Rent to own is simply when the Landlord and the Tenant agree that they will Lease the property with the option of the Tenant to purchase the property at the end of the lease.
It is truly a simple concept, giving the Tenant an option to purchase the property. However, sometimes it can get complex. For example, some Landlords will set a regular rent price, for example; $1,600/mo and add an additional $500 a month to total $2,100.00 per month in rent. The difference between the regular rent and the additional rent will go towards your down payment over the life of the lease, should you purchase the property. However, if the Tenant decides not to purchase the property, the difference in rent is often forfeited.
When considering a Rent to Own Agreement, it is always a good idea to consult the counsel of attorney.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
"I Stand Behind Getting You Results!
Your Trusted Real Estate Professional for Life!"... more
In most cases, yes.. by responding to a listing on Trulia, you're contacting the listing agent. You can find a buyer's agent, by contacting a local real estate agency, and interviewing agents.
You can also meet agents by attending open houses, which gives you an opportunity to meet them in a low pressure situation, where you can see how they handle themselves... are they friendly, do they seem professional... knowledgeable... if they do, and you like them... then you can ask about buyer's agency and invite them to be interviewed.
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore visit with any licensed loan officer to determine qualification; there are other factors besides credit, such as income, debt, etc., that will determine eligibility for a mortgage....... more
bob when making an offer on a short sale, everything and anything needed should be in your initial offer, once a bank approves a short sale, they are not going to want to renegotiate, you will have to start over. if you notice a house needs work or repair, ask for the credit with your initial offer, sellers often do not have the money to fix anything and the bank will not pay to fix anything, credit or discounting the price is best. yuou should incude a description of the repair, lots of pictures and at least 2 estimates on letterhead of the contractor.... more
I would certainly give it a shot. If you hada buyer's agent, maybe you could go back to him and have him renegotiat. Or seek out a real estate to review your contract to see if it's possible to get a price reduction. If not a price reduction, perhaps some perks such as granite, upgrade in fixtures, etc.
Are the lots in the same location as the one you purchased or in a less desireable location? Does your contract read somerthing requiring them to sell at best available price? Are the units not appraising at closing? These are issues you should speak to your attorney about and he could give you better guidance.... more
Your agent is right. If there is any hesitation on your part, the bank will just go to the next offer in line. If it's a house you truly want, you need to know what you're buying quickly because there are others rigjt behind you looking to purchase the home.... more
It depends on the board. Technically if the mortgage and all the other documents are in her name and she is financially capable of making all of the payments and qualifications, the board should look favorably to this. If you as an occupant are on the application might make it more complicated, but I think that if she is fully capable of making all of the payments (mortgage, insurance, maintenance, etc) then you should be ok.... more