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Old 04-16-2010, 10:25 AM
 
92 posts, read 230,100 times
Reputation: 20

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We move in at the start of June, we are so excited. But we do have a few questions....

I have my own answers to the questions I'm asking but want to see your thoughts.

Should I have an attorney review the contract itself?
Should we do a home inspection or is that even something that can be put into a contract of a rent to own?
I assume the water is naturally hard but I've never used a water softener before, are they easy?

I think that's all I have for right now!
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Old 04-16-2010, 10:42 AM
 
Location: Southwest Nebraska
1,297 posts, read 4,770,541 times
Reputation: 910
Quote:
Originally Posted by JustMovedToChannahon View Post
We move in at the start of June, we are so excited. But we do have a few questions....

I have my own answers to the questions I'm asking but want to see your thoughts.

Should I have an attorney review the contract itself?
Should we do a home inspection or is that even something that can be put into a contract of a rent to own?
I assume the water is naturally hard but I've never used a water softener before, are they easy?

I think that's all I have for right now!

What is a rent to own home? I would think it is different than a Rent A Center.

I would definitely have an attorney look over contract and get inspection. You can get a rent to own water softner and they install.
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Old 04-16-2010, 11:50 AM
 
42 posts, read 105,789 times
Reputation: 19
Once installed water softners are easy...just remember to put the salt in. I would get an attorney for a RTO home. I would definately get an inspection.
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Old 04-16-2010, 01:25 PM
 
Location: Turn Left at Greenland
17,764 posts, read 39,734,665 times
Reputation: 8253
OMG .. yes, absolutely .. have an attorney review the contract!!!

water softeners are easy as pie. You can even pay to have them filled with salt by whatever company you use.
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Old 04-16-2010, 03:31 PM
 
2,156 posts, read 11,153,738 times
Reputation: 800
It sounds like you already have something signed up if you are moving in this June.
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Old 04-16-2010, 06:44 PM
 
Location: California
53 posts, read 215,100 times
Reputation: 22
You should treat a rent-to-own home purchase just as you would a standard home purchase. Your intent is to eventually purchase the home from the owner. I hope you didn't sign on the dotted line yet. You should hire a real estate attorney and get an inspection!! You don't want to buy a house without an independent ispection. Do not take the word of the seller that "everything is ok". You could be buying a money pit. Be very careful! You want to make sure that the agreed upon portion of the rent you are paying each month goes towards your down payment. In order to quality for a mortgage, the home will need to appraise at the sales price. Bottom line, look out for yourself and your interests and get every detail in writing. Hire a real estate attorney ASAP!!
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Old 04-16-2010, 08:15 PM
 
92 posts, read 230,100 times
Reputation: 20
I had my answers ahead of time and before I sign anything I did want an attorney to review the paperwork as well as have an inspection of the property.

The only thing that is a drawback is the home is vacant of a water softener and washer/dryer but I did negotiate a reduction in the initial down payment to compensate for that loss so that worked...
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Old 04-17-2010, 05:51 AM
 
Location: Turn Left at Greenland
17,764 posts, read 39,734,665 times
Reputation: 8253
do you have any out clauses in your contract?
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Old 04-17-2010, 07:24 AM
 
Location: California
53 posts, read 215,100 times
Reputation: 22
Quote:
Originally Posted by JustMovedToChannahon View Post
I had my answers ahead of time and before I sign anything I did want an attorney to review the paperwork as well as have an inspection of the property.

The only thing that is a drawback is the home is vacant of a water softener and washer/dryer but I did negotiate a reduction in the initial down payment to compensate for that loss so that worked...
Make sure you put in the contract that the house must appraise at the offer price. If not, you have a right to rescind your offer. Also, you should have negotiated on the purchase price of the home rather than the down payment, or put in the offer that the owners need to put in a water softener.
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