Unable to get pre-approved for home. Looking for rent to own home in 53224 area code.

Asked by Monique Hall, Milwaukee County, WI Mon Mar 26, 2012

What assurance do you get with rent to own homes? How do you know that the renter is REALLY paying the mortgage when you pay rent and that everything is up to date and not in trouble. There is nothing worse than thinking that you are moving closer to home ownership only to find that you will be homeless because the sheriff is delivering foreclosure paper. This happened to a friend of mine.

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Kurt Danskin, Other Pro, Hales Corners, WI
Mon May 7, 2012

I specialize in Rent To Own Homes. You can either visit our website at http://www.MilwaukeeLeaseToOwnHomes.com or call me at 262-748-3625.
0 votes
Leonard Rosen, , La Jolla Alta, San Diego, CA
Mon May 7, 2012
There are two major issues with the rent to own concept. First you need to assertain who actually owns the property and if the payments are being made. Second, you need a contract signed by the owner stating the monies paid are actually going toward the down payment.
An attorney can help you draft the document and guide you.
0 votes
Bill Dunger, , Tacoma, WA
Mon May 7, 2012
This is EXACTLY the reason you should use my company. We have been in business for 30+ years and licensed in all 50 states.

We call this a Wrap, meaning we would collect payment from you "buyer" and make payments directly to the mortgage company, less any money needed to be sent to the seller. This is very common nowadays and you should definately use a 3rd party to service the contract so that there is 100% transparancy. (thats where we come in)

We do all of the bookkeeping. Sending out payments, monthly breakdowns sent out, late notices sent if needed, taxes and insurance tracked (very important)

service is only 17.98 per month.

check us out. http://www.Meracord.com

Bill- bdunger@meracord.com
0 votes
Companies like the one above can be a very useful tool.
Flag Mon May 7, 2012
Kurt Danskin, Other Pro, Hales Corners, WI
Tue Mar 27, 2012
Monique, your concern if very valid. Especially in today's market.

I urge our clients to etiher:
1. arrange payments to a 3rd party who will then pay the mortgage and forward the rest of the funds to the seller.
2. make arrangements to see the seller's mortgage balance every month.

Feel free to call me at 262-925-8632 if you have any other questions regarding rent to own homes.

Dave Gerlach
0 votes
Brad Meyer, Agent, Milwaukee, WI
Tue Mar 27, 2012
I agree with you 100%. The expectation is that if you're paying, the owner should be paying. I work with a few different investors who focus on rent to own situations. Each situation is unique so I would encourage you to call me to discuss how this might be an option for you. You can also email me if you prefer.

Cell: (414) 364-3604
E-mail: Yourneighborbrad@gmail.com
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