Discussion:
rent to own
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i***@yahoo.ca
2008-05-11 01:32:01 UTC
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Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.


Thanks
stan
2008-05-11 06:36:33 UTC
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Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses.  After paying rent for the past 8 years, I am tired of
it.  I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
Have heard:
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
b) There can be pitfalls/terms in the agreement that mean that one
small slip-up meeting the conditions agreed can allow the owner to
more easily repossess (such as if the value of the property went up
and owner wanted to sell outright) and not continue the rent to own
agreement with you.
Having looked at the numbers do know when it comes to furniture etc.
'rent to own' although it may have advantages for some, usually short
term users, it can be more expensive!
Devils Advocate
2008-05-11 09:29:22 UTC
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Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
Have heard:
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.

Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
i***@yahoo.ca
2008-05-11 14:37:59 UTC
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Post by stan
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
actually, that is not true. My best friend is a lawyer who was in a
rent to own place. The reason he did that is because in case he takes
a job somewhere else, he can get out of it. Which he did, he accepted
another job and just left the place no problems. Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move. Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process. I just figured a rent to own was easy to obtain and not much
hassle to get into.


If anyone has done this before or has anymore suggestions, please post
them here. Thanks!
David
2008-05-11 15:31:07 UTC
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Hmm... when you buy a house, pay rent, and sell it, you will (99.9% of the
time) be able to sell at a profit. A home is not hard to sell, only if you
want to make more profit.

Buying a "rent to buy" home seems to me to be a bit silly.... but hey, that
my $0.02


David.
Post by i***@yahoo.ca
Post by stan
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
actually, that is not true. My best friend is a lawyer who was in a
rent to own place. The reason he did that is because in case he takes
a job somewhere else, he can get out of it. Which he did, he accepted
another job and just left the place no problems. Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move. Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process. I just figured a rent to own was easy to obtain and not much
hassle to get into.
If anyone has done this before or has anymore suggestions, please post
them here. Thanks!
Carter
2008-05-11 15:53:37 UTC
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Post by i***@yahoo.ca
Post by stan
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
actually, that is not true. My best friend is a lawyer who was in a
rent to own place. The reason he did that is because in case he takes
a job somewhere else, he can get out of it. Which he did, he accepted
another job and just left the place no problems. Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move. Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process. I just figured a rent to own was easy to obtain and not much
hassle to get into.
If anyone has done this before or has anymore suggestions, please post
them here. Thanks!
It appears that you want everything to be at your convenience
without considering the person who owns the property. Doing what
you are suggesting is taking unfair advantage of the person who
owns the property and is expecting to sell it to you within the
terms of the contract he has with you. Did you ask your lawyer
friend how much it cost him to break the contract?

If you get a job somewhere else, owing a house with a mortgage is
not a problem, believe me, I know because I have done it eight
times. You simply sell the house and pay off the mortgage, or
carry the mortgage with you to apply to a new house at your new
location. Most mortgage companies will even provide bridge
financing if your old house does not sell before your moving date.

Buying a house is not a lengthy process. I have bought houses
from initial offer to final closure inside of thirty days. Now,
turning that house into a home can be a lengthy undertaking.

My suggestion is that you get a mortgage and buy a house instead
of trying to rip off some owner in a rent to own contract.

Carter
stan
2008-05-11 17:25:19 UTC
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Post by Carter
Post by stan
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
a) 'Rent to own'  can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
actually, that is not true.  My best friend is a lawyer who was in a
rent to own place.  The reason he did that is because in case he takes
a job somewhere else, he can get out of it.  Which he did, he accepted
another job and just left the place no problems.   Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move.   Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process.  I just figured a rent to own was easy to obtain and not much
hassle to get into.
If anyone has done this before or has anymore suggestions, please post
them here.  Thanks!
It appears that you want everything to be at your convenience
without considering the person who owns the property.  Doing what
you are suggesting is taking unfair advantage of the person who
owns the property and is expecting to sell it to you within the
terms of the contract he has with you.  Did you ask your lawyer
friend how much it cost him to break the contract?
If you get a job somewhere else, owing a house with a mortgage is
not a problem, believe me, I know because I have done it eight
times.  You simply sell the house and pay off the mortgage, or
carry the mortgage with you to apply to a new house at your new
location.  Most mortgage companies will even provide bridge
financing if your old house does not sell before your moving date.
Buying a house is not a lengthy process.  I have bought houses
from initial offer to final closure inside of thirty days.  Now,
turning that house into a home can be a lengthy undertaking.
My suggestion is that you get a mortgage and buy a house instead
of trying to rip off some owner in a rent to own contract.
Carter- Hide quoted text -
- Show quoted text -
Why would a rent to own agreement necessarily be 'a rip off'?
In some circumstances the flexibility etc. of such an arrangement
might be agreeable to both parties? In others, as pointed out a
conventional mortgage might be a better choice.
Carter
2008-05-11 19:14:46 UTC
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Post by stan
Why would a rent to own agreement necessarily be 'a rip off'?
Normally it wouldn't be. However the OP said this; "Just in
case I get a better job somewhere else later on in life, I don't
want to be stuck paying a mortgage on a house when I need to
move." That says that he doesn't intend to honour any rent to
own agreement. To the owner of the property that is a rip off.

