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Answers (2)
- sunnyview
- Contributions:25139
As a buyer you need to ask yourself why any owner would accept a rent to own offer from someone who is unwilling to provide credit or financial information. Rent to owns can be problematic without a very clear contract.
If you agree to purchase a rent to own and the value falls, you will not be able to get a mortgage and may lose your deposit if the contract is written that way. Owners may not pay bills and the property may incur liens.
Better to fix your credit if you can and buy using a mortgage.
If you agree to purchase a rent to own and the value falls, you will not be able to get a mortgage and may lose your deposit if the contract is written that way. Owners may not pay bills and the property may incur liens.
Better to fix your credit if you can and buy using a mortgage.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1333
Rent to own options are usually HEAVILY stacked to benefit the owner. I feel like I preach this, but hardly anyone's credit score is beyond repair with a little knowledge and sometimes a lot less money than you think. Even a short sale, foreclosure, or bankruptcy is just a matter of time.
I was advised to go to www.myfico.com and learn HOW to get my scores up. I visited, I read, I learned, I did what I was advised to do. I started the process in November and here a few months later, our scores have gone up about 100 points. Now instead of trying to get someone to let me pay a huge down payment to rent to own, I will have actual choices to buy a home. Just consider the alternatives...
I was advised to go to www.myfico.com and learn HOW to get my scores up. I visited, I read, I learned, I did what I was advised to do. I started the process in November and here a few months later, our scores have gone up about 100 points. Now instead of trying to get someone to let me pay a huge down payment to rent to own, I will have actual choices to buy a home. Just consider the alternatives...
where can i find a rent to own listing without needing to provide credit score?
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