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Pusspuss Geroux | Can you explain renting to own a home? |
We are selling and friends with no down payment want to buy and mentioned rent to own....Any info?
Additional Details
All will be legal with lawyers agents etc. |
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femeftl25
|
U usually have a high finance rate sometimes like 12 or 13 percent. But if your credits not in order to buy, its better to be renting towards one day owning than throwing it towards a landlord and never seeing anything bk from it. |
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sudbury girl
 |
Well some people can't come up with a down payment...so they rent to own. That means for a period of time (that yous agree to) everything they pay in rent will go towards the purchase price. If in the period of time they change there mind or still cant come up with enough money to get their own morgage..you keep your house and all the rent money they paid, and you can then list it. |
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blkrose65
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basically your friends want to pay you rent money that would go toward paying off the mortgage. once the mortgage is paid, they want title to the home ... it's like going to Rent-a-Center, only the object for rent is a house. |
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Andrew P
 |
be very very careful thats all i can say. Read everything you sign twice. If you cant afford a Agent please Find a friend or something. Things can be tricky or HUGE interest rates. |
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Comfortably Numb
 |
Rent to own can mean a few different things.
At 1 extreme, you would have the situation where you are basically THE BANK. All the "rent" would go towards the purchase of the home.
The most common way would be a portion of the rent would go towards a downpayment for a later purchase. The percentage is entirely up to the parties involved.
If the home is 40,000. If 25% downpayment would be required to get financing ( for instance) then 10,000 would be required.
Then say a percentage of the rent (2,500/ yr as example) could
be set aside so in 4 years of paying rent, they would "have" 10,000 for the downpayment to get financed for the purchase.
Something like that. |
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sashi482003
 |
You would need to have a contract which states that your friends would rent your home for an agreed upon amount and at the end of the rental period they would buy the house for a said amount.(Ususally based on todays market price) Usually there is a substancial deposit, like $2500 put up by the potential buyers, which is forfited if the buyers don't fulfill their part of the contract. After an agreed upon time, usually 1 year, a certain portion of the rent(often 10%) that they paid would go as a down payment.At that point they would have to be able to obtain a mortgage or lose the chance to buy your house. For instance, if you rented the house to them for $1200. a month, and you agreed that 10% of the rent would go towards a downpayment, then at the end of a year they would have paid you $14,200. They would then be able to say to the bank that they gave you a $1400 downpayment. Of course if you still have a mortgage on the house, you'd have to use the rent to make the mortgage payment. Don't forget that if they fail to buy the house, you could be left with a house now worth more, or less depending on the condition it is left in and the market. You will also be responsible for any taxes, legal problems,upkeep or repairs while you are renting it out...For legal purposes and to mainain friendships it is probably best to have an attorney draw up a legal document and have your friends take it to their attorney (yeah, right, like they could afford an attorney). |
|
ICHOOSETOTELLTHETRUTH
|
Here is some information.
This will give you the laws in your state once you click on to Laws and Statutes.
Then the state your located in.
1. Legal Resources
2. Online chat about questions
3. Up to date news & much more! |
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mattrunltd
 |
rent to own just means legally the person renting has an
interest in buying the property and should be given the
first option to buy with consideration to what the renter put in to the property.
Yes as long as youre requirements for owning the property are put in writting. And the renter dosent fail to meet the requirements. Rent to own is a one way street, renters dont have very many legal rights under rent to own. |
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jaantoo1
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blkrose65 is exactly right..
It is illegal in Texas. Make sure it is legal in your state. Call A land Title company. They can tell you everything..
God bless & Hugs from Texas. {:-) |
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nickipettis
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part or all of the rental payment becomes the down payment for the house.
You need a lawyer to do this safely. |
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rj_pebs
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They pay you in a monthly basis (kinda like "rent") until they pay up the actual price of the house. |
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Jim T
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There are two problems I forsee for you in this case.
First: Don't do business with friends. I understand that you want to help them, but it can bite you in the ***. Suggest that they look into a FHA loan or similar programs which can help them secure a morgage without a down payment.
Second: In this case, you become a landlord, and they will only be paying you rent per month. I assume that you have plans to buy a new house, and you will, no doubt, be relying on the income generated from your home's sale. This income will not exist if you allow someone (even a person not your friend) to rent, rather than buy. If that was the case, then why sell in the first place? Why not just use the house as a rental? |
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sexiluv
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you make payments every month to own your dream home just make sure that is the house you want to stay in before you make all of the payments |
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