I like many people got hit by this economy hard. Fortunately i am leaving my home now with a little bit of money. (I got out before it got really bad) However i am left with finding a place to live with my two little children and my wife. The options i have been kicking around are weather i should buy a double wide trailer out right or if i should go into a lease to own options. either one would be temporary i hope until i can fix my credit and the construction Field picks up again.

I would suggest getting into a credit repair program. they can erase your bad credit within 90 days for a reasonable fee, this way you have a much better chance of buying a more affordable home. btw interst rates are falling like rain, i’d move quickly.

I have a house that we haven’t even marketed yet (besides craigslist and one other site). We know that we are offering the home for a fair market value. The home will have a brand new HVAC system, has a new well pump, new water heater, exterior is being painted now, fresh paint inside, new tile, high end carpet, wood floors redone, etc.

Our issue is we are getting a lot of calls to see if we will do a lease-to-own. We have already "sold" this home twice by lease-to-own, but neither person came through…..another long story. Anyway, we now have another person very interested. When we received an application from him yesterday I saw that he has declared bankruptcy about 5 years ago. We don’t want to lose out on a potential sale, but we also don’t want this to drag out too long. We are willing to do a lease for up to a year. Would he be able to get a loan within a year with a bankrupcty active on his history??? Since the home has been redone I don’t want to have a year wasted, them not be able to qualify and then have to market it without everything being new.

We don’t want to lose another person that may be more qualified or even an outright sale. Should we keep trying? Or, should we take our chances on them? Everything else looks good on their history (rental, employment, criminal). Thanks!!

if they have re-established credit they qualify to buy now

Are luxury apartment homes only for lease or can you buy to own?

In New York City you can buy an apt. costing 45 million. and up

I am trying to do a lease to own to sell my home. Is the full amount of the down payment supposed to be applied to the balance I still have left on the mortgage? How is the downpayment on a lease to own supposed to be used?
A lawyer will revise the contract for me and represent me on this. I just want to know how much of the downpayment money I can keep as a profit.

you need help to write this contract
if you do not fill in all the "loop holes"
you will fail..and lose a great deal.
hire a professional..
find someone willing to "lease" your home first
the contract should be on your terms since you have the most to lose.
simply if you have someone willing to supply the "downpayment"……and saying yes..
they can move in and not pay a cent further and be in your home for months…..not paying……..and you can not evict them..because you "sold" your house…..it is theirs now..
you need a "professional"
you will need then a "foreclosure" and may not have anything to "foreclose " on and end up "bankrupt"
THUS HIRE A PROFESSIONAL TO WRITE THIS CONTRACT PROPERLY.

I was wondering if anyone knew what could happen in the case of….. My husband and I are leasing (renting) to own a home, in Texas. His work is talking about transferring him to another location, and we would need to move. What can be done? Can the business we are leasing from garnish his wages if we leave? Any advice or info will be greatly appreciated.. Thanks..

that would depend on the specific terms of the contract. I am assuming you had an attorney make up the agreement… if not… Most all land contracts and rent to own schemes are illegal in texas since 2006. I am assuming you are using the loophole in the law. Best to consult the attorney about your specific rights. You and the seller may have forged an illegal document.

In July our lease is up, we want to move into a home. Our credit isnt the best and we wont be approved for FHA until Sept. So we are thinking about rent to own or lease to purchase but is there a difference in the two? and is it a good idea?

No, there is no difference between those two terms, however, it could be risky. If something happens between now and when you are scheduled to purchase the property, such as property values decline or you get transferred to another job, you may be under an obligation to purchase the property anyway.

An option to buy, known as a "lease-option" is a bit safer. Essentially, you are a renter, but put a deposit towards purchasing the home. At the end of your lease, you have the option to purchase the home for a pre-negotiated price. If you choose not to buy it, you can walk away.

I would like to be able to report their excellent on time payment history for the last 3 years in hopes it will help them get financed to purchase my home out right! Is there a way I can report their on time payments to the 3 major credit agencies?

They are renters, their payments do not effect credit normally.

To report rent payments you have to join the bureaus and pay for each month. You can’t report retroactive anything, only activity that happens after you join. I do not think they credit would be effected though, as rent is not credit, it is payment made in advance of receiving the product (housing), credit is when you take possession of something and pay after the fact.