I too know a building that does that. It is a condominium building that have individual owners of 2/3 of the Building and a Leasing office that rent the 1/3 units in the building. This 1/3 can be bought as well, they don't say it generally, but i, as an agent, have shown several units in the Building and i know these things. The only problem there is that, is that if you want to lease with option to buy it later, well it might not still be on the market for sale and ...

Contact me for more details at raouls@nestseekers.com

Warmest Regards,

Raoul Sodogandji
Global Market Specialist
Licensed Salesperson

(o): 212.252.8772 (EXT.782)
(c): 347.993.8333
(e): raouls@nestseekers.com

Hi Kimberly,

I know of a building that will do a rent-to-own option in downtown Manhattan. I was with a renter over the weekend who had the same question and the building said they would still consider rent-to-own. In the past, the building had the program but recently got rid of it. In talking with the building rep, he mentioned they can still do the progran from some units. Feel free to contact me if you are interested in learning more about the building.

Kimberly, based on all the advice below, I think your best, and possibly only, option is to do exactly what you said above, simply: "rent while saving money for a down payment"!

Buy when the time is right, you can qualify for a loan...........and you have a down payment.
You certainly can familiarize yourself with the market and home buying process in the meantime!

Best wishes........

Kimberly,
A couple of years ago, some developers who were having trouble selling inventory were offering a rent with an option to buy arrangement where part of the rent money would go to an agreed upon purchase price in the future. However, that was at a different point in time, when the NYC market was recovering from the 2008 crash. These are not currently being offered as the market is strong and new development inventory is moving nicely. As for individual sellers of resale units, most want to get their money out to make their next purchase. They are usually not interested in being the lender as well as the seller.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com

Be very careful, sellers are not subject to the same regulations as lenders. Even if you find one the deal may fall apart years from now. I frequently get calls from buyers that lost a ton because the deal did not work out like they thought it would. You are assuming the seller is in a better position than you are, often a very big mistake.

Hi Kimberly

Rent to own in NYC is not very common because most sellers prefer just to sell out right.

Hi Kimberly,
Rent to own, or Lease Purchase are not common, however I have heard some owners who are taking this route in light of the fact that banks are not lending easily, due to tightened guidelines. You should know that in such an arrangement, you will have to sign a Contract of Sale, put down a deposit, and pay a higher than market rent each month, however a portion is credited towards the closing. The date of the closing will be stated in the contract for the term agreed to.
In what part of NYC are you looking to buy?

Hi Kimberly. Lease options are so rare as to be non-existant. Or at least very hard to find. The lease option seems to be something outside of the greater downstate Metropolitan area. I know of none and I'm plugged into real estate every day.

In Manhattan where most everything would be a Coop or Condo (aside from townhouses), what exactly did you hope to find? I certainly wish you luck.

Rent to own situations are rare in this area as most sellers would rather sell outright, therefore do consider working with an agent of your own; he/she can best guide you, approach sellers on your behalf, provide any necessary information, etc. Keep in mind that rent to own can be risky, and one could stand to lose a bit of money, therefore do inform yourself well beforehand, and do consult with an attorney who specializes in real estate. If you haven't done so yet, consider visiting with any licensed loan officer, see if you can simply buy outright....