My boyfriend and I are considering a LTO on a property in Teton Valley in Idaho. It is a newly remodeled double wide on half an acre. We have been asked to do a $16,500 down payment, and pay $2,100 / mo with $1,860 of that going towards principle. The total cost of the home is $325k; so at the end of the lease agreement we will have roughly $90k paid off. After reading these it seems like we are paying way more upfront and monthly- but also seems to have more going towards principle than the above mentioned scenarios. The contract hasn’t been written up yet, but I will make sure to go through it. Does this seem like a plausible contract? I realize this is an old post.
We are not Realtors who are selling someone else’s homes, bankers or loan brokers who get paid to find you a loan. We are actually the owner of some lovely homes that are available for purchase in various ways including lease to own. Since we own the homes, many times (depending on your circumstances) we are willing to finance all or part of the purchase ourselves or lease to own them to you. All the normal rules concerning credit, debt ratio and proof of income are thrown out the window. Since we own the homes, we can be very creative with the financing and structure it to fit your needs.
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In most lease purchase arrangements, the tenant receives a credit that will go toward the purchase price if they buy the property. This money goes to the homeowner, and is generally not refundable. So it doesn’t go into an escrow account, and it doesn’t go back into your pocket if you decide not to buy the home. But it does reduce the home’s purchase price if you decide to purchase the home.
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And I don’t follow your example. First, we charge rent of about 1% of the value of the home. That’s the market in Ohio. Second, I don’t follow how you conclude a negative amount to the seller. Take a $130,000 to $140,000 home. We would set the lease-option at the high end and get a non-refundable lease-option of $1,400. We charge rent of let’s say $1,300, just a tad below 1% and offer let’s say a $200 per month credit should they buy the home. Assuming they buy at the end of 3 years, they have a credit of $8,600 ($1,400 + ($200 x 36 months). So they pay us $131,400.
I moved into a rent to own home 7 months ago, and what a disaster. I have pry made all of these mistakes! It is an option to buy the home, and since it was an option I took it more in mind as a rental. I would have hired an inspector if I knew any of this. If I was going to purchase, then I would have had an inspector come in. I came thru and inspected it myself. It is a 3 bedroom bungalow house. It was forclosed for a year and a half before the broker had purchased it. The whole first floor they repainted, put new carpeting and tiled the kitchen so it looked pretty good. The upstairs is carpeted also. It did need some work from what I could see, but they we’re not any major things. New heating system and windows. They basically slapped this house together cheaply so someone would come in and take it. 1 year old roof on house, siding could use redone, but like I said the major things I saw we’re done. 1 car garage, not the best but not the worst either – I have seen worse. Basement not finished, but did not appear to have leaks, mold or anything else was clean. I signed the lease, started moving a couple things in and cleaning very good as I am OCD about a clean house. I noticed in one tiny area upstairs that they had not recarpeted – it was in the closet and there was no lighting, a ton of mouse droppings and urine on this old carpet. I called the guy ASASP and said what the heck you got me in a mouse infested house? He said no I was with the workers everyday there is no mouse droppings so I sent a picture to his phone. My youngest daughter has asthma, first 2 weeks there she could not breath we got an air purifier for her room. I had to get her on meds cuz she was having panic attacks at night when she would go to sleep that she would quit breathing it was so bad. I moved later in the year so we were using the heat and I pulled some of the heating system apart where the filter goes – ton of mouse crap. So that is blowing thru our vents. I have been sick, my daughter has been ill. Then within 2nd month I notice the walls on back of the house in basement in spots are just leaking water. There is such a bad foundation problem. So I had a construction person come over and we start looking up towards the ceiling – where the sides and the ceiling meet – they straight painted the walls to just cover the issue. within 7 months now, every wall along the back of the house is showing this water issue. My kitchen tile is bowing – bathroom wall is bowing. The garage had some rotten wood and it leaks really bad, they put a big tarp over it which within a couple of weeks was ripping and falling down. I started doing work that needed done and putting money into the house – but seeing all of this I have seized everything. I got screwed bad, and to top it off it’s a health issue and things we’re covered up by the Landlord.
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