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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102584
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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I am an expert here looking to purchase a home from a

Customer Question

I am an expert here looking to purchase a home from a seller.This is a home my family and I have history in the past with raising our kids.It has come on the market for sale.It has been on the market for over half a year.Asking price is steep but worth the home and property as the home has complete remodel including new heating systems and foundation inspection and repair.Anyways,the bank won't lend us as much as the seller wants because of my income limits putting us around $20k shy of buying the home.We have been speaking with a real estate agent on the home and when we couldn't get approved for the full amount we backed down.The agent called us and said the seller would love for us to have the home since we have history there and is willing to do a lease to own agreement or rent to own agreement so we can move in.(most likely because he hasn't sold it and has moved away and is paying for two homes now and winter is near and he needs to keep the home warm is my guess).I have looked into this rent to own option and the agent says he will help us write up an agreement but I don't know what the best agreement would be.We know the seller at first said we can rent it if we want for now for $1550 a month,I know if we were approved for the home loan the payment would have been around $1650 a month to buy it.We really want this home and would hate to lose it due to the history we have in it from the past.I would like to work up a rent to own agreement but I need to know how to do this and what options to put in it as well as payment info,payment to principal etc.The seller needs it sold or rented asap so he is open to everything we suggest from what we were told.I don't want to to a rent to own or lease to own but I don't want to lose out on the house to the people he may rent it to giving them the option to purchase it.I need to send something to the agent today on what agreement,payment,etc. we are willing to do.Any help is really appreciated on this one here,more then any other question Ive asked here.I need to know info on who carries the home owners insurance and property taxes,mortgage incurance etc. with a rent to own deal.He is asking $274,900 for the home but the agent did tell me if we threw an offer around $258,000 the seller would probably take a good hard look at it.
Thanks Pete
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ely replied 2 years ago.

Hello Pete. Please note:This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Okay, I understand the situation. What exactly are you asking, i.e. what is your question?