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I would like to rent to buy. Where can I find listing and what information can you provide?

  • February 10 - US
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Answers (1)

No idea where you are located, but................There are very few "rent with the option to buy" listings, as most sellers who want to sell, and can sell, sell now not at a later date!

Make sure you fully understand what it is you're asking for.

If you think you simply rent and at the end of the lease all the rent money goes towards a down payment - you are wrong...........

There will be NON-refundable upfront (option)  money..........which you will lose if you do not buy the home for any reason (let's say you don't qualify for a loan at the end of the lease)..........you may also be expected to pay rent over and above the normal rent - only that overage or "extra" rent would be applied to the sale price, not the entire amount of rent.............also know you will forfeit that extra rent if you do not buy the home for ANY reason...........also know many mortgage companies will not accept that towards the down payment.

There are many pitfalls in this kind of arrangement, and they usually favor the seller NOT the buyer.
One pitfall would be if the seller stops making his own mortgage payments....you could stand to lose a lot of money....and wind up with nothing!

 I suggest you rent for now while you work on whatever it is that is preventing you from buying a home (poor credit? no down payment? not enough income?).........then buy when you can do so in the normal way. You will then have a full selection of homes form which to choose.

Best wishes..........
  • February 10
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