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Rent to Own

Well, we are out of our apartment phase, and in search of a rent to own property.. We have good credit, and full time jobs.. Now, I'm just in search of information, ways to find listings, and other sources. Any help would be appreciated.. thanks ahead of time!
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May 29 - Des Moines
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Answers (6)

I'll second Adam's answer about craigslist. The only reason why you would want to rent to own is if you are facing credit issues. If that is the main issue I would be more than happy to see what we can do to get your credit issues resolved.
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June 04

Rent-to-own is a horrible, horrible idea for the buyer. They homes are usually in horrible condition because the seller can't sell any other way. Renters pay a surcharge (above market rent) and you lose your money and deposit if you decide not to buy the house, or if you can't qualify for a loan. Seller hope that you will violate the terms of the agreement so that they can resell the house to the next sucker.

I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home. Put the money that you would have spent on the surcharge into a savings account. Fix your credit. And before long you'll have a home of your own.

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May 31
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Wow. A faceless spammer named JessicaBarnes9. Not a very smart faceless spammer, but kudos on the high creepy avatar factor.
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May 31
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Hey, this a great book to learn more about how rent to own works - worth checking it: [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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May 31
Usually craigslist is the best source of rent to own properties.  

If you want to buy, and you do not have money for a down payment, you could qualify for a no down payment purchase through the USDA program.  Contact me for more details if you're interested in buying with no money down.
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May 30
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You may be able to find rent to own properties on zillow using the key word search.  There is not a special category.  

As you have good credit, what is standing between now and home purchase?    "rent to own" is one of those late night TV things that has a lot of risk to your money, and very few homes where the owners will consider it.

Plan on:

Non-refundable down payment of 5 to 30%.
Monthly rent more than market rent, only the difference goes towards purchase.
if you are not qualified for a mortgage at the agreed date and price, then you lose all your money and have to move.
if the owner fails to pay the  mortgage, you are out of luck

There are a number of rent to own websites, but they tend to charge a fee to look at their listings.    Should you get into this risky situation, make sure you hire an atttorney to review the contract and protect you somewhat.
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May 29
 
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