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Lease To Own House Options Knowledge Base
how to get out of a rent to own house lease? My husband and I jumped into buying a house in pa. At the time it seemed perfect. Perfect location and greatest investment. We at the time were waiting for our credit to imporve so we took a rent to own option. The house had a sign that said buy from owner when we bought it. After signing a 3 year lease with the option to buy we found out the house is ridiculously over priced and then while looking over the howard hanna realty website realied our house is still listed as an active house to buy....is this a breach of contract and should we be concerned about this??? We really would like to get out of this lease for many reasons plus our ill parents now need us closer to home. Any help woul be appreciated.
signing a lease to own while house is listed? We have a house listed with a broker and the listing expires in 3 weeks. We have someone interested in signing a lease to own option contract. My question is I want to make sure we are able to sign the lease during the listing as long as the lease start date is AFTER the listing expiration, and there are no financial obligation to the broker at that time. Thanks
Lease to own for our house in Texas? We are considering a lease-to-own option for our house and we're really confused about the process. 1) If we are asking for $1600/month in rent, how much of that would go towards the purchase price of the house? Is that something we negotiate with the buyer/tenet or is there a standard? 2) I assume that money is kept seperately in case the tenant/buyer agrees to purchase the house before the option ends and we give it to....the mortgage company? If they don't want to buy the house, that money is ours to keep, right? 3) What would be a reasonable down payment? The house is worth about $180K right now.
Are there lease-to-own options in hawaii for single familiy homes? I would like to know if there are lease-to-own options for buying a moderately expensive house in hawaii. IF so then how do they work does the owner carry is it expensive to do this in hawaii?
Has anyone bought a house with the Rent to Own option? I'm newly divorced and trying to get back on my feet financially. I've had credit problems in the past, and have been paying $2500 a month in rent for the past 2 years, and it kills me that i'm not building any equity. I recently heard about Rent/Lease to Own options to buy a house. I would be interested in hearing from anyone that's done this and what your experience has been. Thanks!
What are my options when I was lured into signing a lease when we were suppose to be renting to own? One year ago this month we were lured into signing a lease on a property that was suppose to rent to own. I was told that we had to be in a lease a year before transfering it over to rent to own I was also told that the $6500 we have paid in rent would be counted torward the rent to own. However none of this has happened and I recently found out that the person that rented it to me is a real estate broker and he does not even own the house. What are my options Please Help! The only reason we signed the lease is because we were lied into it. I have documentation proving this.
I have a house that i want to sell but the market has been so bad that im going to lease to own? The person that want to lease from me has bad credit so she will need to rent from me for a year... unfortunately my mortage is set for 10 yrs so my payment is higher than usual. I pay $1986.00 and im offering to sell them the house for $223,000 but the rent is where im not able to be flexible with because to my understanding if they rent from me for a year all that money is going towards the balance of the mortgage and they are not going to have enough money to set aside for a down payment and pay me rent..... So i guess what what im trying to find out is there any other way for this person to be able to buy this house from me in the same lease to own option? Is there another way to do this that would benefit the both of us? I dont want them to loose money and i dont want to loose money either but i really i want to sell my house and they really want my house......
What is your opinion about rent to own for housing? I have noticed that since the market is down in California there are more lease to own options for houses. I am thinking about doing it to secure a good purchase price and have time and help repairing my credit. Plus part of the rent will go towards the down payment. Good idea for buyers???
Not moving in to a rent to own/lease option? We signed a 3 year lease w/ $10,000 in option money already paid. Our move in date is not till June 5, 2009 and we have found a buyer for our current house that will lease back to us at a substantial savings. Is there a way to cancel the contract without losing any of the money. I don't have a copy of the contract yet, the owner just signed their portion, but I can get it. Any thoughts?
Required Disclosures of California Real Estate Broker in leasing own home? Does a California licensed Real Estate Broker have to disclose that he is such in a lease/option agreement for the lease of his own house to another person? If so. What is the reference to California law that requires such a disclosure?
