Zillow Advice: Home Ownership - LOOKING FOR RENT TO OWN HOME AGENT HELP? http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ Zillow Advice | Zillow Real Estate look for way to rent to own ... http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ look for way to rent to own need more room for my grand kids need help Fri, 09 May 2014 00:12:00 GMT http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ 2014-05-09T00:12:00Z While the theoretical concept ... http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ While the theoretical concept of rent with the option to buy may seem attractive, some of the realities are considerably less so.<br/><br/> Owners who will consider rent to own are very rare, so it will cut down your options for properties considerably.&nbsp;&nbsp; I consider it much smarter to spend a year or two working on improving your credit and and/or saving up a good down payment (depending on your current situation).&nbsp;&nbsp; It is tough to move but it even tougher to lose a lot of money attempting to buy.<br/><br/> Some features of rent to own:<br/><br/>1.&nbsp; Down payment required - often substantial (say 10% or even 20%) and is non-refundable if the potential buyer doesn't purchase.<br/><br/>2.&nbsp; Monthly rental is above fair market rent, with the only amount going to purchase is the amount above the fair market rent.&nbsp; This is also not refundable.<br/><br/>3.&nbsp; If not qualified for financing at the agreed upon&nbsp; time and price, then you lose everything.&nbsp;<br/><br/> 4.&nbsp; The price is agreed upon at the beginning of the contract, and no one knows the future of house prices.<br/><br/> 5.&nbsp; You still depend on the owner to pay their mortgage.&nbsp;&nbsp; If they fail, you lose.<br/><br/>If you do get involved in this, please involve an attorney in the contract. <!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif";} </style> <![endif]--> Tue, 04 Dec 2012 18:27:00 GMT http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ 2012-12-04T18:27:00Z Hi Cindy,Thanks for reaching ... http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ Hi Cindy,<br/><br/>Thanks for reaching out!&nbsp; There are many agents who work in the 90033 zip code of Los Angeles.&nbsp; Here's a link to the directory of agents working in 90033:<br/><br/><a href="http://www.zillow.com/directory/90033/real-estate-agents?frmsrch=true">http://www.zillow.com/directory/90033/real-estate-agents?frmsrch=true</a><br/><br/>Please let me know if I can help you with anything else!<br/> Tue, 04 Dec 2012 18:19:00 GMT http://www.zillow.com/advice-thread/LOOKING-FOR-RENT-TO-OWN-HOME-AGENT-HELP/470302/ 2012-12-04T18:19:00Z