Zillow Advice: Home Ownership - can we get our depost back http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ Zillow Advice | Zillow Real Estate It should all be outlined ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ It should all be outlined in a contract. But, these owner fincanced options hardly ever work out for the buyer. How long have you lived there? How much did you put down? Sat, 19 May 2012 03:12:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T03:12:00Z Check the contract and laws ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ Check the contract and laws according to your state thoroughly. You may have to consider and attorney as well. Sat, 19 May 2012 13:03:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T13:03:00Z I have to also ask that you ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ I have to also ask that you let us know how this turned out. It might help others to avoid similar situations. Sat, 19 May 2012 11:10:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T11:10:00Z Your situation is exactly ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ Your situation is exactly why I personally advise people to stay away from this rent with the option to buy situation.<br/><br/>The point of a "rent with an <strong>OPTION"</strong> is that you, the buyer, are putting up <strong>NON-REFUNDABLE</strong> option money in order to be able to buy the home at the agreed-upon price, at&nbsp;a later time.<br/><br/>The buyer&nbsp;(usually) forfeits that upfront money if&nbsp;they don't exercise&nbsp;the option.........in your case, you can't exercise your option because you don't qualify for a loan.<br/>That's a very typical scenario.<br/><br/>Sorry, but this is the big pitfall&nbsp;in this kind of deal.<br/>As was mentioned......read your contract ........but I'd doubt you can get your $2400 back. Be happy it's not more than that.<br/><br/>Good luck! Sat, 19 May 2012 05:24:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T05:24:00Z we lived there for 1 1/2 ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ we lived there for 1 1/2 years &amp; we put down 2400.00. Sat, 19 May 2012 03:22:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T03:22:00Z Check&nbsp; your contract ... http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ Check&nbsp; your contract and contact an attorney ASAP.&nbsp; Ah, the issues with rent to own are huge.&nbsp; You needed legal advise before you started the process, now you&nbsp;"REALLY" need it.&nbsp; Best of luck.<br/><br/>Let us know how it turns out. Sat, 19 May 2012 03:15:00 GMT http://www.zillow.com/advice-thread/can-we-get-our-depost-back/443392/ 2012-05-19T03:15:00Z