A South Lorain family says they are in legal limbo fighting to keep a house they agreed to buy. Since moving in, the Shaffers said they have paid rent and poured money into improving the house — and still might get evicted, depending on the outcome of the case at Lorain Municipal Court’s Housing Court. […]
Vision Property Management buys run-down properties at fire sale prices in impoverished, depressed cities throughout the country and fraudulently induces naïve consumers with either compromised or poor credit ratings into unethical “rent-to-buy” agreements for more than the advertised price of the property and down payment, which they immorally boost on execution. Source: Ripoff Report | Kaja […]
Advocates say rent-to-own programs have ensnared many financially unsophisticated would-be homeowners. Source: Rent-to-own: Court case sheds light on business practice | Pittsburgh Post-Gazette
Seller-financed home sales are “toxic transactions,” a prominent national consumer law organization said on Thursday as it released a report and called for greater federal and state oversight of the sales. Source: Law Center Calls Seller-Financed Home Sales ‘Toxic Transactions’ – The New York Times
A recent report from Moody’s highlighted the benefits for consumers and investors that stem from Home Partners of America’s rent-to-own program, but a new report from Kroll Bond Rating Agency throws a wet blanket onto anyone who posited that rent-to-own could be the “future of housing.” Source: KBRA: Rent-to-own properties problematic arena for investors | […]
Rent-to-own leases are similar in many ways to contracts for deeds: long-term, high-interest installment contracts that call for the resident to make monthly payments to the seller. Unlike a contract for deed — which typically lasts 30 years, at the end of a Vision contract, tenants still need to find financing to complete the deal. […]
Source: New Mexico Businessman Accused of Deceiving Low-Income Home Buyers – The New York Times