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We are looking to do a 3 year rent to own or lease purchase on a home in Celebration, fl or Avalon Park (both communities in Orlando) We make $163,000 a year with 4 year at same job stability. We need at least a 4 bedroom. Can anyone help?
You need a local Realtor, and to scan the new listings for Short Sale, or Owner will Carry. - You may be able to make up the back payments on a short sale then take over the monthly payments until you can qualify for your own loan.
Is it risky, you bet. Do you need a lawyer to draw up that type of contract, you bet.
You need a local Realtor, and to scan the new listings for Short Sale, or Owner will Carry. - You may be able to make up the back payments on a short sale then take over the monthly payments until you can qualify for your own loan.
Is it risky, you bet. Do you need a lawyer to draw up that type of contract, you bet.
rent to own and lease purchase agreements can be very problematic, especially that long term. Why not look into a balloon payment? At least you will have the deed.
I have a 3 BR in Avalon Park that we will be renting out. We thought about a rent to own, but our house is worth about 50k less than what we owe on it. so in that case if we did a "rent to own" for a 3 yr lease, what if the house still sint worth the payoff and the agreement is to sell it after 3 yrs?
EX:
house value 2009/10 - $175k
but we owe - $230k
agreed sale price 2012 - $235k
but in 2012, even though we settled on a price of $235k, what if it's still only worth $175k at the end of the 3 yrs?
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I agree
