Rent to own a family members house

Rent to own a family members house

New to Real Estate · WA · Member since 2020 · 10 posts · 1 vote

My moms credit score is not the hottest on the block but it is improving. She wants to buy my gmas house (her moms). My grandmother wants her to pay the mortgage, so in essence, rent from my grandmother until their credit rises and they can have the score they need for the loan. But they don’t want her to turn and sell it during a mood change. How can my mom and grandmother both be protected? Anyone have rent to own contracts? Like to buy within a year? Etc.

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  • Augusta, GA · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    Based on the very wise theory that NO ONE should rent to friends or family this is likely to end up being a disaster that is only just now incubating.  

    Rent to own situations are often disasters for tenants.  If these two decide to go this route it is best if they have this reviewed by an attorney familiar with real estate.

  • Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
    4y

    Not your question in know but sounds like a disaster in the making.  Expect drama at best, major family issues at worst.  

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