If the seller still owes on the house...? Which would be a better way to go?
2007-09-27 15:59:30 · 5 answers · asked by lisa_chris_hays 2 in Business & Finance ➔ Renting & Real Estate
i have never been a big fan of the rent to own so i would not suggest doing that only because years later that house may be worth less and you didnt get a very good deal and you can easily find something else later down the line that you like better.. if you decide to do the rent to own make sure you have a realtor or someone who can read the contract and explain everything you do not understand... always get a realtor you do not want something in the fine print to screw you later.. found a good site with lots of real estate information on it.. good luck
http://www.danagardner.com/PageManager/Default.aspx/PageID=2042833
http://www.danagardner.com/
2007-09-27 20:37:05 · answer #1 · answered by Pure Genius 3 · 0⤊ 0⤋
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2016-07-20 10:35:38 · answer #2 · answered by Fidel 3 · 0⤊ 0⤋
If you are offered a rent to own contract, then, your rent will be applied towards ownership, for the most part; however, be sure to read the entire document esp. the fine print and have the owner(s) explain anything that is not clear or that you don't understand--don't be afraid to ask questions...better safe than sorry. A contract for a deed on a house is you are being offered home ownership, lock, stock, and barrel, which means, in most cases (unless you are independently wealthy), you'll need to apply for a mortgage loan in order to meet the selling price of the seller(s) for the property in question. If you have a real estate attorney friend or you have one on retainer, before you sign any legal document (rent to own contract or contract deed are both legal documents), check with an attorney at law and have the lawyer review the said document and have him/her explain it to you, to be sure there are no hidden obligations or innuendos or ambiguous language that may not be clear or that you may not understand. Even if you have to hire an attorney to peruse the legal document(s) in question, it will be worth it. Be careful before you sign anything! Hope this helps.
2007-09-27 16:29:31 · answer #3 · answered by Virginia rocks! 3 · 0⤊ 0⤋
Rent to own would have No tax write off ,
The contract for deed might .
The one is a glorified renter ,
The contract may have more buyer rights .
Can't tell without reading the documents .
Learn to read & understand ALL documents before signing them .
Lots of people who signed ARMs were crying they did not understand them .
But that is their fault for signing papers they didn't understand , most stupid of moves .
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2007-09-27 16:06:04 · answer #4 · answered by kate 7 · 0⤊ 0⤋
Rent-To-Own Homes : http://RentToOwnHome.uzaev.com/?oxFU
2016-07-12 12:20:29 · answer #5 · answered by ? 3 · 0⤊ 0⤋