so now that I'm moving back to Utah I need to find a place to live, I don't want to waste money renting but I'm wondering if anyone hes any ideas on how rent to owning houses works? or if anyone knows of well anything on buying houses, I don't have much in way of down payment but i do have a good career, any help would be very much appreciated, Thanks love you all
RTO can come in different flavors. It all depends on the deal you work out (that is, how much of your payments go toward equity, down payments, etc.). I've heard people complain about how much they thought went toward the purchase, and about other costs being different than they expected.
You must get every detail worked out and on paper before starting the agreement.
You must get every detail worked out and on paper before starting the agreement.
I completely agree with weser. I am an escrow officer and seller financing deals like rent to own can be very problematic, it is important to have everything on paper.
And a very cute escrow officer...
HENNROOSTER wrote:
And a very cute escrow officer...
You are too kind...and very cute yourself...
can anybody tell me about refinancing while we're at it? oh, and I don't think the word 'cute' does either of you two justice.
You can do a rent to own. What you do first though is ask what options are open to the house for sale. Wisely rent the house for a year and see how you like the house. You may find you hate it by the end or love it. That is what we did with one of our rent to own we almost bought. We then decided a year later we did not want to live there anymore. We purchased another home with the deposit as we kept up on our house due to the fact we took good care of it like homeowners instead of not caring as much because usually the deposit covers all cleaning bill at the end of the rental agreement. This helped us purchase our new home in North Salt Lake a year and half ago.
Now what will be asked is that you come up with two full payments to get into a rent to own. Sometimes you get lucky with a payment and half. A good deposit on a house when renting to own always goes toward the purchase price. always trust your gut when purchasing a home.
The difference between renting to own and renting is you pay more on a house payment and you will have a bigger deposit. However in this time of houses on the market many are not selling to renting to own seems to be a better option then say they foresale on their properties. So many people are eager to get you in and will be willing to work on deals. Make sure you always read everything carefully with any contract. Hope this helps.
I have also owned a few houses in my lifetime and now I wish I would have rented to own cause life can change in a blink of an eye and I like to move around from time to time. So its all how you want to live and be happy.....So hope you find a great place to call home and hope to see ya soon!!!
Now what will be asked is that you come up with two full payments to get into a rent to own. Sometimes you get lucky with a payment and half. A good deposit on a house when renting to own always goes toward the purchase price. always trust your gut when purchasing a home.
The difference between renting to own and renting is you pay more on a house payment and you will have a bigger deposit. However in this time of houses on the market many are not selling to renting to own seems to be a better option then say they foresale on their properties. So many people are eager to get you in and will be willing to work on deals. Make sure you always read everything carefully with any contract. Hope this helps.
I have also owned a few houses in my lifetime and now I wish I would have rented to own cause life can change in a blink of an eye and I like to move around from time to time. So its all how you want to live and be happy.....So hope you find a great place to call home and hope to see ya soon!!!
I would be interested to know what properties u know of that Seller finance. Cause unless its minimum down, low interest and no pre-pay penalty it would be a lot cheaper to take advantage of the current rates!
If you do decide to "rent to own" make sure the current owner is CURRENT on his house payments. GET PROOF! Also, if you decide to do that and move forward with a rent to own, . I would advise your payments be paid to a 3rd party escrow company so you know the house payments are being paid directly to the current bank. There have been lots of horror stories about the owners pocketing the money and letting the house go into foreclosure.
FUNUTCPL37 wrote:
If you do decide to "rent to own" make sure the current owner is CURRENT on his house payments. GET PROOF! Also, if you decide to do that and move forward with a rent to own, . I would advise your payments be paid to a 3rd party escrow company so you know the house payments are being paid directly to the current bank. There have been lots of horror stories about the owners pocketing the money and letting the house go into foreclosure.
That is one thing that prompted our move to Vegas, we were renting a house we knew to be on the market with the understanding he was still making payments...until we came home to a foreclosure/auction notice taped to the door
RASQ wrote:
I can be rented.. I'm cheap but I'm not easy.... c'mon people where is your sense of humor. I can't believe I was the first to write something like this
Your a single male and your NOT easy? Hunmmmm?!? Lol
If you're looking to move to utah county, we're trying to sell our place lol. good luck with the RTO though. We looked into it when we were first shopping around 3 years ago and it was a mess!