How does Rent To Own a house work?
Monthly income for the rent would come from 3 sources:
My dad: $1000
Uncle and his wife: $1000
This is only for the rent, the budget for food, bills, and other living expenses has already been deducted. So we need to move in a house that has a monthly payment below $2600.
We spoken to an agent that recommends we rent to own and we should speak with the home owner about the house. It sounds like he wants someone else to takeover the house because he can't continue the payments or he's about to leave and move. Is that right?
I was just wondering if for example:
The total value the house is $250,000 and the owner already paid $125,000 but now wants to leave. Is the new owner responsible for paying the entire value of the house of $250,000 or just the balance of $125,000?
Any help would be greatly appreciated! We already received the final notice from the land lord of our current apartment and we only have 7 days left to move out. Help please.