Can someone with the knowledge of renting/verses leasing to own detail info. I want to move and sale my home. Either rent to own or lease to own? where do i start, or where can I get some information? Please help!! TY so much!

there really isn’t any difference between renting and leasing in this case. basically, rent to own works like this:
buyer pays for a "buy" option that comes due after a set amount of time. say 2 years. this option states the sale price (usually the current market price, not the value in 2 years) and says that after 2 years you agree to sell the buyer the house for this price if the buyer wants it.
the buyer agrees to rent the house for whatever rental amount you choose and also agrees to maintain the house as if it were his. so he does all the repairs and such.
at the end of the time period the buyer has a right to exercise this buy option and buy the house from you at the negotiated price.
the advantages are, for the buyer, that hopefully the value of the house has increased in 2 years and the bank will lend him the money more easily, and he’ll start out with equity.
for the seller, it may be a way to generate income in a down market.

this option should have a cost. like 2000 or 5000 or whatever is right for the area or such. at the end of the term if the buyer does not want to exercise the option, or can’t for some reason, or terminates the lease before the end of the term, then you keep the money he spent on the option, and he is obligated to return the property in the condition he got it.

that’s basically it.

We entered a lease for a rental home. Upon signing the lease and paying the deposit and first months’ rent, we went to have the utilites turned on. The cable is a community wide cable run through a homeowners association. The cable company said the account was frozed so we called the homeowners association who informed us the home was in foreclosure and scheduled for bank sale later that month. So we did some digging and found that it was indeed in foreclosure and scheduled for a bank sale but the bank sale was cancelled by the bank. So we called the property management of the house and the owner who said "oh, yea we are in foreclosure but are doing a loan modification. They also said they would come current on their homeowners dues so the cable could be turned on." We are really nervous now, we don’t know if we can get out of our lease, we don’t understand who actually even owns the home since it appears from the court documents that there was a final judgement of foreclosure but no bank sale. Any advice would be appreciated. Does our landlord own the home or the bank? What are our rights? Can he rent the house to us without cable hookup due to his non-payment of the homeowners association dues?

Your lease is illegal, as when you signed it – the homeowner was in default with both the mortgage bank and the HOA – Get away as soon as possible. You’ll have to sue the bankrupt homeowner for the money he took as it was illegal for him to rent you a home in default. I’m sure you know now that he didn’t use your funds to make good on any payments due on the home or HOA. That’s diversion – take him to small claims and find another rental quick.

Rent ot own or lease option

Try Realtor.com or Craigslist.org

I am considering moving to the union county area or even concord or possible the university area but I am looking for a rent to own or lease with an option to purchase for 6 months or more. I know it will be hard to probably find a home that is in a neighorhood where there are not exceptionally close .I am a nurse so I heard that the job economy is better in this area and I am relocating soon to this area . Any info and insight provided is greatly appreciated . I need at least a 3 bedroom or more and 2 baths with a price range of no more than 1400 a month .I am open to any help that can be provided Thank you

http://www.craigslist.org

I am trying to help a buddy of mine’s out. He currently lives in a 2 unit property. He has a lease I believe expires in October. He saw a for sale sign on the house and is tired of having to be shuffled around and start anew (just moved from another house where owner was selling), so he wants to buy his own home.

I understand the lnew owner has to honor the lease until October, maybe he wants his/her own people in the apartments, who knows… But is there a way out of the lease due to this hardship? Now he has to find a new place to live in another couple of months, and since he wants to buy, he cant take advantage of any good deals on the market. Is it just a case of hard luck or is there a way out of the lease..? Can tenant/landlord negotiate outside the terms of the lease to allow him to just get his stuff ready and hopefully find a home of his own?

Your friend can certainly ask and try to negotiate, maybe the landlord will work with him. However, there is no hardship here. He signed a lease until October, while the house may be for sale he’s going to be able to live there until October, nothing’s being breached. You can’t get out of a lease by claiming it’s an inconvenience to have to move out when it’s up.

When I moved into my home I was it was suppose to a rent to own affordable housing program, but now the company is saying that they dont know if we will own the homes in the 15 years we were told in the beginning. I dont have documentation from the original signed lease, but I do have a copy of a newspaper article published the week we moved into the home stating that the were "rent to own" properties.

My question is…should I seek legal advice or could my neighbors and I possibly have a law suite? WHAT SHOULD OR CAN I DO?

You should have signed a contract that stated how much of the rent went towards the house payment. In our area it is 10%.

It almost sounds like you were told all of your rent would go to the mortgage and they would pass the deed to you in 15 years. Did I get that right? That seems like an offer too good to be true. You need the documentation that you signed and if my assumption is correct then you should get an attorney.

See if there are other properties that were rent to own like yours nearby. Maybe one of them will have the documentation.

Good luck!