Start a new topic

Rent to Own

I have a couple living in a moblehome on five acres and they are paying it as a rent to own. The last year and half their payments very late, now they are two months late. I have given them the five days notice required by law, they now wish to sell and keep their equity. I contend they have broken our agreement by not keeping up with the payments. The agreement was drawn up by both parties.

What does your agreement state? Unless it states they can not sell it until they own it and the lease has not expired, you may not be able to stop them from selling. Also keep in mind that unless your agreement prevents them, they could rent the property to another individual. The lease should have state that the Rent to Own is null and void if all the terms of the agreement are not met. Continue with the Pay or Quit.  Check your State/Local laws and consider contacting a RE lawyer. Keep us updated.
did you try real estate broker
Gloria: Go to the LEase Builder and continue through the steps. when you get to Step 10, at the top of that step, there will be a check box to handle this. Please click on Live Help at thte top right side if you need any additional support.
There are some great new publications out there on Owner Financing and I am considering it my self. I am looking to unload a property soon and was also considering this route. This site is a pretty good resource I have spoken to a few other investors that have taken this route and highly recommend it. Good Luck out there in which ever path you choose.
I agree with you Derrick.
the extra fee will be between 2% and 7% of the homes purchase price.
so, take the percentage, divide it by the number of months during the period of the rent to own contract and add that...?  Thank you for your help... K
the extraa fee between 7-8%
Login to post a comment