RentToOwn-HouseFinder.com
I would like to hear people experiances with LEASE TO BUY OPTION...?
We are trying to get into this home through a lease to buy option. I keep hearing such negative reviews about this option. Have you had a personal experiance with this? I would love to hear it. Suggestions and advice appreciated...
Public Comments
- Lease to buy is a last resort. You don't gain control of the real estate until the last payment in twenty-five years.
- in twenty five lease to own contracts we have done with folks. Only one completed the contract, then they defaulted on the loan in 2 yrs. u do not gain anything in lease to own. get copy of 'home buying for dummies' read study. 'total money makeover' to understand where ur money went and why. rent as safe and cheap as u can., get a budget and make ur money scream to pay bills. kill all ur credit slavery debt. increase ur income through education or pt/tm jobs. save u money till u can buy out right.
- It ALL comes down to HOW the Lease AND the accompanying sales contract are worded. In other words - the terms. The price is pretty cut and dry - yet negotiable. BUT the final price and the terms MUST be in very plain, easy-to-understand language. Nothing should be ambiguous or have a double meaning. Thanks for asking your Q! I hope I shed a little light on the subject. VTY, Ron Berue Yes, that is my real last name!
- You'll likely pay more than market for the property. If you have to work on your credit, take the actions to improve it. Many do not. I wouldn't do it because I have no way of knowing I'm going to get good title when I'm ready to convert to a regular purchase situation. Check your options with an experienced mortgage professional. In this market, only the good and experienced ones are left.
- I worked for a guy in Texas...he had 15 properties for over 20 years Nobody EVER ended up buying a house from him. On that note....if you arent paying a super high premium, go for it. I am on one now, but it is the same proce as if i rented, so if we dont go for it buying wise its not like we are losing anything more than wed have lost by renting elsewhere. If your credit isnt up to par but you are sure it will be in the time frame and the price is fair, I say GO FOR IT