Carter
Devils Advocate
2008-05-11 21:07:22 UTC
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"stan" <***@nf.sympatico.ca> wrote in message news:f7337418-61ed-41bb-9661-***@d77g2000hsb.googlegroups.com...



Why would a rent to own agreement necessarily be 'a rip off'?


Why?
Ok, first you generally pay double the selling cost of the house over the
course of 25 years.
Second, the house remains in the owners name, therefore, 1) if the house
burns down 15 years into contract, the big fat cheque to wrote to the owner,
not the tenant. He is not obligated to pay anything to the owner. 2) If the
owner goes bankrupt 10 yrs into contract, the tenants are out on the path,
and all the 10 yrs rent is history. Keep in mind the tenact is responsible
for ALL maintenance of the house........and I mean ALL!!!

Thats just a couple of reasons off the top of my head.

When a tenant mentions lawyer to a owner who wants to rent to own, he no
longer wants to do a deal if a contract is designed to protect the tenant
from such financial loss.

As I said and I stand by my word, the only people who rent to own are those
with SEVERE bad credit and unable to get a mortgage.
i***@yahoo.ca
2008-05-11 22:28:22 UTC
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Post by stan
Why would a rent to own agreement necessarily be 'a rip off'?
Why?
Ok, first you generally pay double the selling cost of the house over the
course of 25 years.
Second, the house remains in the owners name, therefore, 1) if the house
burns down 15 years into contract, the big fat cheque to wrote to the owner,
not the tenant. He is not obligated to pay anything to the owner. 2) If the
owner goes bankrupt 10 yrs into contract, the tenants are out on the path,
and all the 10 yrs rent is history. Keep in mind the tenact is responsible
for ALL maintenance of the house........and I mean ALL!!!
Thats just a couple of reasons off the top of my head.
When a tenant mentions lawyer to a owner who wants to rent to own, he no
longer wants to do a deal if a contract is designed to protect the tenant
from such financial loss.
As I said and I stand by my word, the only people who rent to own are those
with SEVERE bad credit and unable to get a mortgage.
why did you call it a truthful yarn? He graduated from dal law school
and got a job before he came back to st. john's, he couldn't get a
house right away and he needed one, so he was in a rent to own up in
airport heights. He was working with O'Dea Earle, and now he is with
Sheppard law office out in carbonear. Please don't call me a lier
again. Also, thanks for the info from you and everyone else here, I
think I will steer clear of the rent to own racket for now.
Devils Advocate
2008-05-11 23:37:30 UTC
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Post by i***@yahoo.ca
why did you call it a truthful yarn?
Geez you sound like I Paul I know .......wink wink!!

Anyways, the reason I said it was a truthful yarn is because it certainly
doesn't sound logical how a bright young man working as a lawyer would rent
to own know full well the risk involved.
Sorry it's just not logical..................are you sure he was "renting to
own?"