Who will refinance a lease to own home? I have a lease to own house that I have been in for 2 years and now the landlord wants to sell it to me. I can't get conventional financing becuase my credit is still poor and I dont have alot down.. I know there is some form of info regarding this, stating that a lease home can be "refinance" if you have been in it for so many months and you are doing a lease to own option. I need to find a mortgage company that will refinance this. Any suggestions? Thanks! there are some FHA or salliemae exceptions that allow lease to own homes to be refinanced, but I cannot find that info again. I have worked with a company that does it but their fees were high so I was going to look around to find others.
looking to rent a house - how risky is this? (lease to own)? there are 2 signs in the front yard (a for SALE sign by realator and FOR RENT by owner) we called the owner to see if we could see the house and what the terms of the lease were. he said he was 4 months behind on the mortgage so the lease would be month to month (basically until we were kicked out due to foreclosure) but he said we could work out a lease-to-own option where the rent could go towards the purchase price. we really like the home but are not interested in purchasing it. we are thinking about doing the lease-to-own but unsure how to break out of it. is it easy if after a year or 2 decide we had enough we don't want to purchase you keep the payments as rent?
Should we use a real estate agent to lease- to own a house, or just go straight to the individual? My husband and I found a home we love. We REALLY want it but do not have a down payment right now to buy it. We have been working on repairing our credit so we can buy soon, but are not ready to yet. We want to know if we have to go thru a real estate agent to do the lease option or can we go straight to the individual? Do we actually do a closing and have to pay agent fee's when just signing the contract to lease to own? We were told just to do the lease option we had to do a new mortgage and closing and had to pay $12000.00 in real estate fee, that doesn't include the initial non refundable fee to the owner. Does that make sense? I thought we would just draw up a contract on it and not actually do any closing or anything.....I am confused. Any help would be greatly appreciated!! Thanks!!
Lease to own / option to buy the home contract? My sister and her common law husband have a house they can't afford, and They want to give me the option to take the payments and live in it and do a lease to own contact . then have the option to buy the house within 2 years of me leasing the house in North Dallas. I trust my sisiter but not him . Where do I go and what kind of contact do I need that is will protect me from 5 years from know him teying to get his house back . I want to lease it and the payments going towards me buying the house within two years, I need to get my credit higher.
how to avoid or reduce capital gain tax for a house owned less than a year? We just bought a house in Nov. last year with an intention to expand it and move in. Before expansion, we did lots of improvement. Now we have buyers for it and we could gain a handsome profit. Though lease-to-own option will lower our capital gain tax rate when we sell this coming Nov., we prefer to have it sold right now instead of waiting for another half year. Any suggestions on how not paying tax on the gain? Can we create a Family liability partnership (FLP) or LLC and transfer the title from under our own names to the FLP or any other corporation type before selling it? Any creative thought would be much appreciated. Thanks.
How would a rent to own home lease option work if one of my roomates does not intend on buying the property? I plan on applying for a mortgage to purchase the house within 18 months. However my roomate only plans on staying for a year. How should the lease be written up, to be both legal and fair to the both of us.
I just bought a house to rent out, can I turn it into a lease to own while still owing the bank? I figure if I sell it with a second lien, I won't have renter's asking me to fix things and they will take better care of it and I will make money off of it too! Maybe I could sell it as a lease with the option to buy? Any ideas?
Please help I have bad credit and I want own a home. What is the best way to get a house? Rent to own, lease to own, lease to purchase. lease option
Are there any good rent to own or lease with option to buy websites, that are free? Here's the deal, i really want to buy a house in this economy but my credit and my husbands are horrible (we're in the 500's). Also i don't want to rent anymore because i'm tired of throwing away my money. Is there a website that would give me the listings of places to go? Is there anything i should be looking for? Or be aware of? I'm really interested and can move in by September.
Does anyone know where I can buy a house or modular home in North carolina or other areas with bad credit? I am trying to buy a house. I considered the rent to own or lease option but I was told by a friend that it was a waste of money. I am looking at houses or either modular homes. I really could use some useful info. I have been renting for two years and It is time for me to get my own.
leasing to own a house? Does anyone know what paper work is involved or important or how to go about leasing to own a house. We have decided to look into this option with the house we have for sale and don't really know where to get the needed information.
Ever bought a house on a lease option? I am currently renting a house. The house is older and not in the best of shape but, it has lots of potential. I would love to work on it, and build it up to it's full potential but, I want to do that to my own property, not my landlords.. When I first rented the house, the landlord expressed that he eventually wanted to sell the house. I would buy the house from him but, I have bad credit and I doubt I'd be able to get a morgage. I could try to assume his morgage but, that could be risky. That leads me to think that a lease option is a good idea. It's not really talked about much though. Could anyone give me some insight on Lease Options?
