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Old 11-15-2009, 04:32 AM
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Default Does anyone know where I can find a home for rent to own in my area?

I am looking for a house to rent I would like to find one to rent with option to buy or buy one on a land contract. I live in Novi Michigan and would like to stay in Novi or the surrounding areas. Thank you so much!!
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Old 11-15-2009, 04:32 AM
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Very easy. Craigslist.com or forrent.com
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Old 11-15-2009, 05:06 AM
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They're all over the place. Try craigslist or similar sites. The next advice ? Be extremely careful when engaging in a 'rent to own' Scams abound in these situations. The worst ones are those in which the 'sellers' pocket the rent and don't make the mortgage payments they owe. The house ends up in foreclosure and YOU end up on the street. Do not get involved without a fully legal binding document prepared by an attorney. As well, insist on making your payments payable to both the seller and to his lender, to insure that the payments are made.
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Old 11-15-2009, 05:17 AM
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To protect your own interests, find a Realtor who is active in your area. Go online to Realtor.com and check out what is available for sale in the community in which you are interested. Then call someone who is active in that market and get them working for you.

Be specific about your wants versus your needs. You should have quite a few from which to choose. Ask the agent to work as a "buyer's agent" so he can represent you and you alone.

When you find the place you want be sure to specify that the contract is contingent upon an appraisal of today's value, as well as another appraisal at the time of the end of the rent to own option. That will protect you against a declining market which could decimate your ability to secure mortgage lending on the place.

The buyer's agent should be very helpful in completing the contract to protect your interests. These would also include a complete home inspection, contingency regarding the securing of a mortgage at the time of purchase, who takes care of repairs, etc., in the meantime and whether a portion of the rent will be applied toward the purchase of the home.

Sometimes people prefer to write the contract with a "first right of refusal" clause that will allow them to back out of the deal if things go sour. A standard rent to own contract may not allow that option.
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