Who regulates Rent-to-Own fly-by-night charlatans?

Submitted by Jeff Buster on Wed, 11/28/2012 - 11:30.

rent to own first home guerrilla sign cleveland ohio 216-624-6308

Drive around the inner city of Cleveland, Ohio, and you will see guerilla signs -  like the RENT TO OWN YOUR FIRST HOME sign in the image above - nailed  up to telephone poles at busy intersections.

IN terms of media "impressions" the sign competes pretty well with the "legitimate" Clear Channel Communications billboards in these same neighborhoods.

Is the sign intentionally hand done with magic marker (rather than printed) to catch our attention?  

216-624-6308 is the telephone number.   

Who regulates Rent-to-Own?   How does a prospective rent to own tenant know that the "landlord" does, in fact, control the property and how does the tenant know that the "landlord" will continue to pay the mortgage on the property?   

The rent to own set up is so full of potential pit falls it needs licensing and regulation.   A fly by night operation at its finest. 

Cleveland has recently legislated that junk yards and scrap metal dealers collect personal identification from their metal selling  customers.    

What about rent to own?

 

 

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Rent to OWN

Transient- local political hacks rely on the fact that within the City of Cleveland, communities have been stripped of ownership.

No local grocery store, no local bank, no local school, no local church, library, social hall, doctor's office, police/fire...

What real incentive does anyone have to want to buy and make a home in the City of Cleveland?

RTO: Regulation....contracts...Ohio Law...terms & conditions....

The rent to own opportunity provided to prospective homebuyers and tenants can be an excellent format for them to come out of bad credit and into homeownership...but the bottom line is that it is a written contract between owner/seller and buyer/tenant....It requires someone with more than five minutes of time to READ the DETAILED PAGES, CLAUSES, TERMS, AND CONDITIONS OF THAT 'AGREEMENT' BETWEEN THE "PARTIES"....

Any normal person can go to the library and pull open the Ohio REAL ESTATE law book and find terms to place on that contract....which is NEGOTIABLE and POSSIBLE to amend along the line. OPTIONS can be extended.

Truthfully, countless people who cannot ascertain loans, have an amazing opportunity via this method to build sweat equity in home or buy a rehabbed home on a rental basis. Yet, that's also when tenants learn that WATER COSTS money as does SEWER AND TRASH...and by they way, they have to learn that they are responsible for something called INSURANCE (Homeowner's) too...and by the way, if they are really ready to learn, they'll learn about interest rates, tax writeoffs as a homeowner, and repairs like hot water tanks and cleaning out gutters....if they take interest in their homeownership RESPONSIBILITIES.....

I think that what should be regulated is that every person should be forced to sit in a LEGAL CONTRACTS course during their high school phase of life.... People sign contracts daily for phones, auto repairs, warranties with new electronics, and all of it has tons of FINE PRINT. How many people actually take the hours required to really read and UNDERSTAND what they are signing???? How many fax over legal documents to an attorney for review prior to signing them...????? No, they just "trust" that the paperwork says what they were "told" when they met with the people involved. (HAHHA)

I am fed up with feeling sorry for people who are given opportunities to overcome their own shortcomings---but once they get in the door---it's all the landlord's fault that these buyers/tenants neglected to pay their bills on time, to maintain their assumed responsibilities, and that they dynamically lose the interest they vested at minimal levels. It's all such a challenge to interpret. Sadly, this industry has been destroyed by the local legislators who steered out the homeowners and made it a big business to support over 11,000 evictions annually...poor tenants...surreal. It's all about quotafying the poor in our town to get huge federal subsidies through the non government -not for profit industry that thrives off the backs of the indigent. Comedy.

 

These adults need to read the fine print, if they are incompetent to understand it---get help---and don't sign the contracts if they are unable to execute their responsibilities...get the documents translated, do whatever is necessary Before they negligently sign contracts they are unable to uphold.

 

And by the way...there are buyer and seller formatted contracts....negotiate the terms. Ask or pay a professional to help them...but don't let them off the hook because they acted recklessly entering into something without truly evaluating the terms & conditions inclusive in the up front documents signed!

It's not always UNSCRUPULOUS LANDLORD INVESTORS...there are countless UNSCRUPULOUS TENANT/BUYERS who play on their countless rights.

Always Appreciative, "ANGELnWard14"