Well anyways good luck on whatever decision you make, just trying to give
you some good advice.
i***@yahoo.ca
2008-05-12 00:07:09 UTC
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Post by Devils Advocate
Post by i***@yahoo.ca
why did you call it a truthful yarn?
Geez you sound like I Paul I know .......wink wink!!
Anyways, the reason I said it was a truthful yarn is because it certainly
doesn't sound logical how a bright young man working as a lawyer would rent
to own know full well the risk involved.
Sorry it's just not logical..................are you sure he was "renting to
own?"
Well anyways good luck on whatever decision you make, just trying to give
you some good advice.
yes I am positive it was rent to own, we are best friends, he showed
me the agreement. It was a very new place up in airport heights. Very
nice spot.
stan
2008-05-12 11:52:24 UTC
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Post by stan
Why would a rent to own agreement necessarily be 'a rip off'?
Why?
Ok, first you generally pay double the selling cost of the house over the
course of 25 years.
Second, the house remains in the owners name, therefore, 1) if the house
burns down 15 years into contract, the big fat cheque to wrote to the owner,
not the tenant. He is not obligated to pay anything to the owner. 2) If the
owner goes bankrupt 10 yrs into contract, the tenants are out on the path,
and all the 10 yrs rent is history. Keep in mind the tenact is responsible
for ALL maintenance of the house........and I mean ALL!!!
Thats just a couple of reasons off the top of my head.
When a tenant mentions lawyer to a owner who wants to rent to own, he no
longer wants to do a deal if a contract is designed to protect the tenant
from such financial loss.
As I said and I stand by my word, the only people who rent to own are those
with SEVERE bad credit and unable to get a mortgage.
why did you call it a truthful yarn?  He graduated from dal law school
and got a job before he came back to st. john's, he couldn't get a
house right away and he needed one, so he was in a rent to own up in
airport heights.  He was working with O'Dea Earle, and now he is with
Sheppard law office out in carbonear.  Please don't call me a lier
again.   Also, thanks for the info from you and everyone else here, I
think I will steer clear of the rent to own racket for now.- Hide quoted text -
- Show quoted text -
Still don't think it is necessarily a 'racket' (although that was,
hopefully, just a figure of speech)?
Rent to own seems to be something like a lease; on say a vehicle.
Although homes/house will tend to last a lot longer than anything
automobile, both being used in a normal manner in this province; and
so will have worth at end of each rental contract?
And a contract is a contract is contract; is it not?
Some checks that have been made indicate that some RTO contracts g
have a buyout clause that allow the renter to acquire full possession
of the item for, for example, the cost of several payments as la ump
sum.
Lets say I agree to rent to own, say an appliance and the contract
allows me to terminate at any time. If after paying for one month I
get transferred that flexibility is likely to my advantage?
If I rent the appliance for 5 years I may then find that I have paid
several times what it could have cost me to actually buy (or finance)
the same type of appliance.
But that's what the renter and I agreed to and contracted.
Maybe a lawyer can comment on this; "A fair contract is one agreeable
to both parties arrived at NOT UNDER DURESS".
Devils Advocate
2008-05-12 12:27:24 UTC
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"stan" <***@nf.sympatico.ca> wrote in message news:13204b34-de5f-4f1a-8268-***@e53g2000hsa.googlegroups.com...
-

Still don't think it is necessarily a 'racket' (although that was,
hopefully, just a figure of speech)?
Rent to own seems to be something like a lease; on say a vehicle.

No comparison whatsoever.
Hello Mr. apple meet Mr. Orange!

Although homes/house will tend to last a lot longer than anything
automobile, both being used in a normal manner in this province; and
so will have worth at end of each rental contract?

Don't compare leasing a vehicle to RTO.
A leased vehicle comes w/ warranty/coverage for the full leased term, then
at the end of 3/4 years you get X amount of dollars towards your new
vehicle. There is no risk to the buyer.
With RTO you pay for ALL maintenance of house ie, replacing a caved roof,
eaves, windows, toilets, flooring,etc. Then if (hypothetically speaking) the
owner goes bankrupt (I have seen it happen) the tenant is out on the path
and get absolutely NOTHING in return for the thousands he/she has paid out
in rent, nor for the thousands he/she has paid out in repair.

And a contract is a contract is contract; is it not?

Sure it is, but in a RTO its at the disadvantage of the tenant.
I know several houses rent to own, and know how it works.
If I were foolish enough to RTO, I would seek a lawyer immediately and draw
up a contract that would protect me. The problem is 1) the individuals that
I know that are RTO could not afford that cost, they just jumped into an RTO
aggreement between landlord and themselves. 2) The landlord would most
likely not be up for a contract that protects the tenant ie, if house burns
down 15 years down the road, the landlord is obligated to fork out a good
portion of the rent they have paid in to the contract.


