Bad Credit Agency

How does my friend sell me a house "Rent To Own" with no fees. 1000 a month for 12.5 years=150,000.?

We trust each other, She is not charging me any interest. Every $ I pay goes directly to the price of the house. I am responsible for closing. I do not have $ for an attorney. She gets 1000$ for 12.5 years. Total $ is 150,000. I am responsible for any fees that have to be paid. I pay the tax on the house as well as the insurance payable to her for the remaining balance if anything happens. I know there is allot that has to happen? we are not using banks/mortgage companies simply because its a rent to own and we want to cut out all the excessive B.S. Also the house she is selling me needs a lot of cosmetic inside repairs and she knows that if she puts the house on the market she wont sell or get very little for it. Because my CREDIT is SHOT this gives me an opportunity to Buy a home. We live in Miami-Dade County, Florida. the house is in the same county. 150,000 for a home in a gated community in Kendell (Miami) You can see why i want this home! Shes moving to PA and wants done with it.

Public Comments

1. Draw An Escrow Agreement Through The Bank
2. Your going to need a lawyer on this one. Too many "what ifs" can come into play over 12.5 years. You need to have everything in writing and legal. There are many things that could happen..ie marriage, death, children claiming rights to property....It's very possible that you could put all this work into a place, pay taxes/rent...to end up with nothing. You wouldn't need to go through banks/mortgage companies...but definitely get a lawyer.
3. Literally, she could sign the house over to you for a single dollar if she so chooses. At some point when she is happy with your payments she can sign the house over to you. Yes, you will have to do the paperwork and pay for the closing (having the house registered in your name). In short it's a decision between the two of you. By the way, you should realize that you are saving nearly twice what you would have had to pay IF you financed the house. Your friend is doing you a big BIG favor. Good luck with that. :)
4. You can call up any real estate in your area and ask to speak to an agent. The agent will tell you what to expect. Usually if you are paying lets say 1000 a month rent then some of that money goes towards the house. She is charging you 1000 so lets say 200.00 of that money goes towards the house. As far as the home insurance, I'm quite sure that she should be paying that as the house still belongs to her. Please check into this . If you would feel more comfortable, call a agent out side of your town.
5. I agree w/ rennzz and tercir both. Your friend is doing you a great service here, as well as getting things cleaned up for herself, good for everyone. However, you should definitely draw up your agreement w/ a lawyer to protect the both of you. It not only legitimizes the situation for both of you but it creates terms in very clear precise manners for everyone to help define and comprehend. You both will understand your own and each others responsibilities and expectations clearly, which will help all to make this happen and keep it on track over the next decade plus. This is a transaction between people w/ a personal history and relationship. More than $ can be on the line here so make sure everyone's on the same page at all times. Good luck.
6. If you can't afford the lawyer you can't afford the house.it's not that much for one.