RentToOwn-HouseFinder.com
If you break a rent to own lease and just rent a house, can you ever buy the house later?
My husband and I have been in a rent to own for two years and the owners want to do owner financing. The real estate agents say that's fine but want $18000 up front for their commission. Neither party has that money so the real estate agents say we can either stay in the contract and try to get financing from the bank later or break the lease and just rent. They say if we break the lease though, that we will never be able to buy the house.... is that correct? That doesn't seem right to me.
Public Comments
- the real estate agent is violating several laws. HE -she is acting like a bully. NEVER is a long time. I don't buy that. an agent "demanding" a commission is actually illegal. If you wish to have him face charges at your state RE commission, I will help you. [I don't trust anything your agent says] and I am also sure he is not a Buyer's agent which means you have NO client representation!
- Never is a long time; especially if the owner decides at some point to sell to you. I'd talk to a lawyer about what rights and responsibilities exist toward the agent as to the RTO deal.
- This sounds like a lease option and it really depends on how it was written up. The realtor definitely deserves commission, so perhaps the seller could carry the bulk of the contract, but you could finance enough to cover the commission, closing costs and perhaps some updating or repairs. Read the contract over very carefully...there must be a date when it expires, and at that point you could do a deal with the Sellers. Do you have option money at risk? If you do, it would be worth your while to consult a real estate attorney. Have you asked the realtors to accept payments? please use this mortgage calculator... http://www.porttownsendrealestatesearch.net/ and feel free to contact me for any other real estate needs you may have
- how much is the house, $300,000? - if you have been renting for 2 yrs, chances are the house is probably worth $30-40000 LESS than when you started paying I don;t know what they mean about never being able to buy that house - probably, you won;t be able to buy it without someone paying them their commission
