03-26-2012 08:29 AM
You need to read the contract to see the terms if one party cancels the agreement. Obviously, any down payment you made and or extra payments made towards a future down payment would be forfeited unless there is something specific in the contract about that. Usually, upon termination of a contract you are liable for remaining payments.
03-27-2012 04:42 PM
Hi, I am answering this from the "other side of the fence." DH and I decided to build our new dream house a few months ago. We had been planning to stay in our old home forever, and put a ton of money into upgrades. Once we decided to move, we put our old home on the market, but due to a lot of foreclosures and general tanking of the market in recent years, we can't get a fair price for it. All indications are that the market in our area will rebound in a year or two (or three), and so we decided to keep it and rent. We have contracted with a rent-to-own company called MarketPlace Homes, and so far we are really happy. They will lease the house from us, and sublet to a tenant who wishes to buy. MP sent an inspector out, and they have carefully looked over every tiny detail, making sure the house is in excellent condition for the tenant. MP will handle all the maintenance. We, as owners, have a property management company we can trust. The new tenants will get a house in super good condition. Our selling price is not inflated, and I don't believe the rent is either. From where I stand, it looks like a win-win situation for everyone. YMMV.
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