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Old 11-06-2007, 03:05 PM
 
1 posts, read 11,961 times
Reputation: 14

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My husband and I will be moving to the Northern Kentucky area the beginning of December and we are looking for a house to rent. We have noticed there are a lot of houses for rent that are a "rent to own" or have a "lease option" fee. This is not something we have seen where we are from and are wondering what the pros and cons are? We are not familiar with any of Kentucky yet but we do know my husband will be working at CVG. With that in mind, we are unfamiliar with what areas we would like best and hesitate to purchase a house right away. On the flip side, it's a bummer to have to pay rent when that money could be going to pay off a mortgage......any comments on this subject would be greatly appreciated!
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Old 11-06-2007, 08:05 PM
 
Location: Louisville KY Metro area
4,824 posts, read 12,810,293 times
Reputation: 2116
A rent to own (land contract) can be a win-win situation for buyers and sellers, but be certain each side truly understands the terms and conditions. An experienced attorney who has expertise in land contracts is a must.
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Old 11-08-2007, 04:22 PM
 
Location: Oakland, FL
130 posts, read 529,915 times
Reputation: 40
Good question.. I am selling a house and just recently decided that I am going to rent it and take it off the market for a while, unless I can find a lease to own kind of situation.

The positive would be for me that I can find a buyer that might not have the cash right now to buy it, but will pay rent. The upside for the buyer is they can get a house priced priced better then everything else on market (meaning, I take the rent and deduct from selling price since more can go to principle). I take care of taxes, water and sewer til the purchase is finalized.

I need to find an attorney to ask the same questions you are posing.
I have been told to ask for a sizable down payment in lei of security deposit that will go towards your downpayment on the loan.

-- If you are interested my house here are more details... I live very close to CVG -- you can take the highway or back roads (my preference).

Good luck... Tracey

House for Rent/ Low Utilities (broken link)
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Old 11-11-2007, 01:21 PM
 
Location: Eastern Kentucky
9 posts, read 45,016 times
Reputation: 15
Land contracts in Kentucky are treated by the courts the same as mortgages if the buyer bothers to assert it. This effectively voids the default clause and eliminates eviction in favor of foreclosure. With a foreclosure, one faces a possible deficiency judgment. What's to stop a seller from a legal foreclosure after the buyer consents to the illegal default/eviction? Lots of sellers sell the same property over and over on land contracts and then try to run the buyer off. That way they get to claim the higher payments as rent without ever letting go of the equity. Lawyers draw them up because they get paid to do it, not because they're advisable. I don't like mortgage brokers or mortgage companies either. I have seen too many loan applications which overstated the buyer's income and the house's value to qualify the loan to be packaged and sold which has lead to the crisis we have now. If I couldn't afford a bank mortgage, I would wait to buy a house.

I don't know about your specific circumstances. Consult a Real Estate Attorney. I am not one. The above is intended for general reference and is NOT intended as legal advice.
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Old 11-20-2009, 03:30 PM
 
2 posts, read 16,803 times
Reputation: 10
Hello,

If you are still looking to move to the Northern Kentucky near CVG perhaps I can help.
My name is Vivian and I run KY Lease Options in the Northern Kentucky area.

You can contact me at Ky Lease Options | Lease option to buy homes | Lease Option To Own

Hope this helps!
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Old 11-21-2009, 07:00 AM
 
Location: NOVA
4,521 posts, read 5,237,700 times
Reputation: 1928
based on their original post, they moved to northern Kentucky nearly 2 years.
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Old 11-22-2009, 03:09 PM
 
2 posts, read 16,803 times
Reputation: 10
haha...good one.
You got me there! I never noticed the date of the post.

I searched for my site with kentucky lease options and
that is the number 1 site for that keyword in our local area.

Google is still indexing it.

Have a fantastic day!
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Old 11-03-2010, 12:15 PM
 
1 posts, read 6,170 times
Reputation: 10
Do not use Ky Lease options. V Baxter is a liar and a thief, she will lead you down a path to foreclosure, lies and steal your cash. She won't talk to the owner of the property even if she says she does she's lying. She'll never answer the phone if you have a problem, doesn't document payments correctly and will lead you down a path to confusion. I've been trying to collect a debt from her for over 3 months. Never do any business with Ky Lease Options | Lease option to buy homes | Lease Option To Own (http://www.KYLEASEOPTIONS.com - broken link)
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