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Anticipate Lending Problems |
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We have recently found a house in our area that we love! the problem is that we arent married and anticipate lending problems. We have spoken with the owner in person and he has agreed to "rent to own" if he can get the real estate company to let him out of his contract with them. My question is, could we go through the realator with a contract for deed? It would eliminate any problems for both the seller and us. Any information you might have for us would be greatly appreciated. |
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Unless there's more to your situation than you've mentioned, there's no reason why being unmarried would hold up a mortgage application. Many houses are co-owned, these days, by unrelated adults.
As for a rent-to-own, yes, it could be done through the current broker. Agents don't get too excited about such arrangements, because it sometimes means waiting for their commissions. In a difficult market, though, it's better than just letting the place go unsold.
If you want a contract for deed, be sure to have your own real estate lawyer look over the document before you sign it. You need to make sure your interests are protected. |
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Edith
Originally published on September 20, 2007 |
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