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Where can I find a realtor who deals in HUD homes, foreclos?

Rent to own. 74 yr old retired senior needs a place to live. first time home buyer. Any part of town is good.

Asked By Mike Bolonyi | St Joseph, FL | 48 views | Affordable Housing | 4 weeks ago

Answer(1)

Semi-Pro

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Julianne Clark / Your Lowcountry Compass

Charter One Realty

(45)

Do you need financing?? If so, do you have any military background? Is your credit score good?? In your question you mention that you are looking for a "rent to own", HUD home or foreclosure. I am assuming you are looking for an inexpensive fixer upper. Most agents in most real estate brokerages have the ability to assist you with HUD or Foreclosure homes. Government and Bank foreclosures are mainly listed with real estate brokerages. Rent to owns are usually owner represented. In my experience -- a home is listed as a "rent to own" because it will not qualify for financing, or no one wants to buy it. With this method of purchase -- you will need to "buy" the property within a giving amount time -- few years usually. You agree on a monthly rental amount and a small percentage goes toward the "purchase" price and when the term (few years) ends -- that amount is applied to the remaining balance and that is what you will finance or pay in cash. There is usually a large nonrefundable downpayment required -- that way if you are unable to purchase at the end of the term or change your mind -- it, as well as the money applied to the purchase price is not refunded. Basically, you just lived there as a renter and the owner get the property back. Many times, an attorney will be involved to protect the parties. I would contact some of your local senior services to see if there are any special programs or assistance that you qualify for.