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Buyer Beware - Use This 5 Point Checklist For Rent To Own Homes
If you are a regular reader reader of the Tallahassee Real Estate Blog, then you know that I am an advocate of using a lease purchase agreement (rent to own homes) and many other forms of creative financing for real estate. But just because that I advocate the use of this form for real estate acquisition does not mean that one can use it without careful due diligence.
Home buyers need to understand some risks of buying “rent to own homes” through a lease purchase agreement, and how they can mitigate these risks. Just last night I received a comment from a reader who recently found this out. KC wrote:
Here is our situation, we moved to the Tallahassee Real Estate Market from out of State. We signed a lease purchase agreement on a 4 bedroom 2 bath home for three years. That way we could get established here in Florida and make sure that it was the right move for us. We love it here!!! We received a letter from the owner of the property three days ago that due to the economy they are filing for bankruptcy and that the property was already in a foreclosure.
We were shocked ... more

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