🚀 go-pugleaf

Anyone bought or sell through "Rent to Own"?   Any pros and cons?

Susan



"Devils Advocate" <devilsadvocate66@hotmail.com> wrote in message
news:e586st$n4r$1@news.datemas.de...
> All too often I see good people w/ bad credit fall into traps similar to
> this because they are so excited about "owning" their own home. When in
fact
> the don't own it, have no converage, no protection, but still responsible
> for the upkeep. Geez man you must love tenants like this eh?
>
> I recall a friend of mine get ready to jump into one of these contracts.
> Prior to doing so, I strongly encourage him to seek legal advice. This is
> what he did , and for 100 dollars had a contract written up for the
landlord
> to sign. Similar to an "held back mortgage", I'm sure you know what terms
> that is. Anyways the bottom line is, the landlord would not sign, and it
was
> on his terms or nothing.
>
> So I say to people reading your ad, don't jump the gun, and seek legal
> advice to have a contract drawn up and ask the landlord "deal or no deal."
> I'm sure you won't be shocked on the answer.
> "JSC Rent To Own Homes" <bpappas@rmminc.net> wrote in message
> news:1148682358.515384.132840@j55g2000cwa.googlegroups.com...
> > Not to get bogged down in semantics, the new contract can have the same
> > terms as the old one. This is a matter of negotiation.
> >
> > House burns down, owner of the policy (landlord) gets the money. What
> > does tenant get (is this in writing?) It all depends on what is in the
> > contract. That is what is in writing. Did the tenant negotiate for it?
> > Did the tenant have renter's insurance to cover personal property?
> >
> > If landlord goes bankrupt - the tenant still has legal rights and can
> > exercise the option. Did the tenant and/or landlord record the contract
> > to put a cloud on the title? That would help matters. However, if the
> > tenant can't afford to exercise the option after 5 years, he/she should
> > have never entered into the deal in the first place.
> >
> > Look, the RTO concept has risks. No one (tenant or landlord) should get
> > invoved without a good understanding. Hire an attorney if you need
> > help. You would probably hire one in a conventional house purchase.
> >
>
>