RentToOwn-HouseFinder.com
I want to rent to own my house PLEASE HELP?
My wife and I have been renting for several months and we been thinking of asking our landlord about rent to own. What steps should i take? Should i have a new contract wrote up? Should i get a lean on the house so if he cant pay the bank they wont kick us out or would that even work? what are my options here please help? Okay I should have went into more detail. I know i can not do anything with out the landlord wanting to i just was trying to find out what to expect before talking to him. I am going to talk to him and if he is willing to do a rent to own then I was wanting to make sure i would not get screwed. The lein topic was not for now i was just asking about that or if there is anything i can do that if i was renting to own and he didnt make mortgage payments i would not get screwed.
Public Comments
- get a price in mind first by asking a realtor about the homes value. Then see if the landlord will do it. Then have a land contract drawn up and have it witnessed by a notary and always pay by check only (paper trail) for at least 1 year then all lenders will do this as a refinance of the home
- You as a renter cannot decide to rent to own, you cannot create a contract and expect the owner to sign it just because you present it to him. You have to talk to the owner and see whether the idea is acceptable. Then you (both) can start the paperwork including any contingency plan (if the owner can no longer pay the mortgage, you will buy out the deed in monthly payments, etc.). And it all has to be done legally so you should hire a good real estate lawyer who knows the laws of your area so you don't get screwed by some minor legal issue. But you have to discuss this with the owner first or all your work will be moot. The owner may have other plans, maybe he's got his finances under control so feels no need to sell his rental income property.
- You can not force a sale and have no legal rights to place a lien.
- You would need a new agreement for the rent to own. Make sure you get a real estate lawyer advice on that. There are a lot of bases you want to make sure are covered. You cannot get lien on the house. If it is going to foreclose there is nothing you can do about it. All you can do is go talk to the landlord and see if they would consider this or not. Then go see the lawyer.
