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why not rent to own this house?

  • December 31 2009 - US
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Answers (4)

Why not?

Well, the seller might go bankrupt or get foreclosed upon . . .
  • January 01 2010
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If you do rent to own, please consider having a attorney review the agreement. Some things to consider--have a title search done and include an agreement that neither party shall use the property as collateral during the period of the agreement, review and complete the proper seller disclosures regarding the condition of the home and who shall be responsible for maintenance, proper insurance for the home and your contents and allocation of insurance money should there be a claim. These are just a few things to conseder--and again--it's a good idea to run this through an attorney--or a title company whose attorneys will review and prepare the document for you. Good Luck!!
  • January 01 2010
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Doing a lease option on a home is a good way to go if your current financial or credit situation does not allow you to purchase the home immediately. Some sellers will ask for a flat option deposit up front which will be credited back to you when you complete the purchase. Usually, if you decide not to purchase the home the seller will keep your option deposit. Sometimes the seller and buyer agree to have a percentage of the monthly rent amount to be credited back to the buyer at the time of purchase. Again, the buyer would not receive the credit if he/she does not purchase the home. The lease option agreement you sign with the seller can be a win win situation.

  • December 31 2009
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You did not list the State, City & street address of the home that you ask about.  That would help you obtain other answers.  That said, in NE OH, that is not often done.  Many people need the cash out of their existing home to purchase a new home.  And, some sellers are concerned that "the rent to own" buyers may breach the contract & the sellers are left with a home they own which may need repairs.  I did one of these types of transactions in 2008.

  • December 31 2009
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