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Lease with option to purchaseThis forum post has messages dated from 09/21/10 through 11/07/10, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. - Rent to Own
| Lease with option to purchase Any thoughts on a lease to option to purchase and what happens if the owner is foreclosed on? Do you still have the option to purchase? |
| I think you can still purchase it as long as you manage to process the papers legally between the seller and the buyer. I think it is a better and cheaper way to own a house. I have almost the same case. So I gave down payment for the rent and we were able to live. I am required to give monthly payment until I can own the house. It's more convenient. |
| Yes, Jim, I would say so definitely. As far as I am aware, lease goes before sale, in law terms, which means that the provisions of a lease agreement are upheld before a property can be sold. In your case, where your landlord is being foreclosed, I would suggest you immediately get in touch with the bank where the mortgage is held and negotiate with them. In these recessionary times, banks do not want to repossess properties as this adds to their costs. I would think that if your landlord has quite a low bond on the property that you should be able to negotiate a good price, as the bank will simply want to ensure that their costs are completely covered. Good luck. |
| There are some places that allow homeowners who start by renting a house then they can do instalment payment until they can own the house. This is quite comfortable for them because they can possess the house after a couple of years through renting. Basically, according to my experience it's quite expensive to have this method of purchasing a house but the good thing is that you can have it for good. |
| We are a newly wed couple and we do not have yet a baby. We are renting an apartment and we have a monthly payment for it. The good thing here is, after few years of renting this apartment we have a privileged to own this. And we are processing the papers nor documents legally with the owner. This is convenient and it is a great opportunity that we have. Have a nice day. |
| That is good for you Cel. I have to say that this method of owning your own home is very convenient most especially for those who do not have the immediate funds that is needed to buy a home. Slowly you will be at your last payment and you are to own the place that you are renting. Anyway, good luck on your quest on owning that dream home of yours. |
| We had moved on to a new area based on lease; we had rented the house for ourselves.As the children grew we realized that we would not be able to move again; we had talked to the landowner and now we have purchased the place. nothing much complicated about it. |
| I have been looking for a place where we could live. At first we planned of just renting but then we realized that if we could rent to own after few years, that would be a lot easier and will be more convenient for us in terms of financial aspect. This can be a great help especially for us newly weds. Thank you for your ideas guys! We both appreciate it. |
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