Selling House . . . Anyone Renting-to-Own

[Loves Vintage]

So, we found our dream home, unexpectedly quickly and are hoping for a quick closing!

My RE agent just broke the bad news to me about my house, which I love, and purchased only a year and a half ago, before I met Mr. LV. I knew I''d be taking a loss on my house, just wasn''t prepared for how much of a loss, but we do want to sell quickly. We don''t have a hubbard on the new home, so we''ll have 2 mortgages until it sells.

Mr. LV excels at putting together spreadsheets and has already analyzed our potential losses based on selling now vs. renting for a while.

Is anyone trying a rent-to-own arrangement? I''m thinking that might make my property more attractive to folks who don''t have a down payment together right now? If yes, how''s that working out for you?

 

[BriBee]

I was living in a rent-to-own arrangement, and it was working well. However (I just posted my story today) the loan didn''t pan out and now we''re going to be moving out and the house will be put on the market. It worked great for us because we paid extra on the rent, and that went towards a credit in the price, so we wouldn''t have to come up with as much of a down payment. I think this could be a good route to go, but I would make sure you get some qualified people in there and get EVERYTHING in writing!!! I would suggest checking their credit too...make sure they''re qualified to buy a home. It would be unfortunate if you did get something set up and then the renters couldn''t end up buying (like us

)
Good luck!