Please give me info on Lease 2 own or rent to own...how does it work and is it a good idea...with foreclosed

Asked by Help, Mission Viejo, CA Tue Mar 4, 2008

I have been looking to do this it sounds good for many reasons but what are the pitfalls...why is it good for the owner of the property and the leaser/renter? What is needed to get started...and what is the bast way to do the deposit?

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Larry Story, Agent, Greensboro, NC
Tue Mar 4, 2008
First of all make sure to consult a lawyer and have them draw up the agreement. For the owner it gets someone into their unit and making the mortgage payment. For the buyer/renter usually there are some credit issues which keep them from buying outright. So this will lock in your price and usually you can work out a schedule so that part of the payments go towards the sale price. You need to negotiate all of this with the seller. If you go through an agent then they can help with all of this and make sure all the bases are covered.

If I can help in anyway just let me know.

Larry Story
Coldwell Banker Triad
larry.story@coldwellbanker.com
0 votes
Pam Winterba…, Agent, Danville, VA
Tue Mar 4, 2008
Trulia does not have rentals or leases on this site. I would suggest craigslist or a local property manager to help you. Good luck
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