Profile picture for user4939825

Are there any Rent to Own Properties on Zillow.com?

  • September 13 2013 - Concord
  • 0Yes

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Answers (3)

Profile picture for Sharon Lewis
I have yet to see a rent to own work, even on my own property with my tenants!
I would suggest if you want to buy that you get a 'gift' of money from friends and family or simply tuck your money away and save. You would be surprised at how quickly savings add up.
Best of luck to you. In your area, there are some reasonable homes to purchase too
  • September 13 2013
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Profile picture for user4939825
Thank you for your reply.
I do work with a realtor and I wouldn't do anything without a lawyer.

Have a blessed day
  • September 13 2013
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Profile picture for wetdawgs
Rent to own is an extremely rare category.  You might find a comment in the description, or an agent may know of one in your area.

While the theoretical concept of rent with the option to buy may seem attractive, some of the realities are considerably less so.

Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.   I consider it much smarter to spend a year or two working on improving your credit and (if necessary) saving up a good down payment.   Yeah, it is tough to move but it even tougher to lose a lot of money attempting to buy.

Some features of rent to own:

1.  Down payment required - often substantial (say 10% to 20% or perhaps higher) and is non-refundable if the potential buyer doesn't purchase.

2.  Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.  This is also not refundable.

3.  If not qualified for financing at the agreed upon  time and price, then you lose everything. 

4.  The price is agreed upon at the beginning of the contract, and who knows where house prices are going.

5.  You still depend on the owner to pay their mortgage.   If they fail, you lose.

If you do get involved in this, please involve an attorney in the contract.
  • September 13 2013
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