i think if you get your attornet to write up the contact, have it signed and notarized you will be ok , screen the people well !!!!!!Mullers Lane Farm said:Thanks for your replies. This helps a lot.
I really would like to just sell this place and be done with it. I'm tired of having to go in and fix damaged woodwork, stained carpet, bathrooms & kitchens that look like they haven't been cleaned in a year or two.
There are too many things to do on our own homestead that I'd rather put the time, energy and money into.
Thanks again everyone.
That's the "rent to own" thing I've seen out here. It is a rip-ff for the tenants, but they usually don't recognize that. The people I've seen in this type of deal are usually lower working class and they think this is the only way they will ever own a home.RAC said:"you get behind in your payments 90 days, you are evicted, and lose all "equity" in the property."
This happens with regular mortgages too. Nothing different there.
When you do lease-option the renter is responsible for just about everything as far as maintenance.
What Jolly mentioned is kind of strange, as far as the 15 years part. Also, the "vacate and you lose all the equity"--is that vacate for ANY reason? Usually, the option is only a window of 1-2 years, then you have to decide whether to buy or not, and at that point you enter into a mortgage. This almost sounds like just a plain lease.
Bare, I followed all your post except for the 'lease option'. Is this extra money paid up front to be able to lease it?? What is it used for?bare said:Make the terms reasonable. One to three percent of the asking price is usually sufficient for a lease option and should not be enough to scare off potential buyers.
Make sure you get a good written contract if you do this.Mullers Lane Farm said:Does anyone have any experience with a rent to own option for real estate?? (Either as a seller or a buyer??)