thing about L/O’s is that you want these people to have repairable credit…Remember you want these people to qualify for a loan in 12-24 months. Make sure this house will appraise for what your asking in 12-24 months or you will have to hold a second.
I find if my properties aren’t fixed I don’t L/O them quickly. Most people don’t have a vision of what they will look like fixed. If you have any room in this, have it at least painted on the inside, kitchen and family area first…women see that first, then bath and bedrooms in that order.
Try and qualify some of these people before you run out and show the property.
Just some thoughts for now…but the main thing is…it doesn’t sell if it’s overpriced for the area.
Great success,

Re: Seller Finance vs. Rent To Own - Posted by Terry (Houston)

Posted by Terry (Houston) on March 21, 2001 at 19:46:50:

And you are coming into Atlanta when???