How can we break our rent to own lease? Me and my husband signed a rent-2-own lease(1yr) back in OCT 08' we want to break it and buy another house for various reasons. Do we need a lawyer to go about this? It says in the lease that this option to purchase is exclusive, what does that mean? Are we bind ed in this or is there a way out. ANY help would be great. And we are looking to get out around the time the 1year lease is up.
Pros and Cons of Lease to Own? This is the only option I have about getting a house. It is through a friend, could someone give me the pros and cons to it?
I want to buy a house but my credit is shot.? I owned a house 3 years ago and lost the house due to foreclosure. I filed a chapter 13 twice to save the house but due to lost employment, efforts were futile. I am in a lease with purchase option and have been here for almost 3 years. I have tried very hard not to create any new derrogatory credit entries but score is still very low. What is the lowest score that one can have and still get financing.
Lease to own Real Estate Massachusetts? I would like to offer my home as lease to own - it took the neighbor over 9mnths to sell their similar house and they took a big loss. Any opinions on doing this and do you think I could get someone pretty quick? Any warnings on what to put on the contract? Would a $2,500 non-refund option with $250/mnth of the rent going to towards the purchase price be okay? I am looking to purchase a different home and that is why I will possibly be in a hurry to get rid of my existing home - can't wait 9mnths to sell it if the house I want is for sale now...
Do you think its a good idea to rent to own my house back from a landlord? I'm about to lose my house for taxes and can't refinance because there is not enough equity in it, but it is a family home I want to save and a local landlord has offered to pay off my debts and taxes and in return, I will sign over the deed to the house to him and he will do a lease option where I rent to own for 3 years then get a mortgage to pay off the rest, thus saving the house and giving me time to get my credit rating improved. The problem is that I have heard really bad things about him doing this with people and then kicking them out of their house. I don't see how he can do this if it is done through a lawyer as he said it would and I have a seperate lawyer go over the contract. What do you think? Is it a good idea or not?
difference between "rent" and "lease" options for letting out a residential property in Bangalore? Hi, I recently constructed my own house in Bangalore, I intend to let out the ground floor for rental purpose. I understand that there are 2 options: 1. Normal rental: involves 10 months rent as security deposit and monthly rent payout. 2. Lease (long term): higher security deposit. Can someone please explain to me pros and cons of both options? How much is usually the lease deposit for 2nd option? Does the owner get any payments during the lease tenure? What happens at the end of lease tenure - how much of the deposit is returnable etc?
Am I ever going to be able to buy a house? We've been looking to buy a house for quite a while now. Our credit sucks, but we've been working on it for 6 months now... got a secure credit card, pay all bills on time etc.. but the score has not gone up even one point yet... We're trying to save for a down... but can only come up with 5% because we're trying to make sure all other bills are current (We have 2 sons who take up a lot of the budget) We've been looking into the rent-to-own or lease-to-own option, but everyone just seems to want to take us for a ride, and rip us off. I just don't know what to do anymore, I want to get into a house so desperately... we're paying $1200/mo in rent for a crappy apartment. What else can I do to make this happen sooner? BTW... We're in Southwestern Ontario... and my credit score is 502
Lease to purchase house in Phoenix, AZ-as a seller? I own a house that has 3 units for sell in Phoenix AZ, it was on and off market, the RE sucks there. I have two families renting it they are not able to purchase it. My realtor had suggested if I would offer the option Lease to Purchase I can move the house fast, I want to sell it. As a seller what are advantage and disadvantage for me, the price is$ 230,000 how much down payment can I ask and how much if I collect $1400 can go through the credit mortgage payment benefiting the buyer? What if the buyer fall behind with his payment-is this easy to evict. It’s very easy to evict a renter, but is these tenants consider as a buyer or tenants? Thanks
ok, bear with me....my husband and I are in a lease to own contract. we have the option to purchase after 2 yr we have only lived in this house for 3 or 4 months. we're having plumbing probs so I called the landlord (even though we're supposed to be responsible for repairs) just to see what advice she could give me. She was against me calling someone right away, (surprisingly) and told me "it's always better to fix it yourself." well, we tried to, and I had to I have someone come and look and they said the plumbing isn't even up to code. We can pay like 500 to fix the prob for now but in order to get things where they SHOULD be, we're lookin at 1000+ I know she's going to give me a hard time with this, can we break the agreement since the plumbing isn't even up to code? I mean I don't mind fixing things but if it's not even up to code. oh, and my husband and I have already discussed not staying here / not buying the house after the 2 yrs because he has a long commute, but were planning on making the best of it until this happened. And we seem to find things wrong more and more...any advice?
