RentToOwn-HouseFinder.com
In a typical Rent-to-own transaction, is the home bought at the FMV after the lease is up?
I'm looking to rent-to-own, and the owner I spoke with said that after my 2 year lease, i would have first choice to purchase the home at the FMV at that time (after the 2 years). I can see some people doing it this way, but do some also decide a price from the beginning?
Public Comments
- It is up to the owner of the home--but with the market as it is, you are better off getting an independent appraisal in 2 years and purchase at that price, and who knows, you may not LIKE the house in two years- or the neighborhood so as long as you are only paying rent and not putting a huge down payment on the property before moving in, you should be okay. NEVER give a huge deposit even if it is lease to purchase--he can reneg on the sale in 2 years and you will have to take him to small claims court to get your money---also- have an inspector check out the whole house before you go for this deal....there could be underlying expensive problems in the home that you may only find out after living there for 2 years......get a lawyer to draw up your contract.
