Profile picture for JaneMillar

We are looking for Rent to Own in or around St Louis, Mo

We need a 3 bedroom 2 bath.   We are getting our Credit cleaned up by Lexington Law and Identity Guard.  We were victims of my purse being stolen in North Carolina!  I did make 2 Police Reports, but of course that didn't help!   Accounts were opened in our names in Texas, North Carolina, Arkansas, Ohio, Idaho, Illinois and in California!  We will on our way there by Tomororrow or the next day.  We expect to be there no later than Next Tuesday!   Peace Be Unto You All and GOD Bless!   Mark and Jane Millar
  • August 05 2013 - Saint Louis
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Answers (1)

Profile picture for wetdawgs
Rent to own is such a very rare category,  that even if you find one you won't have much choice in the type of property.

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 (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% or 20% or higher) 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 05 2013
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