When will UWS apartments go "rent to own"?

nyc10022: about 10 months ago

> Rent to own is when a delusional seller meets an unqualified buyer.

ROTFL.

Brooklynboy: about 10 months ago

It would be better for the owner to create a mortgage wrapped around the current mortgage and then sell that mortgage in the private mortgage industry,as been said most rent to own buyers do not finance the deal.If the owner (seller) wnats to cash out it would be better to create a mortgage.

aboutready: about 10 months ago

aifamm, depends on the sponsor. One of the Toll Bros. properties in Williamsburg is/was offering some units rent to own. Typically, a certain portion of the rent you pay over a certain period of time goes toward the purchase price, and you have the option to buy at the end of the rent term. These deals rarely result in someone buying the unit. I don't know how the lease is structured for contract terms and conditions.

aifamm: about 10 months ago

Ok, so how does it work exactly?
At the end of your rent term, you have the option to buy?

alpine292: about 10 months ago

There was recently an article about rent to own in the NY Times, and it said that only about 5% of such deals result in a sale at the end.

samnyc: about 10 months ago

alpine292 is quite right. The broker told me that the sponsor of 150 west 87th has only sold 20% of the units. Seems they are getting desperate.

jgr: about 10 months ago

You know alpine thats about the best explanation I've heard yet :)

Rent to own is bunk, few people actually go through with the purchase. Especially in a down market where you are locking in a price today that will be way underwater in a year, despite your rent downpayment.

alpine292: about 10 months ago

"How does rent to own work?"

Rent to own is when a delusional seller meets an unqualified buyer.

aifamm: about 10 months ago

How does rent to own work?

samnyc: about 10 months ago

150 west 87th street. The sponsor is considering rent-to-own options.

ellieworld: about 10 months ago

Does anyone think it's possible that we'll be seeing UWS apartments with a "rent to own" sale option? I just found this one on the Upper East:

http://www.streeteasy.com/nyc/sale/189942-condo-1619-third-avenue-yorkville-new-york

That would be SUCH a help with the down payment problem!