Profile picture for williamssandg

do you handle rent to own homes?

lookimg for home to rent so we don't have to come up with lg. down payment.
  • May 02 2014 - Eugene
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Answers (4)

Profile picture for George Rauh
Normally I would say to a prospective RTO, get a copy of the lease and program, and give it to a good attorney who does and does only real-estate law. The couple of hundred dollars spent on the attorney will keep thousands of dollars in your pocket after the fact.
Most renters have terrible credit, so, hence I would suggest option 1. for a couple more hundred, get someone who will help you work on rebuilding your credit. 2. Look at a 203k program as well. Check out the programs on the internet.
  • May 03 2014
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Hi,

I just wanted to add my opinion about rent to own homes. Rent to own usually favors the owner. First of all, there are few homes even listed as rent to owns, so your selection is limited. Also you will be expected to pay over and above the usual rent. Remember all that money will be forfeited if you do not buy the home for any reason (if you can't buy at the end of the lease term because let's say you can't qualify for a mortgage, etc. you lose all of that money!) 
I recommend clients to rent while they're working on raising their credit scores/saving up for a down payment and then buy when they are ready. 
 
Good luck!
  • May 02 2014
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I tell everybody I can - do not rent to own. The down payment required is large and non-refundable, the purchase price is usually above market value . . . there is no real good side to RTO.
  • May 02 2014
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Profile picture for wetdawgs
Zillow does not have a separate category for "rent to own" properties, but sometimes you can find one using the keyword component of the search. 

If you don't want to come up with a large down payment, "rent to own" is not for you.   Some things to know about "rent to own

You'll need a large (5 to 30%) down payment.  This will not be refundable.

You'll pay more than fair market rent, with only the difference going towards purchase.  This is also not refundable.

If you are not eligible for a mortgage at agreed date and agree price (usually two to five years out), you'll lose all your money and have to move. 

Rent to own gives you almost no selection and is very risky.    Is it really what you are looking for?

  • May 02 2014
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