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I am interested in a Rent to Own option...

Do you deal with any rent to own options?
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October 19 2013 - Syracuse
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Answers (1)

Profile picture for wetdawgs
You may wish to contact a local agent to inquire.   While I've seen one or two on Zillow over the years, you have to read the description section.

While the theoretical concept of rent with the option to buy may seem attractive (what simpler than pay rent and magically own the property sometime in the future?), 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.   Yeah, it is tough to move again  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 30%) and is non-refundable if the potential buyer (i.e. you) 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.  (There was just such a situation posted on the forum today)

If you do get involved in this, please involve an attorney in the contract.
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October 19 2013
 
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