Rent purchase, option to buy properties in Maine is a common daily inquiry made at our real estate office.
Over the phone, thru emails, the visits to the lobby of the agency, Where we hear the plea. Like a child’s game of Fish, “got any rent with option to buy homes in Maine?”
No one likes wasting money on rent that is like cash in the trash.
It’s like leaving on running water wasteful and you never get ahead or start the investment of home ownership.
The binoculars raised to scan the property listing horizon slowly.
To study the landscape to make it work for Maine housing seeker.
The rent purchase to own, ease into the Maine property listing buying that works well from the buyer’s perspective.
Because often credit has taken a hit. Just not able to get a Maine bank home loan. Employment is iffy at best. But the rent to own home buyer not wanting to just move in. Then shortly thereafter get the tap on the shoulder to head right back out that door.
It is expensive to hook up all the utilities, get the furniture moved in, the family used to the home sweet rented don’t get too comfortable home in Maine.
And the unknown of how long will we be here when there is a real estate for sale sign speared in the front lawn outside the property listing.
But for the seller, property owner who needs another place to call home, the long term rent purchase option may not be the best maneuver. If there is a mortgage on the place, a little clause in the fine print can kick in.
The one about accelleration, that all the money on the mortage becomes due if you try to transfer the title while there is a mortgage hovering overhead.
But if nothing is put on record about the rent purchase option to buy, there is not protection afforded the renter turned buyer. The one who is tackling the loose ends of the real estate property listing’s condition that has been let go.
The repair this, replacing that.
Thinking those rent to own payments mailed to the seller are passed along to the mortgage holder.
And not aware of the one by one liens being attached to the Maine real estate title.
Adding up to tip the scales away from the rent purchase option to buy having a successful happy endingfor all the parties.
All for being creative, working the process hard to turn up a new way to put the roof over the head of any real estate buyer.
To help the seller of the Maine property listing too.
But timing is everything and sometimes you have to pull up the white sheet. Attach the toe tag. When there is not hope today of making it all work out with success in the Maine real estate experiment.
Too many negative factors, red flags, quicksand in the rent purchase option to buy a home in Maine delicate operation.
But we did everything humanly possible to save the deal and make it to the closing on time. Or at all.
As a real estate broker with a property listing for sale in Maine, the renter who shares credit woes, debt ratio burdens and one by one difficulties.
That are keeping the renter from going the conventional Maine banking home loan mortgage route that is just not in the cards.
These revelations can make a real estate home seller wonder why would he want to take a chance?
If a bank in Maine handing out mortgage loans says no dice. No can do.
Maybe some markets for real estate have lots of installment sale wrap arounds to existing mortgages on a home rent purchase song and dance.
Not common in this area of Maine where homes are so low cost. Cheaper than some new cars in many cases. And our foreclosure, short sale, repossession rate (FSSR) is the 46th lowest in the country for a reason. Folks don’t like, do debt in the simple living in Maine approach to the day to day.
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MOOERS REALTY 69 North Street Houlton Maine 04730