My landlord want me to move to a house he just bought. He says it rent to own and in 30 years the house will be mine. So I did the math and It comes out to be $180,000. Is that to much for a 3 bedroom house in a small town in Southside VA.
2006-07-26 10:26:15 · 6 answers · asked by shelia j 3 in Business & Finance ➔ Renting & Real Estate
Girl go for it.But old rule of thumb was ,your mortgage should not be any more than a weeks paycheck.If you would follow this rule you won't go wrong.Everyone is so in debt now it takes to people to pay their mortgages.If your rent is higher than the mortgage than you should do it.Make sure you have a lawyer look over the contract.Banks have lawyers and they may do it for free, ck with your bank.If you do buy try to put a few extra bucks ever month and this will pay the amount owed off earlier and save you money.CK with the bank for an appraisal on the hse first. Best of luck.//Dave
2006-07-26 10:43:27 · answer #1 · answered by pretzgolf 5 · 0⤊ 0⤋
Sound like he is jerking you around.
This is what he is really telling you. You pay his mortgage he remains on Title. He decides to keep you as tenant than when he wants to sell the property you better have qualified for the property or he will sell it to someone else. In the end if you cannot qualify for the property you lose out and big. Your best bet get together with a mortgage broker or go to the bank and see how much you can qualify for. If you do draw up a lease to own or rent to own contract than spend the extra dollars and have a real estate attorney review the documents.
2006-07-26 10:46:18 · answer #2 · answered by Openthathouse.com 4 · 0⤊ 0⤋
Please have a Legal Binding Contract with him, or do a True Land Contract, and have it recorded at your local court house.
You need to safe guard your interest.
Land-Contract: Both of you go into an agreement, and you pay a monthly payment to him, in 12 months to 24 months you than refinance the property and he gets his money. THe Land Contract has to be recorded at the court house. You will need to pay him by CHECK each month. Lenders at the end of 12 months, will want to see the 12 month cancelled checks as proof of the land contract.
Good Luck to you.
2006-07-26 18:39:08 · answer #3 · answered by W. E 5 · 0⤊ 0⤋
Check out your market and see if you can find a better property for less money. If so, it's too much. If everything you look at is worse and costs more, you've got yourself a bargain.
2006-07-26 13:13:35 · answer #4 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Ask a Realtor in your area.
2006-07-26 19:03:23 · answer #5 · answered by Dustin 3 · 0⤊ 0⤋
i suggest that you look at some realestate ads in your area.
$180K is not much in my area.
2006-07-26 10:35:50 · answer #6 · answered by electronics,weights,firearms 3 · 0⤊ 0⤋