owner Archives - Your Rent-to-Own ConsultantsYour Rent-to-Own Consultants

Condominiums,HOAs,Rent-to-Own Homes

The Funny Thing About Condo HOAs and Rent-to-Own Agreements

14 May , 2015  

The funny thing about HOAs (Homeowner Associations) is that they legally can choose to work with — or not work with — the ‘tenant’ in question. You’re all throwing your arms up in disgust, thinking that it’s unfair given the fact that tenants may have rent-to-own agreements with condo owners, for instance, right? Of course the HOA should work with you! Of course you can represent your landlord in this case. You’re going to own the condo anyway, correct?

It’s Not That Simple Given Such Rent-to-Own Agreements Are Only With the Owners — Not the HOAsrent to own condos

That, therefore, means the HOAs can choose not to even work with those tenants possessing rent-to-own agreements. By law, they would have to work with the actual condo owners themselves. You, as a tenant-soon-to-be-homeowner can’t represent that condo owner, not even a little bit.

The fact is even if your landlord asks or expects that you interface with an HOA, the HOA can still turn the cheek and say NO…. “I need to speak to the owner.” You literally can’t do anything about it until that property’s legally yours. At that current moment, you’re nothing more than an occupier, paying rent.

Some Exceptions Could Be Made, of Course

As with all contractual law, though, it can be something stipulated and allowed by an HOA in regards to rent-to-own agreements. But you need to be well aware of that in writing. If it’s not in writing, don’t expect to get anywhere with representing your landlord for the HOA regarding anything about the property. You’d have to contact the condo owner specifically instead.

Knowledge Is Power, Right?

Most definitely. And in the real estate industry, everyone has a role — whether you’re a tenant, buyer, owner, seller, agent, broker or whoever. Heck, even the plumber has a role! You simply have to remember that while you’re renting, you’re a tenant. When you’re finished with all rent payments for that period, you’ll be something more…. Any other questions about rent-to-own? Feel free to peruse the site even more!

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Land Contracts,Rent-to-Own Homes

Knowing the Difference Between Rent-to-Own and “Land Contract”

14 May , 2015  

Brace yourself: this is going to be difficult. As with anything in the real estate industry, you end up thinking you need either a real estate attorney or maybe Superman to wrap his brain around the concept of knowing the difference — between a rent-to-own and a land contract. Not even a kryptonian could honestly figure that one out (which is why you have our rent-to-own consultants helping you out with this one!).

What Is a “Land Contract” Anyway?

Get interested when a potential seller even mentions this term. It’s an intriguing way for a seller to rent to own Supermanbasically sell the home without giving up the title, basically. You, as the buyer, can purchase the home through contract and essentially pay “rent” (for lack of a better term), and when you’ve paid the entire purchase price for the home, the title to the property’s all yours.

In a way, it’s like leasing a car. You get to drive it. You get to maintain it. You get to go on a road trip clear across the country if you want. But you never get to own it — and that means you can’t sell it or perhaps even upgrade it — until you finish paying it all off. Certain advantages and slight disadvantages there, obviously. You can see why you might want to ask this along with other inquiries about rent-to-own.

Now a Rent-to-Own Is Slightly Different

The only way I can differentiate on this is that it’s largely dependent on an agreement typically made by the home seller. An offering for a land contract focuses mainly on the entire selling price — whereas a rent-to-own keeps it as a tenant-landlord deal for a specific period of time with an extra portion of each monthly rent going toward a down payment for ownership of the house.

It’s convenient. It’s flexible. And that’s the key. A land contract seals you in for the deal, for the long haul. You can’t back out of it without some form of penalty, because you agreed to basically own the house later on. But a rent-to-own simply offers the option — if you want it (which most of the time you would, provided you negotiate the best of terms for both parties).

You Can See the Striking Similarity

Like looking into a mirror or something. But don’t be fooled. A land contract is so different from a rent-to-own that it’s scary. Just be well-informed. Because while you might want to just stick with a full lease on a house and make those payments as if its a mortgage, know that you don’t have a lot of wiggle room….

But a rent-to-own? That’s a whole different story and superhero altogether.

To get help finding a rent-to-own home, click here.

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Rent-to-Own Homes

5 Most Common Questions to Ask About Rent-to-Own

14 May , 2015  

People talk a lot about rent-to-own homes like it’s the new innovation in the candy business. After all, when the Snickers bar first came out, everyone was in a rush about the novelty and ingenuity of merging chocolate and nuts together, so the rage made waves, for sure! Rent-to-own is like that — it’s candy. It’s yummy. But if you’re not careful or haphazard about rushing into an agreement without asking the correct questions, you could get yourself into a lot of hot water (or wrappers all over your floor, plus a few toothaches).

Did I Mention “Questions”? Yes. Ask Them When Considering a Rent-to-Ownrent to own Snickers rent-to-own

The thing is not every seller/owner out there will say flat-out what the deal is. To them, they’re thinking they just need a tenant. But what about rent-to-own? I can imagine many sellers/owners would blink at the idea, so it is important to ask about it and know what you’re getting into.

There’s a lot of negotiation that comes into play with a rent-to-own, so it’s no surprise that questions get asked on a regular basis. The thing to remember is this: what are the right questions to ask? Clearly you have an advantage with all the rent-to-own reviews available in the market right now.

Only With the Right Consultant Can You Succeed

It’s imperative that you know that not everyone is in the know — especially sellers/owners. Most don’t know what the heck is going on, especially when they’re dabbling in the prospect of a rent-to-own. Our rent-to-own consultants can educate them. We can educate you. And we can make sure that rent-to-own works out well for both.

Check them out at RTO Reviews for more info about what they can do for you right now.

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