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Should I "make a deal with the devil"

Me and my husband are looking for a house to buy because we need to get out of this house that we are renting...we found the perfect house, and it is sooo cheap that we could literally pay it off in less than 10 years ( and still live comfortably) ....

The problem is, my husbands credit is bad because someone stole his identity and charged of them is a huge Sprint bill ( we dont even get Sprint service around where we live) and we jsut got the papers to fill out to fix this but it can take atleast 6 months to fix it, which no doubt the house would be sold by then.

My dads friend ( and also a client at my husbands work) offered to buy it for us and then we just pay him back monthly. He has millions of dolalrs becuase he buys dumpy houses in county ( this house isnt dumpy though) and then rents them out to scumballs ( basically), so he doesnt have the best reputation, * continued*

Answer Question

Asked by Anonymous at 8:45 PM on Mar. 23, 2010 in Just for Fun

Answers (7)
  • but has always been decent to my family.

    So I am worried about it, but I am also worried about losing my dream house !

    also...if he buys it, can he later put it in our name ( deed to our house) or will it always be "his house"

    Answer by Anonymous at 8:47 PM on Mar. 23, 2010

  • I would make sure that if you do decide to do this that you have EVERYTHING in writing and seek a lawyers advice/services.

    Answer by JeremysMom at 8:49 PM on Mar. 23, 2010

  • If I were you, I would go for it, and then buy it from him when you clean up your credit. Make the agreement now if thats what you are going to do. And make sure you are arware if he is going to make any money off of you when he does sell it to you. Go into it with eyes open and aware that you could get screwed in this whole thing. Or even have him so-sign and it can be your house as well, and then just drop his name after a while. I would really look at all your options first.

    Answer by AK_aries at 8:50 PM on Mar. 23, 2010

  • Uhm...I would do it as any other regular loan....and make sure you have documents to back you up on this!!!!!! Like make it a rent to own kind of thing. MAKE SURE TO WRITE UP ALL TERMS, SIGNED, DATED, AND EXTREMELY SPECIFIC!!!!!

    Answer by Anonymous at 8:55 PM on Mar. 23, 2010

  • The deed name can be change. I would do it but get all the right paper work include in the lease that it is a rent to own option. Get receipts every month, and evry year make sure to get a slip w/ remaining balance. Good luck.

    Answer by hot-mama86 at 9:01 PM on Mar. 23, 2010

  • why not ask him to lend u the money so that u can buy the house under your own names and then pay off his loan on a monthly basis....rather then him buying the house under his own name and u paying it off?.....

    Answer by fay101 at 9:05 PM on Mar. 23, 2010

  • If he is willing to by the house.. make out a contract stating that you will pay x amount in rent, and x amount toward the purchase of the house. Be specific, stating that once you qualify for the mortgage you will purchase the house off of him for say 3-4 thousand higher than what he paid for it. Therefore his is making a profit, you will have it in writing that you are going to buy the house (again be specific in the contract), and you'll get your dream home. BUT make sure to have it notarized.

    Answer by xxhazeldovexx at 9:08 PM on Mar. 23, 2010

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