Profile picture for user9893948

Do you have any Rent To Own homes available?

Please call 406-861-7768 or email jojokinkade@gmail.com with any information you may have regarding my question.  I will be in the area within the next 2 weeks.

Thank you.

Johanna K.
  • August 04 2013 - Kingman
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Answers (3)

Profile picture for wetdawgs
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  saving up a good down payment -depending on what is standing in your way today for purchasing.   It is tough 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%) 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.
  • August 04 2013
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I have found many rent to own properties on Craigslist or in the local paper. There are often times many retirees who do not want all their money up front who are willing to take it in installments, or rent to own payments, so look in many places for a willing candidate. It would be best for you to have information on the rent to own or lease with the option to buy and there are many agreements you can review on the web at no charge, so that you are prepared when you see what the interest rate, terms, and down payment will be for the house. These are great programs for people who would have an issue with a bank loan.

Best of luck to you,
Liz
  • August 04 2013
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Renting to own sounds much better than it may actually work out for you. Be sure to do research about it and use a professional that specializes in such transactions and not just licensed to do them. It's a very serious contract you should be well represented on. Choose someone with experience in them. 
  • August 04 2013
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