Leasing to Buy / Lease to Own Program
My wife and I moved to the Dallas/Ft. Worth area in Jun 2011. We were interested in buying a home but knew that our credit needed repair before any bank wold qualify us.
In July, we went with Leasing to Buy because they had a program that fit our needs. We signed a lease agreement with the homeowner/Leasing to Buy agent. In addition, we put almost $9, 000 down ($1, 000 earnest money) and 8, 000 is what they call "fees". Of course the money we put in was non-refundable should we cancel or not qualify within the allotted time. It also read that if we cancel, we are responsible for the rent until either they find a tenant or if the house sells. The house is rented "as is" meaning that all repair cost are covered by the tenant. Prior to moving in, we paid hundreds of dollars to get the A/C fixed and $200 more for a stopped sink. They take thousands of dollars, $4500 went to the homeowners and the other $4500 went towards the leasing agent.
We agreed because we didn't see ourselves leaving the program. We were set and hoping to become the home owner of the house we were leasing.
In April 2012, my wife was offered a VERY NICE job in CA . It would have been a mistake to turn it down. We gave 60 day notice of our move out date. When it came time to do the walk through, we were advised by the leasing to buy agent that we not only needed to pay the rent, but also maintain the utilities and laen care as if we were the actual homeowners. The homeowners threatened to file a judgement against us if we didn't adhere to the rental terms once we left.
My point...Why the hell are we being hounded for rent after all that money was put down. They should be using this towards rent until a homeowner/tenant is found.
DONT DEAL WITH THESE PEOPLE. THEY WILL TAKE YOUR MONEY, AND THREATEN JUDGEMENT IF YOU CANNOT PAY THEIR HOUSE PYMT AND MAINTAIN ALL UTILITIES IN ADDTION TO THE RENT IN YOUR NEW HOME.