How do I get a good deal on renting a house in this market? The house is in a nice Neighborhood.? I am trying to rent a 3 bedroom home in a nice neighborhood and would even be interested in a lease-to-own option at the end of a one year lease. What are my best ways about getting a good deal?
My husband is on contract for a new house but I own a condo in my name....? that is late 6 months in mortgage payments. My husband showed a Lease to Purchase Option to his lender (for a FHA loan) showing that the condo is being rented out in July so they know he is to live in the new house and is not attempting to buy it to rent it out. Is it likely that the bank will look up my condo details and find out that the mortgage has not been paid even though I am not on the mortgage for the new house (only my husband is)? Unfortunately, not paying the mortgage was the only way to save for a new house.
What are my chances of qualifying for a mortgage? Recently divorced, credit was ruined last few years when ex hubby had 'trouble'. I have since Feb. 2006, raised my credit scores from TU-614 to 631, EQ-539 to 563 and EX-597 to 626. I have acquired two Credit cards and a car loan and have paid all three on time since I got them. I have paid my $800 rent on time for the past 12 months. I have to relocate (long story) and will be looking for employment in that town. I am currently not working but have fixed income from Child support, Spousal support and SSI from disabled child. I have been offered the opportunity to buy a house where I am moving with a lease to own option. I do have a down payment thanks to my divorce settlement. I am asking for 18-24 months to finance this house while leasing. The house is $91000. What are my chances of financing now vs 12 or 24 months from now contingent upon my keeping my payments current on my credit obligations? Any info or advice would be welcomed.
Lease To Purchase Option on a home I own that still has a mortgage? I am in the process of buying another home and I am thinking about renting out my current house with the option to buy to my current roommate. I will still have a mortgage on my old house in addition to the new house mortgage. I have seen that with the lease to purchase agreements there is an agreed upon percentage of the rent payment that is applied to the purchase of the home. At first I thought about charging $1300 a month and applying $1000 a month toward purchasing the home. But since it is still on a mortgage most of the rent payment will not go toward the principal. What percentage should I change it to? My mortage on my current house is $1000. Thanks.
Lease to Own ?? for a newbie? i have never bought a home and am considering this option. what are the pros and cons of this deal. also, anyone familiar with this kind of deal, what are the details: how much willl i be paying in the end for the house ? why does he talk about refinancing in 5 yrs ?? is my whole lease payment going towards payment of the total price ?? and any other feelings about this deal and details i should know about -- thanks a bunch in advance = The Appraised Value was $376,000 about 1year ago. I have two mortgages the first lien is 300,000 Monthly payment is 2711.02 includes principal interest taxes and insurance. The second Lien is $75,000 payment 651.26. Total Monthly payment is $3362.28. You will receive the same monthly payment I pay the lender. Down Payment is $10,000, I have a 30year Mortgage with a 5 year ARM, our goal is for you to refinance within the next 5 years in your name with a bank.The house will be put in a Trust- You will receive all the tax benefits sorry, all of these details are those listed under the "buy" option for the house -- there is another set of terms for lease only --- i'm only interested in this "buy" option, so maybe that helps ?? sorry for the confusion
What is a Lease to Own? (in simple terms) ? We have a house we are interested in renting however it also gives the option to "lease to own".
In the home lease to purchase option, can the leasor decide not to sell after you sign the option to buy? If we make improvements in the house during a lease to own can the leasor decide not to sell it to us and keep those improvements for himself?
Terminating a house listing agreement early? We signed on with a realtor for 6 months, our agreement extends through december, however after 2 months on the market our house is garnishing little to no interest from buyers. We advertised the house for rent and we are close to finalizing a lease to own agreement with those involved. Can we contact our relator and terminate our contract early and avoid any fees or commissions becuase of this? We just feel like this house is not moving fast enough and this lease to own is the best option we have at the moment. Thanks so much for those who have answered. If we lower the price any more than we have we would be selling it for less than we bought just a year ago. Basically, I want to take the house off the market completely. This realtor had us do 2 open houses of which we, the sellers, had to run ourselves. He told us the showing service did not have authorization for an unknown period of time and any potential buyers could not view the property for ?? days. The renter we are in contact with now found us through craigslist following up on an add to rent and our realtor has even suggested we either reduce the price more or look into the renting option. Why would I tell him I'm doing a lease to own option anyway? It's not like I would be going to another realtor the next day and relisting it. I'm technically not selling - they might opt out in 18 months, then what? I start a new lease to own and in 4 years owe this guy commission?? Doesn't make sense.
