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Updated about 8 years ago,
Buying a rental w/ rent to own agreement in place
So I talked to a seller today, and they informed me the renter had an agreement to exercise an option to buy the home. I've never ran into this with all the buying we do here in Virginia, so it made me step back for a minute. If we bought a home in VA and the lease had a rent to own option, would I be right to be worried as that lease option would become my responsibility as the new owner?
I was thinking about it, if the tenant had an option to buy the property for lets say 25k, and I paid 85k to buy it, they could exercise after I buy it, and I would have to sell it to them at a crazy loss, or at least ignore them and due the entire lawsuit thing for breach of contract.
Anyone run into this, thoughts, or experience?