Expert: Hans Weber, Licensed Broker Associate - 2/16/2011

Question
My family and I would like to purchase a starter home/condo/townhouse in Westchester. However, we do not have enough for a down payment. Therefore, we are interested in a rent to own option? Can you provide guidance or a trusted website regarding this process?

Thank you in advance

Answer
Hello Monica,

Thank you for your questions.

Rent with an option to buy is an infrequent event.  Matching buyers with properties they are willing to live in and can afford is a challenging job in the first place.  Adding the rent with an option to buy factor increases the difficulty.  

If you are willing to put aside much of your needs and desires related to the property and accept a broader range of unacceptable features it becomes more possible.  It is certainly possible to do and a challenge I would be happy to take on for you.

There is no website I know of that is dedicated to rent with an option to buy.  In your situation I would need to know what your property preferences and price range are and I would then manually search for properties that are for sale and vacant.  I would have to contact each one to inquire if they would consider the rent to buy option.  Let me know if you would like my help as your buyer agent.

Also,there is FHA financing now that will finance up 103% of the property price if a buyer is otherwise qualified.  You can call my Coldwell Banker mortgage office and find out if you qualify free of charge at 8884213812.

I hope this helps you on your way and if you woulod like expert Realtor assistance, just let me know!

Hans