2006-12-05 08:32:25 · 6 answers · asked by Mitch R 1 in Business & Finance ➔ Renting & Real Estate
You can protect yourself by having an attorney write the purchase agreement for you. You will write the agreement to purchase the property before you move in. You won't have a lease and you will have a contract to purchase the property for a set price on a set date. It is that easy. If you hold up your end of the contract then you can't have any problems. Unless... during the time that you are in the rental stage the owner can refinance or sell to another buyer. Ask for references and check with the Better Business Bureau in your area and see if you are dealing with a real company. Don't fall for the traps of "No banks needed" or "seller financing". If the owner is going to do a land contract then you should take title to the property when you move in. If it is a rent to buy or rent to own then you will definately need a bank to finance the mortgage when you do actually purchase it. This is one way that the owner makes extra money. They make you pay a huge deposit knowing you can never obtain the end financing. They also promise to contribute from monthly rent to your purchase again if you can't qualify for the mortgage you usually get nothing back. Usually rent to own only makes sense if you know you qualify for a mortgage now but don't want to purchase the property till a later date.
2006-12-05 10:08:34 · answer #1 · answered by MortgagePro 2 · 0⤊ 0⤋
2
2016-07-19 20:37:56 · answer #2 · answered by ? 3 · 0⤊ 0⤋
When ever you are looking for a new place to live you need to be tenacious. That means calling on consecutive days or several times a day. The best renting and buying opportunities go quick! There are a laundry list of risks involved in a "rent to own" purchase, but the most important one to realize is that you don't own anything until after the last payment is made and the deed has been fully transferred to your name, such that if you decide to move before that happens, you lose everything. Normally I suggest to everyone that if they are in a position to buy now, they should go for it as there are so many good opportunities to buy today if you can get a loan. But considering that you are on the verge of having a baby you may want to hold off being unaware of the added expenses associated with babies. In addition you should understand that using a Realtor to help you buy a property does not make you pay more on a house most of the time. If the seller has hired a Realtor, they have contracted to pay the Realtor a set percentage of the sale regardless of whether or not you have your own Realtor, thus you are paying the same price. Your Realtor is paid from a share the seller pays their Realtor, but your Realtor is solely looking out for your best interests. If you opt to not have a Realtor, all you are doing is receiving representation from the sellers Realtor and paying that Realtor double! As a Realtor I can fully understand not wanting to use a Realtor if you are a Seller, but as a Buyer, you have nothing to lose and everything to gain.
2016-05-22 22:01:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Rent to own is a VERY risky way to "buy" a house. There is ONE way to protect your interests, and it does not involve a Realtor or a lawyer..... it involves a pastor!
Marry the seller. It's the only way to ensure you end up getting ownership of that house.
2006-12-05 09:36:52 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
Rent To Own Homes : http://RentToOwnHome.uzaev.com/?kxKa
2016-07-11 21:51:30 · answer #5 · answered by ? 3 · 0⤊ 0⤋
get an atty
2006-12-05 09:04:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