2006-12-19 05:41:49 · 6 answers · asked by Nikki w 1 in Business & Finance ➔ Renting & Real Estate
If a tenant cannot come up with the down payment, they can't afford the rent/purchase.
2006-12-19 05:44:31 · answer #1 · answered by Mike M. 5 · 1⤊ 1⤋
Umm, I thought at you, as a landlord or homowner set the price of the down payment, and if they didn't ante up, they didn't get the place.
Please tell me more about this strange world where a renter can set their own down payment at whatever price they like. Do they get the same liberty with rent? because I could sure use a place where the down payment is two cents and the rent is one cent per month.
2006-12-19 06:19:33 · answer #2 · answered by ye_river_xiv 6 · 0⤊ 1⤋
No! Most who don't have a big down payment will pay their rent on time, some just need the chance. I have been there
2006-12-19 05:44:27 · answer #3 · answered by Urchin 6 · 0⤊ 0⤋
Don't sell your house on rent to own or contract for deed unless you're willing to have a foreclosure on your own record. That's where these types of "purchase" programs end up.
If you insist on doing it, get enough down payment to make the payments and attorney's fees for when you do have to evict.
2006-12-19 06:04:00 · answer #4 · answered by teran_realtor 7 · 0⤊ 0⤋
I was in the same situation, but on the other end. I had enough for monthly but not enough for first and last right away. I think you should let them pay like 1/4 on top of the month until the deposit is paid off if you think they're trustworthy.
2006-12-19 05:51:42 · answer #5 · answered by James Dean 5 · 0⤊ 0⤋
Yes. It will be easier to not let them in than to get them out, unless you are running a charity. They are buying the property from you. You need someone who can complete the purchase.
2006-12-19 05:47:09 · answer #6 · answered by Thomas K 6 · 0⤊ 1⤋