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I am looking for a Rent to own home in Spartanburg area 29301

I am looking for a Rent to Own home in Spartanburg area 29301. I am having difficulty finding one.  
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June 22 2013 - Spartanburg
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Rent to Own homes are extraordinarily rare because most seller's want the proceeds from the sale, not over the next few years.

While the theoretical concept of rent to own 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 (in most communities there are zero).   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 even more) 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.



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June 22 2013
 
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