What are the pros and cons of buying real estate “rent to own”?
Question by crazygaykitty: What are the pros and cons of buying real estate “rent to own”?
I really want to get in on this market, but I don’t have a down payment yet and i need to work on my credit. Has anyone done this?
Best answer:
Answer by wizjp
Oner dies, defaults on mortgage and is foreclosed, refuses to transfer deed when complete, seller backs out, dies, walks away……
full on possibility for a grease fire without a good lawyer writing the agreement.
To the individual below; don’t DIY the agreement. I underwrote for a firm that looked at land contracts every day.90% of the problems came because the contract was poorly executed or written. This is not a DIY legal issue. Too many possibilities. Get a GOOD lawyer. Review his previous land contract experience before you agree to anything.
What do you think? Answer below!
