question about rent to own ?
We have a renter now that originally was a rent to own. Due to his inablility to sell his house in CA, he is going through a forclosure which means of course it will be years until he can get another house loan. He wants to pay our entire mortgage on that house with the following provisions: He takes full responsibility for any unkeep or repairs allieviating the landlord duties for us, then when he is finally ready to buy he wants to pay the amount that is left on the loan so he actually acquires the equity. It might be good since we cant sell the house and already bought another one, but we are unsure of the "dangers" of agreeing to do it. The house payment is actually $600 more than his rent so he will be putting out much more money each month, and we won't have to make up the difference. seems like a good deal for all, but I'm not an expert on this kind of thing. Anyone have any ideas or advice before we put this thing in writing?