Some checks that have been made indicate that some RTO contracts g
have a buyout clause that allow the renter to acquire full possession
of the item for, for example, the cost of several payments as la ump
sum.

I personally don't know of any. I have heard that in leasing contracts. For
example, working couple leasing a home that is for sale to determine if that
is the house for them, then after 2 years they get a bank loan to buy the
house. Again I emphasize those who rent to own have bad/no credit and unable
to get a mortgage.


If I rent the appliance for 5 years I may then find that I have paid
several times what it could have cost me to actually buy (or finance)
the same type of appliance.
But that's what the renter and I agreed to and contracted.


Yes, that is why only those with poor credit jump into rent to own because
they have no other option.

Ask yourself this........do you have good credit? If so, would you go to
easyhome to RTO a 60"LCD tv at lets say 50 percent interest (just a number)
or to Cohens/Leons/Sears who oftentimes offer no interest for the first 12
months, the interest thereafter?

Maybe a lawyer can comment on this; "A fair contract is one agreeable
to both parties arrived at NOT UNDER DURESS".

Its not under duress, they are fully aware what they are doing, but just
what a house they can hypothetically call their own.
jw
2008-05-11 19:51:36 UTC
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I was gonna reply, but Carter wrote the same reply. I guess agree with him.
Post by i***@yahoo.ca
Post by stan
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Suggestion; have someone (lawyer etc.) look at any contract or terms
that you sign for such a method of renting/purchasing a house.
a) 'Rent to own' can be more expensive than say a regular mortgage;
possibly in view the seller accepts more risk and a greater chance of
a 'renter to own' just stepping away.
Anyone who rents to own is left with no other alternative because he/she has
severe credit issues, hence a mortgage is out of the question.
actually, that is not true. My best friend is a lawyer who was in a
rent to own place. The reason he did that is because in case he takes
a job somewhere else, he can get out of it. Which he did, he accepted
another job and just left the place no problems. Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move. Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process. I just figured a rent to own was easy to obtain and not much
hassle to get into.
If anyone has done this before or has anymore suggestions, please post
them here. Thanks!
It appears that you want everything to be at your convenience without
considering the person who owns the property. Doing what you are
suggesting is taking unfair advantage of the person who owns the
property and is expecting to sell it to you within the terms of the
contract he has with you. Did you ask your lawyer friend how much it
cost him to break the contract?
If you get a job somewhere else, owing a house with a mortgage is not a
problem, believe me, I know because I have done it eight times. You
simply sell the house and pay off the mortgage, or carry the mortgage
with you to apply to a new house at your new location. Most mortgage
companies will even provide bridge financing if your old house does not
sell before your moving date.
Buying a house is not a lengthy process. I have bought houses from
initial offer to final closure inside of thirty days. Now, turning that
house into a home can be a lengthy undertaking.
My suggestion is that you get a mortgage and buy a house instead of
trying to rip off some owner in a rent to own contract.
Carter
Devils Advocate
2008-05-11 20:58:28 UTC
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Post by i***@yahoo.ca
actually, that is not true. My best friend is a lawyer who was in a
rent to own place. The reason he did that is because in case he takes
a job somewhere else, he can get out of it. Which he did, he accepted
another job and just left the place no problems. Just in case I get
a better job somewhere else later on in life, I don't want to be stuck
paying a mortgage on a house when I need to move. Plus, I am looking
to get out of my place before june because I don't want to sign
another lease, and buying a house take a long time and is a lengthy
process. I just figured a rent to own was easy to obtain and not much
hassle to get into.
So you have a LAWYER friend and he 'rented to own'..........yep truthful
yarn!!!

I'll stop here.

For anyone else looking to rent to own, it would be best called "rent at
your own risk"............very risky avenue!!

Good luck
3***@gmail.com
2015-08-10 20:30:30 UTC
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Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Heres how to find the right rent to own agents online..
http://sean-divine.com/Rent2OwnHouses/
3***@gmail.com
2015-08-10 20:30:58 UTC
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Raw Message
Post by i***@yahoo.ca
Hey, I was wondering if anyone knew of any sites where I can find rent
to own houses. After paying rent for the past 8 years, I am tired of
it. I could have been paying that rent into a house, and now I am
wondering if anyone knows of any websites or companies that have rent
to own places.
Thanks
Heres how to find the right rent to own agents online..
http://sean-divine.com/Rent2OwnHouses/

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