scenario

3 Replies

I meet a realtor  he has a house that he like to rent to own to me but there's a problem with this picture. He stated that the taxes is $2400 that has to be paid by the last of August.. He also stated that he like for me to give him $1,000 DOWN an payment will be $450 monthly or if I give him $2,000 DOWN with payment been $350 or $250 monthly. don't know the saying price of this property.

Tell me what do you guys think about this?

Markus,

Appears you need more information and a written contract. Once you have a contract, take it to a real estate attorney for review.

@Tom Reynolds I spoke with that person today an he stated that is a tax sale house once the taxes are paid that when it become fully my property.

You really do need more information. 

How long are the payments for? What is the total purchase price? How much is the property worth? What is the risk to you? Could he lose it to tax sale before it becomes yours?  Is the property liveable? if so why is he selling at what appears very cheap.

If it is not liveable how much will it take in repairs to get it liveable. Do you want this house for your own use to live in or as an investment to rent out?

I think you need to see this deal in writing so you know exactly what the deal is.

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