This should probably go in another thread but for some reason this is the only one that I can get into today.I've posted before about wanting desperately to buy a home.I think I came across somrting that might make my dream a reality.A friend of mine has a sister that is selling her house,actually she sold it"rent to own" once but the guy hasn't made a payment for about 4 months so she is kicking him out.It's close to where I live now so my son wouldn't have to change schools.It's smaller than what we rent now,we have 4 bedrooms and 2 big livingrooms,this house has 3 bedrooms and I don't know what else but it's small from the outside.My mother lives with us so she would have to approve it to.The back yard is fenced in so my sons "BIG" dog could run around instead of being chained up.The house is so cute.I've never done anything like this before.The payments would be 400 a month,we pay 350 now.But eventually it would belong to me and my soninstead of paying rent to own nothing.She said the payments were for about 16 years.Does this sound like a good idea? Where we live now the wiring and plumbing are shot and the landlord fixes nothing.The electric runs 250-300 a monthand we don't even use the heat because it runs about the same as the rent and electric.I think we would come out ahead with smaller utilities to pay even though the rent would be 50 more.The family there now will be out in 2 weeks and I can look at it then.How does this sound to everyone else? I'm afraid that I want it so much I might end up in worse shape than I am in now,I would make the payments to her lawyer and she would have him draw up papers.If anyone has experience with rent to own or just an opinion,I am in desperate need of advice. Thanks,and cross your fingers for me. Trish

is the basement fully done,if you need to ad aroom down stairs,or aextra living room or rec room down stairs for more space, ask her also what ulity bills have been runing lately?

trish
i have a freind look into this one time and it sounds like the same idea as rent to own as you describes. to my understanding, it works like this. you do buy the house from a certain point of view but you do not. the ower will carry the paper work or sells agrement at all times. which means this. for one you cannot (to my understanding although i might be wrong) write off your interest off on your income taxes like most home owners do because ths title of the home is not in your name, it is in her name; the home owner you describes. so she gets to write off the taxes not you. also, you cannot sell that house at any time until you pay all the payments/rent to her no matter how long you paid rent/payment. also if that person or her family if she dies and leaves it to them or who ever, want to sell, raise your rent they can do that if they wish. in addition to that my friend also learned that these types of agreements typically have a clause in them that if they want you to pay there remaining princable no matter how much it might be, you have so many days (90) i think, to raise the funds which means you pay or lose it all. i am not saying this is a good or bad idea, but i am saying here are a few things my friend descovered about renting to own. but i would do some reasearch and talk to people who are experts in your area (state) about these type of agreements if i was you. so in the end he did not do this.

i tryed post before