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Hi, I stumbled across this site from doing a google search and hoping someone on here might have some advice on how to go about this or if this is even the right thing we need. So background is my husband's brother is selling his home. My husband and I would like to buy it but we are not in a position to do that just yet. His mom owns a lot of properties that she rents so she thought that would be a good option for us to go with and do a rent to own. Only thing is she isn't buying the brother's house and was doing a rent to own with him I believe. This stuff is all Greek to me, but I didn't think we could do a rent to own type of agreement with her if she is doing one with the brother and she doesn't actually own the house, the brother still would be the owner. One thing I read was he could appoint her as a landlord or property manager, but could she still do a rent to own that way? or do we need a direct rent to own agreement from the brother? hopefully this makes sense to someone because it really doesn't to me. We want to make sure we do this legally so that there is no questions. We wanted to make sure we were protected to just in case something does happen especially since the brother can sometimes be a loose cannon. anyone have some ideas? We were thinking of getting a lawyer, but I honestly don't know of any.
Hi, I stumbled across this site from doing a google search and hoping someone on here might have some advice on how to go about this or if this is even the right thing we need. So background is my husband's brother is selling his home. My husband and I would like to buy it but we are not in a position to do that just yet. His mom owns a lot of properties that she rents so she thought that would be a good option for us to go with and do a rent to own. Only thing is she isn't buying the brother's house and was doing a rent to own with him I believe. This stuff is all Greek to me, but I didn't think we could do a rent to own type of agreement with her if she is doing one with the brother and she doesn't actually own the house, the brother still would be the owner. One thing I read was he could appoint her as a landlord or property manager, but could she still do a rent to own that way? or do we need a direct rent to own agreement from the brother? hopefully this makes sense to someone because it really doesn't to me. We want to make sure we do this legally so that there is no questions. We wanted to make sure we were protected to just in case something does happen especially since the brother can sometimes be a loose cannon. anyone have some ideas? We were thinking of getting a lawyer, but I honestly don't know of any.
Ehh... This whole thing sounds kind of like a bad idea. Family+financial transactions like this could=disaster. I would seek out a realtor to give you advice that could protect both parties. But I would never do something like this with family members.
Yeah I am not really thrilled about this at all. My husband and his mom have been handling the whole thing and they want to keep the house in the family since it has been for years. I have heard that it is very tricky doing dealings with family members. I am getting to see that first hand now.
Yeah I am not really thrilled about this at all. My husband and his mom have been handling the whole thing and they want to keep the house in the family since it has been for years. I have heard that it is very tricky doing dealings with family members. I am getting to see that first hand now.
I understand just try to do it as a business transaction just like a non family member. Good luck
My husband and I would like to buy it but we are not in a position to do that just yet.
His mom owns a lot of properties that she rents so she thought that would be a good option
for us to go with and do a rent to own.
Only thing is she isn't buying the brother's house
and was doing a rent to own with him I believe.
We wanted to make sure we were protected to just in case something does happen
... but I honestly don't know of any.
Rent to own (and similar) are almost as bad an idea as doing business with family.
Don't double down on bad bets.
otoh... If MIL has it going on and really wants to help you kids get started I'd suggest asking her
for enough in annual gifts to cover the closing and down payment needed that would allow for you
to qualify to get a traditional straight up mortgage on your own.
I agree with the other comments. Don't do it. I've been reading this stuff for 16 years and every time people get involved with rent to own it turns into a nightmare. It's even worse when you do it with relatives because you tend to trust relatives and relatives will s-c-r-e-w you worse than strangers.
Your actual question was can the mom do a rent to own with you if she doesn't own the house.
No. She can't agree to sell something she doesn't own free and clear.
She'd have to legally cancel the agreement with the brother
This of course, does depend on what legal agreement she has with him.
Whether or the brother can even sell might be a tricky question.
Whether rent to own arrangements are good or bad is a completely different question .
Thanksgiving dinner feels a whole lot different when you are staring at the person you owe money to over the table.
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