|
Rent to Own (Buy) question
| Posted By |
Message |
EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
|
Rent to Own (Buy) question
Is there an average % of rent that gets put towards the down payment, or is it up to the owner?
|
Posted 1/18/08 6:34 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
|
Re: Rent to Own (Buy) question
its generally decided by the owner, in today's market this is going to be very common & a good solution for many people. It was widely done during the 90's but as the market picked up & financing became so easy it wasn't needed.
I would suggest have an real estate attorney review any rent to buy lease you are considering signing.
|
| Posted 1/18/08 7:30 PM |
| |
|
EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
|
Re: Rent to Own (Buy) question
Is 50% of rent being put towards a down payment reasonable? Or does it seem too farfetched?
|
| Posted 1/18/08 7:41 PM |
| |
|
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
|
Re: Rent to Own (Buy) question
sounds like that LL doesn't have a mortgage on that house anymore. 50% of average rent would barely cover property/school tax in most towns on LI.
|
| Posted 1/18/08 7:45 PM |
| |
|
EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
|
Re: Rent to Own (Buy) question
I only suggested 50% bc I saw an ad that said 50% towards downpayment. I didn't know if that was normal.
|
| Posted 1/18/08 9:00 PM |
| |
|
Potentially Related Topics:
Currently 339791 users on the LIFamilies.com Chat
|
