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icepk · Aug 8, 2007, 04:11 AM

Looking into a rent-to-own home from "Homes R Us".
Any advice?
We're meeting with the seller tomorrow and I want to be a bit more educated about the Connecticut laws before heading in there.

Thanks in advance.
Mary

excon · Aug 8, 2007, 05:04 AM

Hello ice:

Most of these deals are for people who can't qualify for a mortgage. These people take huge advantage of that fact, and screw their clients to the wall. With bad credit, you KNOW you're going to pay more. Just don't pay TOO much.

Before I signed one of those deals, however, I would hire an attorney to look it over.

excon

Fr_Chuck · Aug 8, 2007, 07:01 AM

I am sorry I am not up on CT law, but the very basic jest of this is that you pay a basic lease amount and then extra each month on top of the lease amount that goes toward a account that is used as payment on the home. Normally this lease will be for a limited time 1 to 10 years, and at the end you are expected to get a loan on the balance of the home.

What it does for you, it allows you to pay some toward equity in a home and sets a price for the home.

Now normally they will have a clause in them, that if you are late with any payment, the lease converts to a normal lease and you lose any equity in the home.

*** Now some contracts are land contracts where all of your payment goes toward the home, at a set price.

The entire idea from the sellers point of view is that you will mess up and they will take the house back and resell it again and again.
Or it is a home way to over priced or one they have tried to sell and just can't sell it any other way

icepk · Aug 8, 2007, 03:52 PM

Thanks so much for the advice- I need it

icepk · Aug 8, 2007, 03:54 PM

Thank u, thank u , thank u

Fr_Chuck · Aug 8, 2007, 05:04 PM

No problem, I sell homes on contract for deed, I do this normally to people with little money and no credit. And at least 1/2 of them are taken back again and again, I have one home I have sold 4 times in the last 3 years. And it is for sale again if anyone wants a nice 2 bedroom frame home.

Akitamom · Apr 10, 2008, 06:42 PM

Originally Posted by Fr_Chuck

No problem, I sell homes on contract for deed, I do this normally to people with little money and no credit. And at least 1/2 of them are taken back again and again, I have one home I have sold 4 times in the last 3 years. And it is for sale again if anyone wants a nice 2 bedroom frame home.

By any chance got one of those in a three bedroom in Minnesota?? I needed that laugh Thank you.