Posting ID : A1068544624
Date Posted : 2015-08-19
Category : Real Estate By Owner
I am not an attorney so this is not legal advice just suggestion.
Any rent own property is NOT or NEVER will be fair or in your favor.
While not a scam(barely) the owner of these home has more than doubled the price of the homes offered and has not done ANY work to them at all. You have to do any repairs needed to make the house livable and you will not be reimbursed for doing so if you "walk away" or if evicted.
The main reason for rent to own is if for any reason you don't make your monthly payments you can be EVICTED not foreclosed. Because you do not own the house you are a tenant and it far easier and cheaper to evict you, you lose any and all money paid and invested.
The "rate" for interest is very high and you get no homestead exemption.
Any repairs you do will require a contractor as you are NOT the homeowner you can not pull any permits your self.
So unless you are extremely desperate and willing to repair a landlords property for free consider it very carefully