Warning - Your Rent to Own Deal May Be a Rip-Off!

With the current economical downturn, w? h?ve all seen a number ?f ?h?nge? in th? wa? businesses run. The real estate business is n? exception.

Seeing th?t ?t i? becoming more difficult for people t? apply for mortgages due t? ? poor credit score, lease options and lease purchases ?re b??oming th? new wa? ?n whi?h ?ne ?an acquire ? brand new home. However, be??u?e th?se transactions ?re n?t w?ll monitored, th?re ar? high chances ?f fraud ?nd scams taking place ?? well.

You need t? be v?ry careful when you lease option or rent to own ? home. If you are not careful, th? process ?f renting ? home t? ?wn ?t c?uld be ? well mastered minded plan t? scam y?u f?r ??ur money.

The truth ?s that ne?rly every home owner ?s finding ?t very difficult t? k?ep up w?th mortgage ?nd bill payments. Nearly ?veryon? is n?w look?ng ?t ??s?ible ways to cut down ?n their expenses and save wher? ?ver the? can. Seeing that w? are faced with ver? tough times m?n? h?ve adopted the theory ?f "desperate times call for desperate measures" in th? sense th?t th?? will ?nd c?n d? ?n?thing t? k?e? them afloat.

An ex?mple to th?? happened to m? parents ju?t a few months ago. They h?d signed ? contract on th??r dream home and were anxiously awaiting th??r move in date. A realtor lived ?n the home and w?? friends w?th the owner, wh? lived out of state.

As the move ?n date neared, we found ?ut that th? home w?? ?n foreclosure and that the owner w?? ?ver $16,000 b?hind on th? mortgage. The owner ?nd realtor had planned on taking the?r option fee ?nd rent payment and allowing the home t? go ?nt? foreclosure. They w?re th?n g??ng t? continue to collect m? parents money until th? point in time that th?y realized that the? home had been foreclosed on.

The bottom line ?? th?t if you renting ?ut ? home t? own ?t in the future, y?u need t? be v?ry careful ?n order to make sur? you ?re not b?ing scammed.

One thing y?u n??d to b? v?ry careful ?f ?s making ?ure th?t ?ou are ?ctu?lly working w?th th? property owner, ?r ? company that is working ?n behalf of th? actual property owner.

There ?? b??n ? increase ?n people advertising homes that wh?n in fact they h?ve n? relation ?r legal r?ght ?v?r the property. This c?n happen locally, thr?ugh small classified ads or a sign in th? yard. Most common, however, i? th? Craigslist scam.

The Craigslist scam ?s b?c?ming more ?nd more common. What happ?ns her? ?? th?t ??meone overseas copies the photograph of ? home that ?s listed ?n th? market. They th?n advertise the property at an extremely low rate t? attract the attention of potential buyers. Usually they w?ll us? family and religion to try to build ? relationship. They w?ll ??y things lik? they ?re overseas ?n missionary work and all that th?y want i? f?r ?omeone t? t?ke good care ?f th? home. Then the? will ??k ?ou to send them money directly, without ?ou ever ????ng the inside ?f the home! If th?s h???en? t? you, start running!

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