Asking the experts

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Real Estate Agent with Coldwell Banker All American

Hoping I can get some help- A quiet listing of mine is talking to someone about "rent to own". Prospective buyer is saying that 3 years is a common term for such contracts. Buyer appears to have good credit and rental history, but is unable to buy now because of custody issues and court costs. I think that the term is too long...and that I would ask the experts to get your opinions- and does anyone have any idea on how often statistically rent to owns actually purchase the property? How long is the typical purchase/rent term?

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As always, I am here to be a resource for you in your journey-

To Your Success!

Krisan Mitchell

Coldwell Banker All American

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Missouri
Tags:
rent to own
lease purchase

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Rainmaker
1,004,473
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Krisan:  Ummm... just what is a "quiet listing ?"  Is that like a pocket listing ?  "Rent to own" contracts can vary from state to state... as far as both what is typical, and what is legal.  I would talk to as many folks... Realtors and your office real estate attorney before getting involved in this.  Lots of liability.  A big thing... get as much money up front from the buyer/renter as possible.  Once they are inside... if they choose to quit paying rent... it could be a disaster for your sellers.

May 09, 2010 09:44 AM #1
Rainmaker
797,594
Kerry L Klun, Broker/Owner
Palm Realty - Melbourne, FL
321-626-5868

Here in Denver the term is usually around 18 months.

May 09, 2010 09:44 AM #2
Rainmaker
1,004,473
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

By the way... I see you are relatively new to Active Rain.  So... Welcome to Active Rain !

Also, I see that you have NOT submitted this posts to any groups.  You are allowed to submit each post to up to five groups.  If you are not getting much response to your posts... I bet not doing this has a lot to do with it... so... here is a tutorial post on Groups on Active Rain that I wrote a while ago.  Using the Active Rain "Groups" Feature .  I hope you find it helpful.

May 09, 2010 09:47 AM #3
Rainmaker
841,108
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Rent to own is for no more than two years.

Make sure the terms and numbers are clear. Use a real estate attorney...

May 09, 2010 09:47 AM #4
Rainmaker
2,726,268
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Thanks for sharing a very good blog.

May 09, 2010 10:15 AM #5
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Krisan Mitchell

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