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I recently purchased a Rent to own home. With the option to buy in Five years. The only problem is when I moved in the house had many problems like Rats, the foundation cracking and a pool that is not even Legal to hire a company to maintain it. My main concern is being able to get out of this lease without being sued and Legal any suggestions?
you can’t get out of the lease, but you don’t have to exercise the option to buy. You could continue to live there as a rental. Rats can be exterminated; many people’s foundations crack through no fault of the person, but maybe it is ground shifting. The pool is probably the fault of the seller, but is it enough to default on the lease. These aren’t the answers you are looking for, but is reality.
I am allowing some friends with less than perfect credit "lease to own" my home. However, I still have the mortgage in my name. Today my friend informed me that he would gain nothing from renting my home because we lender wouldn’t allow it. All we want to do is put his name on my mortgage so he is able to improve his credit score by making payments on time every month. Do we have to re-finance in order to add his name to the mortgage? Are there any other available options open to us?
YOu are talking about two different things here.
You cannot arbitrarily add someone to your mortgage to improve his credit score. The home will have to be refinanced with your friend’s name and you essentially a co-signer. Terrible idea for someone that is credit challenged, and you are the only one with something to lose. Your credit score will be on the line, his credit is already bad, so if he screws it up, oh well.
Lease to own is an entirely different deal. You have an attorney draft a lease agreement (this is not a place for shortcuts) and he leases the home for a period of time while he improves his credit. When the period of time expires, he obtains his own financing. You must have a rock solid agreement to protect your property.
I live in Oklahoma and trying to buy a home would like lease to own option just do not know where to look……Thanks
Check your local realtors websites. Most realtors don’t require you to sign in to their website so you can just surf until you find some houses that you want to look at. You also don’t have to pay realtors to do the work for you. Call a realtor and have them do the research and show you the houses. You are not required to use them if you find a house without them. The person that owns the house pays them a commission not you, normally it is equivalent to your deposit. Good luck!!
Hi. I am looking for a lease to own property in Shelby Township, MI (48316). I have noticed that there are quite a bit of vacant homes in the area however I am not able to qualify for a mortgage at this time due to extremely poor credit. I was wondering if by any chance there are any programs/individuals that would be able to help me in my situation? I know about the restore your credit programs and stuff like that but I am in dire need of something asap like August 1st. Any advice/suggestions is greatly appreciated. Thank you in advance.
If you have any money (5-10000.00), you can lease with option to buy in 2 years, some owner will let you rent the house with option to buy even if you don’t have any money, but your monthly rent will be higher. If you have 5%-10% down pmt and you are working, some of the owners can do owner finance, and in a few years when you fix your credit you can refinance for a better rate. So, you still can,
call a Realtor, they will help you to negotiate the deal. Good Luck!
A good friend of mine has a house. She wants to rent and sell, but a possible tenant is interested in a lease-to-own arrangement . I have read up on a lease-to-own arrangement, so I would next like to see what a contract looks like. Where can I find such contracts at online?
you need to check with a local attorney. Some states have bills pending to outlaw this practice when the property is secured by a mortgage. Most all rent to own deals end up badly for the buyer
