Profile picture for user0762613

do you have homes rent to buy

  • September 10 2013 - US
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Answers (3)

Profile picture for wetdawgs
If you are planning to make a big move, it is very sensible to rent for six months to a year or more to get to know the community. 

Most agents do not  handle rentals although some do (so read profiles carefully).   Not all landlords are willing to pay agent commissions on rentals.  You can find professionals in the area by clicking on "find a pro" in the top line of this webpage.



  • September 10 2013
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Profile picture for user0762613
thanks you for the reply will be moving to columbus ga. in about 9 months so ill start to look for a house a month ahead of time can I talk to someone up there to let them know what im looking for to rent
  • September 10 2013
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Profile picture for wetdawgs
Occasionally one can find rent to own mentioned in the description.  You are more likely to find possibilities if you talk with agents.

While the theoretical concept of rent  with the option to buy may seem attractive (people think  let's just pay market rent and some day we'll own it), 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 (down to nothing in most areas).   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 again 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 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.   If you do get involved in this, make sure you are more than confident that you will be qualified for a regular loan in 2 years or less.

  • September 10 2013
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