Lease/Rent To Own Houses-Any Info?Thanks!? Does anyone know any info on how the process works when you rent to own a house, like Leasetoownsc.com? Like, if you are bound to buy the house or can just rent with the option? I would like to rent with the option to buy- any info? Thanks!
Option to Buy Lease - Lease Owned by The City of Ft. Worth? My spouse and I found a water front house on Lake Worth (Texas). The existing owner has paid $500 to transfer the option to our name. 1. If we are locked in a 25 year lease, can the City DEMAND us to PURCHASE the land before our Lease has ended? 2. We heard from the neighbors that the City is going to annex the neighborhood - are WE required to pay for costs of putting in water & sewer? Thank you! We have not closed - we only have a contract on the house w/an option (Waiting on house inspection). We are going to do the wise thing and consult and real estate attorney in the area.
What do you think of a rent-to-own home, or lease option? My fiance and I are getting married in October. We're tired of renting and have been very interested in buying a townhouse. Our apartment lease ends this December, and since we're paying for our wedding in October we have no opportunity to save for a down payment on a house this year. What do you think of a rent-to-own home, or lease option? It sounds like a great opportunity for us -- ready to buy, but we need a little time to save for a down payment, and to qualify for a better mortgage. What are your experiences with the rent-to-buy or lease option? Advice is welcomed from sellers, buyers, realtors, or anyone who's had experience in this field. Thanks!
Lease to Purchase Home? I have someone wanting to Lease to Own a house I have for sale. Do I need to have a "Lease Agreement" and a separate "Lease to Purchase Option Agreement" or is just a "lease to purchase option agreement" sufficient?
When a lease purchase or rent to own tenant buyer goes to purchase do they need 20% down on the mortgage? I have been investing in subject to real estate for a few years now, and someone told me a good way to sell a home I secure through a subject to deal would be through a lease purchase or rent to own contract. The idea sounds good, and I have been aware of the lease purchase contract. What I'm wondering about is the mortgage a lease purchase tenant buyer would need. On a rent to own a tenant buyer would only put a small down payment on the house, say 2 or 3% of the purchase price. When they go to exercise their option to actually purchase, not just rent, do they have to put down an additional 20% to secure a mortgage like if they had got a mortgage in the first place?, Or is there a loophole for a no or low down payment because they've been showing a commitment to the house? Any input from lease 2 purchase investors or a mortgage professional would be greatly appreciated! Thanks
I have have 3 years left on a 7 year lease for a retail space. Can they take my house if i default? I had a 2 year lease with an option to extend 5 years. When the 2 years was up, 2 years ago, they didn't have me sign to extend, they just told me it was 'ok' and that they'd let me out of my lease if things went bad. Things went bad, and now they won't let me out. So this question has 2 parts.... 1. I didn't sign to extend the lease, they said it wasn't needed.... what's the deal with that? Am i obligated for the next 3 years still? 2. If I AM obligated, and i default, can they put a lean or 'take' the house i own(well, the bank owns most of it...hehe)? Even if i declare bankruptcy? Thanks for the help. It's in California.
Is "rent to own" "owner financing" or "lease option" legitimate or scams? what should I look for to protect myself from losing my house money to a scamer? One site I am curious about is www.usleaseoption.com ?
I need information about houses that are rent to own or lease w an opt to purchase in union county or univ? I am considering moving to the union county area or even concord or possible the university area but I am looking for a rent to own or lease with an option to purchase for 6 months or more. I know it will be hard to probably find a home that is in a neighorhood where there are not exceptionally close .I am a nurse so I heard that the job economy is better in this area and I am relocating soon to this area . Any info and insight provided is greatly appreciated . I need at least a 3 bedroom or more and 2 baths with a price range of no more than 1400 a month .I am open to any help that can be provided Thank you
legal documents? What kind of documents are needed for protection when you lease with option to buy or rent to own a house if you are the seller? Also I heard with the lease to own option part of what the renter pays goes toward the down payment when they purchase it? How does that work? Do you have to save that portion of the money back or do they just tell the loan company the asking price and the price thats already been paid? I'm trying to get clear in my mind just how these to options operate.....Thanks in advance for any answers you may have!
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