My husband and I are considering this for the mobile home we own, and can't seem to sell. Does anyone have any experience in this are? I've been researching, but still have some questions. Like, how are you protected, if the people wreck the place, and how many of these agreements actually work out well for both parties?
I would love to hear from anyone with experience, either as a buyer or a seller. Thanks!
If the mobile home is affixed to the ground ( is on a foundation) it is considered real property- if not it is personal property. Which is it; and State are you in?
There is no guarantee that someone would not trash the place, you would need to get references from prior landlords; and /or get a responsible party to co-sign the agreement.
If the agreement is structured properly, they work well.
There are other ways( maybe better ways) to sell.
Respond if you need more info.
Where is the home located? I might be interested in it. Can you tell me about it?
My sister is going through this with one of her homes. She recommends contract…contract…contract. She had a renter that wanted to do a rent to own but didn’t draw up a detailed contract on how long he had to pay it off. Nor did she put in a contract the renter/buyer was responsible for any damages done to the place till the said property was paid off, or the person moved out. (I have been told it helps to have renters insurance, but have never checked into it myself.) Any utilities was the renters responsibility.
Had she have done this with her first renter, she would not have lost out in thousands of dollars replacing the walls, doors, carpets, and re-landscaping the yard his Great Dane destroyed while he was at work.
With her second renter, she had a more detailed contract and hasn’t had any problems yet. She also kept every receipt on everything for that property.
My husband and I are buying our house as a rent to own and went through the bank and realtor as an escrow account.
Mainly you will want to be sure to protect yourself incase the deal goes sour and you are stuck with damages.
Hi, with regards rent to own, without going into any great detail, I feel that you'd do well to look into the area of commercial property lease contracts as this is the format generally used for the rent to own contract in the residential arena.
As with commercial contracts, the in going tenant / buyer, is generally responsible for all repairs etc until either they execute their option or, decline to execute the option, in which case the property is returned to the existing owner, baring in mind that during the contract all and any repairs would have been the responsibility of the tenant and future buyer.
by Brian5 years ago
My apartment complex took me to court today for back rent. I was all ready to state my case to the judge, and explain why I was a month and a half late with the rent, after 8 years of living here.But, I had no idea...
by Jeff Berndt4 years ago
So we have freedom of speech in the US, but we also have a crime called "incitement to riot."If you want to commit that crime, what you need to do is get up in front of a group of people, and say some words....
by Jack Lee2 weeks ago
Lucky for the Syrian people, election do have consequences.This week, we saw the reversal of our foreign policy in dealing with Syria.The crisis in Syria has been going on for 6 years. I guess, Barack Obama was right...
by Michael Collins4 years ago
Do we (Americans) have freedom of speech? If so should Joan Rivers’s apologies for what she said? Can we learn from this and other people who say what they think without considering the consequences while you have the...
by Alexander A. Villarasa6 years ago
The news report that a college freshman took his own life when he found out that his roomate and the roomate's girlfriend recorded his private/intimate homosexual encounter in his dorm room then broadcasted ...
by janesix5 years ago
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.