what scams are involved with lease to own homes?

Asked by Don Tarkington, San Francisco County, CA Mon Sep 20, 2010

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, ,
Thu Sep 23, 2010
Check this link with warnings about this scam. http://www.dre.ca.gov

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Leasing To O…, , Dallas, TX
Mon Sep 20, 2010
Hey there again Don....

Things to watch out for can come from all areas:

~Real Estate Agents who don't know a Lease Purchase from a hole-in-the-wall.....
~Sellers who offer their house as a Lease-to-Own knowing full well they are already in default.....
~Not having ALL the details and responsibilities in writing PRIOR to moving into the house....
~Sellers that will try to sell the house out from under you even though you have a "verbal agreement" with the seller....
~A seller may not even be the true owner on title of the property
~Fly-by-Night Rent2Own companies who just sent out SPAM ads to get you to "sign up" for their list of houses.

Those are the only ones I can think of off the top of my head. Once again, do your own research and educate yourself. THEN seek a PROFESSIONAL who understands and has dealt with Lease-to-Own transactions. This means Agents, Attorneys, Title Companies, Mortgage Lenders, and friendly neighborhood Lease-to-Own Professionals, such as myself.

Best wishes & Laus Deo,

Darin Ray
Lease-to-Own Professional
Independent Consultant
0 votes
David Tapper, Agent, Burlingame, CA
Mon Sep 20, 2010
I don't know of any scams. Do you have particular question regarding lease to own. In order for you to be able to "really" do a lease to own, you must be qualified to purchase at the time of the lease. Meaning you should already be able to secure a loan. You should also have done your inspection and read the disclosures from the seller.

In my opinion, lease to own only benefits the tenant/buyer.

Good luck,

Tap
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