Information on rent to own homes?
Answer:
Well, there are a lot of scams out there, so make sure you find a landlord who has that intent, and that he's working with a bank, and there is a legally-binding contract between you. A lot of landlords change their minds, and if that is the case, you need that document to show in court.
rent to own you will be paying forever. People with bad credit should rent untilt hey can get there credit fixed or look into buying a hosue with a mortgage company that helps people with not so great credit get finanaced. rent to own there is no obligation on the other persons side, if you know you will live there for 30 years then jump on it, btu if you want to move early or something in your life changes you have to move and you own no stake in the house. If this is your only option then at least get some type of paper work drawn up with a lawyer protecting you in some way
Rent to own developments are very rare. In some states you must enter a lottery to have a chance to enter a program like that. It would be best to call your city hall and ask about any rent to own developments. You should also check with your local public housing authority to see if they have anything happening. I hope this helps. I would suggest trying to improve your credit before attempting to purchase a home.
Have a nice day
I sold my house on a buyer option and set it up with a real estate closing person to do the paperwork for me. All you have to do is find someone willing to sell you there house owner finance. The requirements are determined by the seller as to what they want from you. I sold mine to help a family that didn't have much money and it was cheaper for them to buy that pay rent. They have been great at paying, never late and I would do it again. People can mess up there credit and still be good honest people. Good luck find ing someone to help you get a home. By the way, the house I sold will be paid for by the new owners in 6 years and it will be theres free and clear. An honest seller won't screw you over. Just make sure the paperwork shows that you do own the house at signing. It can be repo'd just like any bank would do for failure to pay and you lose what you have in it but that would only be for failure to pay payments or not keeping up with the insurance and stuff that is very important to owning the home.
In theory it sounds like a good idea. However, since the average person moves every five years, I'd make sure that you own the home sooner than that.
Sometimes people who know what others want promote something that they know will probably not come true in order to collect more money.
To be honest I'm not very fond of rent to buy. Some might say it's the way to go but i have seen numerous "buyers" walking out with nothing. Read the small print very carefully as there might be a few hidden details.
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