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Sounds scary to me! Our neighbors (or I should say former neighbors now) thought they were in a rent to own situation with the home they were renting. I guess they didn't have documentation because they moved out in disappointment with no hope of owning the home. Even more scary, writing this post jogged my memory. Another family lived in that home before the other family, and they, too, thought they were in a rent to own situation. Maybe we'll need to check with the new tenants to see if they are under the same assumption. The owner lady seems so nice, too. I guess you can't be too careful or too trusting, and you should always get it in writing!
What's scary...is these people you mention, had nothing in writing!? Wow.
Personally, I wouldn't trust anyone without everything in writing, for both seller and buyer.
A few of the signs are up by real estate companies. I would hope they have documentation as well.
I also was wondering, if a house has been on the market for quite some time, and does not show a lease to purchase option....it is through a realty company......is it possible to present this to the realtor if you are interested in buying the property but you need to work on your credit a little longer? Would a realtor consider this if the house hasn't sold and it belongs to them? OR would they bring this offer to the owner's as a option for me? Curious? Thanks!
I also was wondering, if a house has been on the market for quite some time, and does not show a lease to purchase option....it is through a realty company......is it possible to present this to the realtor if you are interested in buying the property but you need to work on your credit a little longer? Would a realtor consider this if the house hasn't sold and it belongs to them? OR would they bring this offer to the owner's as a option for me? Curious? Thanks!
LuLu
Thanks for the links and info.
Glad to see there are others with similar questions.
Now, if we can get a straight answer...is the million dollar question.
Location: Moved to town. Miss 'my' woods and critters.
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Here in my area we have had a few lease/purchase transactions. Esp. for properties that have been 'hard to sell' The owner charges the 'buyer/renter a % for a down pymt. Also the monthly rental fee is divided into a certain % and depending upon the initial agreement between both parties a set sum goes into an account towards the final purchase and the remainder goes to the owner as a rental fee.
There are many issues to be dealt with. An agreed upon purchase/sales price, inspections, etc. within the contract will be a predetermined date of final closing and transfer of ownership. Title search, final inspections and many other issues will have to be addressed at this time.
It does allow the home buyer additional time to acquire a down payment and still live in the home while having the seller realize some income and hopefully the anticipation of the day of closing.
Plus the added benefit of the property not sitting empty and being, hopefully, taken care of. Many other issues will have been addressed, insurance, maintenance agreements and more. It is a drawn out process but can be done. I am sure others will have a more in depth approach to this subject than I.
I know someone who was renting to own and the owner lost the home.I would never do the rent to own thing myself.
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Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sounds scary to me! Our neighbors (or I should say former neighbors now) thought they were in a rent to own situation with the home they were renting. I guess they didn't have documentation because they moved out in disappointment with no hope of owning the home. Even more scary, writing this post jogged my memory. Another family lived in that home before the other family, and they, too, thought they were in a rent to own situation. Maybe we'll need to check with the new tenants to see if they are under the same assumption. The owner lady seems so nice, too. I guess you can't be too careful or too trusting, and you should always get it in writing!
