If anyone out there can direct me to a good source for information on setting up a "rent-to-own" or contract deal, I would really appreciate it.

Asked by Belinda Long, Lafayette, IN Thu Jul 18, 2013

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Ron Thomas, Agent, Fresno, CA
Thu Jul 18, 2013
You're probably stuck with a Real Estate Attorney:
There aren't any FORMS because all the terms and details would be different:
You would be at the mercy of the Seller; he would dictate the terms; high selling price, high deposit/down payment, low monthly payment applied to option, draconian terms if the option wasn't exercised on time, you responsible for maintenance and repairs, etc.
This is not a good thing for the Buyer!
And the kicker is that it wouldn't help your Credit Score, because as a private individual, he wouldn't report to one of the Credit Reporters.
It's the ultimate Caviat Emptor!
1 vote
Thanks Ron, the thing is, I would be the Seller in this case and I really am interested in cutting someone a fair deal. I'd be happy with finding a "buyer" that could cover the costs of the legal fees plus a $1000 down and maybe $50 a month over the mortgage payment. As long as they were responsible for maintenance and repairs and would commit to pursuing their own financing within, let's say, 10 years, I'd be willing to let them have it for the amount of the mortgage payoff and closing fees at that time. I just happen to be a decent person with bad timing that closed on a new home about a week before everything went "south" in '07 and found myself paying two mortgages on properties that suddenly weren't worth what I owed on them and was forced into becoming an "unintentional landlord." I can't collect enough rent from the previous home to pay the mortgage and cover the maintenance and repairs on the place, let alone make it worth the hassel and time...I want out from under it!
Flag Thu Jul 18, 2013
Ness, Both Buyer And Seller, West Lafayette, IN
Thu Jul 18, 2013
Here in Lafayette IN .You want to call Dave Poelstra (Atty at law) He is a great guy ,and will take care of everything .Contract Filing Title search and Closing ...More and more people are doing the same thing as you Great Idea selling on your own ..Saving both Yourself and the Buyers
0 votes
D, thanks for the lead. I've heard the name and appreciate the reference.
Flag Fri Jul 19, 2013
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