Donovan Stallons: You can do this but you absolutely MUST hire an attorney to help you. It is fraught with risk any other way.The home in question must be free and clear or it won't work. All the terms must be spelled out in the original contract or you will be a victim.I have sold seven properties on rent/option agreements over the years and five of them have resulted in successful sales.Just be very careful to work with honest people and have YOUR attorney handle the contract....Show more
Buddy Ardd: Spend the money on the call seek! An summary of brand could in basic terms value approximately one hundred fifty to 2 hundred money. Spend the money on the call coverage! this could not be an selection! quite in a tax sale using fact the corporation could no longer even carry criminal call to the valuables. you need to additionally spend the money for a components inspection. Is he actual doing a loan or a land settlement. no count if this is fairly a loan than good! . only undergo in techniques that no loan is to guard the borrower this is to guard the lender. A land touch is almost a glorified hire and don't supply you as many rights. good success,...Show more
Vern Serratos: If you are doing a rent to own, usually when the contract is up, you do not typically finance the home through the owner. When the lease option time is up, you are supposed to go get traditional financing or figure out a way to pay for the house on your own. The lease option period is to be used to get your credit back on track, save up a down payment or whatever else you need to do in order to be in a position to buy a house. Unless the owner agrees to do a land contract, contract for deed or extend the lease option period, you have to go get your own financing just as if you were buying a house the normal way. It will be up to the owner whether or not they want to take a chance on you with your credit history....Show more
Kassie Kay: This is not goin! g to work for you. Yes, you pay rent for three years, plus an! additional monthly fee, but you do NOT get financing from the owner. At the end of three years, you are expected to get financing from a conventional lender. RARE is the seller who will work with a buyer holding an extended financing contract. You will not qualify for any sort of financing in that three year period with a bankruptcy and a foreclosure on your record. You are advised to simply rent for the next several years, until you can repair your credit scores and obtain conventional financing....Show more
Toby Caswell: 2
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Myron Leftwich: Just yesterday I saw a story where a landlord after 3 years on a rent to! own home kicked the tenants out.Be careful of scams.Also the landlords could be foreclosed upon - and you lose your moneyHe can kick you out for any reason or he can even die and the home will be part of his estate, the new owners will get rid of you.All things could happen with rent to own.Make sure you get a good lawyer to draw up the paperwork.Some insane people actually trust the owner.I would rather see a person getting a cheap home.You pay less when you just rent - since the own part is an extra payment.Take the extra money you would pay and just save it in a savings account for your future home./...Show more
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