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  1. #1

    Are There Any Legal Rent To Own Homes

    Are There Any Leagal Take Over Payment Rent To Own Agencys And Who Are They And How Do We Know They Are Legitamit

  2. #2

    Re: Are There Any Legal Rent To Own Homes

    Quote Originally Posted by STEFANI.MCBROOM View Post
    Are There Any Leagal Take Over Payment Rent To Own Agencys And Who Are They And How Do We Know They Are Legitamit
    AND IS IT REALLY POSSIABLE TO DO IT WITH NO DOWM PAYMENT?
    PLEASE HELP

  3. #3

    Re: Are There Any Legal Rent To Own Homes

    Quote Originally Posted by STEFANI.MCBROOM View Post
    AND IS IT REALLY POSSIABLE TO DO IT WITH NO DOWM PAYMENT?
    PLEASE HELP
    LOOKING FOR HOME

  4. #4
    Join Date
    Jul 2006
    Posts
    7,767

    Re: Are There Any Legal Rent To Own Homes

    rent to own is not something you can do with no money. the way it works is first the owner figures out how much the rent would be, lets say, $2000 a month. you pay that. then he lets you pay extra on a contract that says the extra will be applied to purchase price, say another $1000. when your extra payment equals a downpayment then you go get financed to buy the house, at the bank.

    it like an enforced savings account. if you got extra money you could save for a downpayment, why do you need somebody to force you to do it?

    if you don't buy, the extra money you paid is wasted. the property title isn't transferred to you and is still owned by the mortgage company that loaned to the guy selling to you. they can take it anytime if your seller doesn't keep up his payments. you will be homeless and get nothing back.

  5. #5
    Join Date
    May 2009
    Location
    Online
    Posts
    108

    Re: Are There Any Legal Rent To Own Homes

    There are plenty of lease option homes on the market, more than at any time in history, and for good reason, owners cannot afford to live in their own homes with so many losing jobs, and they don't want to lose their homes, especially if they equity left in them. Lease option is an to avoid potential foreclosure which without a job is almost a given since the recession is not going to end anytime soon.

  6. #6
    Join Date
    Jul 2009
    Location
    Kuwait
    Posts
    16

    Re: Are There Any Legal Rent To Own Homes

    There's a strong possibility that unless you either understand real estate and real estate law that you could be fleeced very quickly. I'm not fond of realtors, but I have used real estate attorneys and have had good luck. They can at least give you background on the legal ramifications of lease to own. At times, an owner who is renting might be pursuaded to sell the home instead. Bear in mind that the contract is key, and if it is owner financed, that you must not default. Good luck.

  7. 12-04-2009, 11:09 AM

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  8. 08-09-2010, 07:19 PM

    Reason
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