http://www.therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/ Real Estate Blog, Mortgage, and Development News Sun, 21 Mar 2010 17:00:51 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/comment-page-1/#comment-408342 lana swanson Sun, 06 Sep 2009 22:42:53 +0000 http://therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/#comment-408342 I have a situation where the tenant is filing a bogus (forged) document claiming he can purchase the home within the first year of lease with a purchase price of $100,000 under the appraised value and have 1/2 of the paid rent applied toward the purchase. The signature for the owner must have been obtained online. Although the owner denies any knowledge of this riduculous document (no closing date no limit to purchase price, who does appraisal, when should appraisal be done in falling market, etc) it is going to cost him thousands to dollars to disprove the document and the tenant remains in the property. What else can be done? I have a situation where the tenant is filing a bogus (forged) document claiming he can purchase the home within the first year of lease with a purchase price of $100,000 under the appraised value and have 1/2 of the paid rent applied toward the purchase. The signature for the owner must have been obtained online. Although the owner denies any knowledge of this riduculous document (no closing date no limit to purchase price, who does appraisal, when should appraisal be done in falling market, etc) it is going to cost him thousands to dollars to disprove the document and the tenant remains in the property. What else can be done?

]]> http://www.therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/comment-page-1/#comment-340786 alley in Texas Sun, 08 Feb 2009 03:50:28 +0000 http://therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/#comment-340786 I am in a home where seller did a lease to own for the home i am in she is now saying she will file bankruptcy soon , 1st she sd she did now upon speaking w/ her again she claims she not filed as of yet but will be at end of the month she has had some many back /and frwd stories she has told us we arent sure what to believe... where do i stand in all this when she files chp 7 bankruptcy ****help/in texas I am in a home where seller did a lease to own for the home i am in she is now saying she will file bankruptcy soon , 1st she sd she did now upon speaking w/ her again she claims she not filed as of yet but will be at end of the month she has had some many back /and frwd stories she has told us we arent sure what to believe… where do i stand in all this when she files chp 7 bankruptcy ****help/in texas

]]> http://www.therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/comment-page-1/#comment-241825 Ophiolite Wed, 06 Aug 2008 19:06:44 +0000 http://therealestatebloggers.com/2006/01/02/the-dangers-of-the-rent-to-own-market/#comment-241825 I find all of this very interesting. I have recently moved into a community that is considering offering lease/buy options, because they cannot sell the units (for a variety of reasons). One of the people here is telling them that they could collect the option money and spend it (even though they are in serious mortgage trouble). I have told them that this is a dangerous situation, because if the tenant decides to use that option money for their down payment and they don't have it (because they decided to spend it), then they are in big trouble. They are telling me that I don't know anything about real estate (because I am renting) and that what they are doing is just peachy. After reading your posts, I admit I am even more concerned about their actions. I find all of this very interesting. I have recently moved into a community that is considering offering lease/buy options, because they cannot sell the units (for a variety of reasons). One of the people here is telling them that they could collect the option money and spend it (even though they are in serious mortgage trouble). I have told them that this is a dangerous situation, because if the tenant decides to use that option money for their down payment and they don’t have it (because they decided to spend it), then they are in big trouble.
They are telling me that I don’t know anything about real estate (because I am renting) and that what they are doing is just peachy. After reading your posts, I admit I am even more concerned about their actions.

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