Property Q&A in Reedsburg>Question Details

Patsy A Wald…, Home Buyer in 53959

I have looked at this a long time ago and I would like to know if I could rent to own

Asked by Patsy A Waldrop, 53959 Thu Feb 19, 2009

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This question is about this property: http://www.trulia.com/property/1055758739-Mobile-Manufacture…

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You also need to be aware that it is sometimes very difficult to get financing on a mobile,as they never appreciate,only depreciate in value.
1 vote Thank Flag Link Thu Feb 19, 2009
Basically this is how rent to own works. usually the seller requires a deposit of about 10% of the purchase price. (In this case about $5800) You agree to purchase the home on a specified date usually in 12 mos. You will pay a rent that is above the market rent and this extra will be placed into an escrow account which will be used to build up your down payment. At the end of the term,you will have a down payment which you will take to a lender to obtain financing. The drawbacks are (1) if you do not go through with the purchase you will lose your deposit & escrow funds. (2) if the property goes down in value during the lease ter,you are still locked in at that price. i suggest you contact a local agent who can help you through this process.
1 vote Thank Flag Link Thu Feb 19, 2009
I found out after I got to wi that my credit is not what I thought it was so I want to rent to own or maybe a forclosed fixer upper please help I can verify income
0 votes Thank Flag Link Thu Feb 19, 2009
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