Businesses have changed the way they function in several ways with the current struggling economy.
The sector of real estate is not excluded.
Bad credit has left many people unable to qualify for a mortgage. Because of this, lease options and lease purchases have become more and more common. Sadly, this has lead to more and more fraud and scams.
Caution is important when you lease option or rent to own a home. If not cautious, the whole process could be a scam in order to take your money.
Millions of home owners are discovering it almost impossible to make their mortgage and bill payments. Everyone is interested in cutting corners and saving on their expenses. These economic times, have prompted many to do just about anything to keep their finances afloat.
My parents were almost the victims of this recently. They found their dream home and signed a contract with the realtor who was currently living in the home. The owners of this home were his friends and lived out of state.
As the move in date neared, we found out that the home was in foreclosure and that the owner was over $16,000 behind on the mortgage. The owner and realtor had planned on taking their option fee and rent payment and allowing the home to go into foreclosure. They were then going to continue to collect my parents money until the point in time that they realized that they home had been foreclosed on.
The bottom line is that if you renting out a home to own it in the future, you need to be very careful in order to make sure you are not being scammed. Always make sure that the owner is not behind on the mortgage.
One thing you need to be very careful of is making sure that you are actually working with the property owner, or a company that is working on behalf of the actual property owner.
Recently scams have come to light that have entailed people advertising homes by way of classified ads, signage in the yards or even the most popular scam on Craigslist. These people have no relational ties to the house or legal right.
This type or craigslist scam is becoming more and more frequent. Often someone who lives overseas will post a photograph of a house currently for sale. They will state they want someone simply to care for their home, while away with family or on mission work. They will then request you to send money directly to them without you ever seeing inside the home. Should this happen to you, LOOK OUT!!!
Although Renting to Own or Lease Optioning a home is a great solution if you can not qualify for a mortgage, you need to be careful! Making sure you are working with the owner or their representative and that the mortgage is current are great steps to protect yourself!
The sector of real estate is not excluded.
Bad credit has left many people unable to qualify for a mortgage. Because of this, lease options and lease purchases have become more and more common. Sadly, this has lead to more and more fraud and scams.
Caution is important when you lease option or rent to own a home. If not cautious, the whole process could be a scam in order to take your money.
Millions of home owners are discovering it almost impossible to make their mortgage and bill payments. Everyone is interested in cutting corners and saving on their expenses. These economic times, have prompted many to do just about anything to keep their finances afloat.
My parents were almost the victims of this recently. They found their dream home and signed a contract with the realtor who was currently living in the home. The owners of this home were his friends and lived out of state.
As the move in date neared, we found out that the home was in foreclosure and that the owner was over $16,000 behind on the mortgage. The owner and realtor had planned on taking their option fee and rent payment and allowing the home to go into foreclosure. They were then going to continue to collect my parents money until the point in time that they realized that they home had been foreclosed on.
The bottom line is that if you renting out a home to own it in the future, you need to be very careful in order to make sure you are not being scammed. Always make sure that the owner is not behind on the mortgage.
One thing you need to be very careful of is making sure that you are actually working with the property owner, or a company that is working on behalf of the actual property owner.
Recently scams have come to light that have entailed people advertising homes by way of classified ads, signage in the yards or even the most popular scam on Craigslist. These people have no relational ties to the house or legal right.
This type or craigslist scam is becoming more and more frequent. Often someone who lives overseas will post a photograph of a house currently for sale. They will state they want someone simply to care for their home, while away with family or on mission work. They will then request you to send money directly to them without you ever seeing inside the home. Should this happen to you, LOOK OUT!!!
Although Renting to Own or Lease Optioning a home is a great solution if you can not qualify for a mortgage, you need to be careful! Making sure you are working with the owner or their representative and that the mortgage is current are great steps to protect yourself!
About the Author:
Wendy Polisi is one of the owners of Finance the Dream which offers Lease Purchase and Rent to Own Homes through out the United States. Their program is designed to help people with damaged credit achieve the goal of home ownership. To learn more about improving credit please visit her at liferebooted.org, the blog that tells you everything you need to know about bouncing back after financial setback.
Aucun commentaire:
Enregistrer un commentaire