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Rent To Own

Posted by on Nov. 9, 2009 at 10:38 PM
  • 3 Replies

I am needing to find out how does a rent to own house work for I am considering renting to own my house so any pros and cons would be appreciative?

by on Nov. 9, 2009 at 10:38 PM
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AJmum
by on Nov. 9, 2009 at 10:45 PM

  Now do you want to do owner financing or rent to own?

 Rent to own, Usually the renter gives a down payment larger than a normal rental situation. You charge a monthly rent and an amount of that goes towards an account that will be set aside when the tenant wants to buy. So say you are charging 1400, 400 of that would go towards an account, and at the end of the time agreed that account would be used as down payment with for the mortage. Normally in these situations it is written into the contract they would lose a portion or all of the money if they back out.

 Owner financing, They would give you a down payment as they would with a bank. The monthly payment would go to you as opposed to a bank.

 Good luck and make sure you write up an agreement with a lawyer!

wwjd2007
by on Nov. 16, 2009 at 12:55 PM

Thank You

mommasbabies77
by on Nov. 16, 2009 at 12:58 PM
Please be cautious of some rent to own places, we got duped big big time and lost over 12,000 dollars. Not saying everyone is a scam but some are and they will cause you to loose major $$$$


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