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Lease to own (lease/purchase)
Posted on 8/7/10 at 10:32 am
Posted on 8/7/10 at 10:32 am
Anyone here have experience with a lease to own? We have a rental property that we've recently considered selling, until we were approached about a lease to own. From what I've read, it seems like a good deal unless we have our hearts set on selling. If we are not opposed to leasing and would consider selling at a later date, then why not enter into a lease to own? It seems the worst that could happen is the tenant deciding to walk away after the lease is up. Am I missing anything else? Talk me out of it...
Thanks for the info!
Thanks for the info!
1
Posted on 8/7/10 at 10:37 am to beckatlsu
Lease to own probably means the tenant has poor credit right now and needs time to repair it.
If you do that, in addition to the normal security deposit on the rental, you want them to put some nonrefundable $$$ down so they won't just walk away at the end of the lease term and leave you with a house that may need to be fixed up prior to selling it.
If you do that, in addition to the normal security deposit on the rental, you want them to put some nonrefundable $$$ down so they won't just walk away at the end of the lease term and leave you with a house that may need to be fixed up prior to selling it.
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