Lease/Purchase with Company who wants to buy house.

I've done it.

Resulted in me having to sue the bastard. He didn't show up to court so I won a default judgment, and then he went and declared bankruptcy.

Be very careful. Cost me a lot of stress and about $35,000.

ETA Details:

I owned a house in Nashville and work moved me to another state. We had our home up for sale, but we had lots working against us.

1. We had only been in the home two years when the job opportunity came up.

2. It was the middle of the housing bust, and there were 6 houses for sale on our street of 15.

3. Our home was one of the largest in the neighborhood.

We had it up for sale, and I was willing to even write a check to get out of it. Got a letter from several of these companies, and as we were looking into buying a home in new state, it seemed like a good deal to me to do this.

Everything went fine for the first year, then the Nashville flood happened and the company's tenant couldn't pay rent. My first child was born that month as well, and even though the contract said that the company was responsible, they were using rent to make the payments - no rent, no money to make the payments. I ended up having to make several payments while I searched for a new renter.

Turns out their renter destroyed my house as he was being evicted. Contract said company was responsible, but company (that turned out to be two guys) had no money. Consulted attorney and sued them for the damages + the terms of the contract (I had to pay 7 months of payments that they were supposed to). They declared bankruptcy and never paid me a dime.

I got the house in decent rental shape again, and had a great renter followed by another one that had to be evicted. I ended up selling it eight months after evicting that guy.

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