Rent to Own program

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diehardbiker said:
It is not really scam, it is how housing markets are.

It is very similiar to when one wants to buy house without renting it first. Know what prospect homeowner has to put in front when buying house?

It is called Ernest meny which means a down payment when signing a offer agreement. It can be anywhere from 0 to thousands of dollars. And if they decided to drop the offer, they stand to lose the ernest meny money. So no difference really.

Rent to own is excellent for those with poor credit. Or those have doubt whether to buy house or not.

Buying a house outright for just few years is not worth money, because we have to pay closing cost, again it is no different than rent to own. The only real advantage to this is that when rent to own, the agreement can be cancelled after the lease agreeement is up, that is if you decided not to live there anymore or have to relocate due to employment.


It is not scam, just pretty much risk you need to decide whether to take it or not. Taking risk has its rewards.

Also, I wanted to add to the fact that some areas their house value has plummet. When you happen to rent to own in that area. The actual owner of the house stand losing alot money not you. That is where rent to own can be positive benefit.

sequoias said:
Wirelessly posted (sent from a smartphone. )

Rent to own is kinda like a scam because why am I paying to a landlord for what I saved up for a home. Thry wont return what I saved up to other home somewhere else. To me its more of an inconvience.
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Hmmm good advice. :)
 
My brother was in a rent to own house, but at the last minute, the homeowner sold it out from under by brother. He had 30 days to move out. Luckily, the neighbors across the street were selling their house and brother was able to get that one. More land, less flooding, and bigger house.

I had never heard of housing being used in a rent to own. I have done Rent to Own appliances and never had a problem.
 
Wirelessly posted (sent from a smartphone. )

KristinaB said:
My brother was in a rent to own house, but at the last minute, the homeowner sold it out from under by brother. He had 30 days to move out. Luckily, the neighbors across the street were selling their house and brother was able to get that one. More land, less flooding, and bigger house.

I had never heard of housing being used in a rent to own. I have done Rent to Own appliances and never had a problem.
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That sounds illegal because selling a house when he had agreement to rent for that period of time until decide to buy that house. It sounds like a waste of money and time.
 
sequoias said:
Wirelessly posted (sent from a smartphone. )



That sounds illegal because selling a house when he had agreement to rent for that period of time until decide to buy that house. It sounds like a waste of money and time.
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That's what we had thought, but in the end he was lucky. 6 moths after he moved out, they had flooding in the area and that house is now unlivable. Since then, then has been more and more flooding and he emailed me to say that they finally tore down the derelict house for safety reasons.
 
If it is rent to own.. I would have my attorney present at the signing and be sure that the home is not in foreclosures. So many Florida residents have lost homes thinking they are purchasing it, but only to find it is a foreclosed home and they been scammed by fake real estate agents.
 
KristinaB said:
That's what we had thought, but in the end he was lucky. 6 moths after he moved out, they had flooding in the area and that house is now unlivable. Since then, then has been more and more flooding and he emailed me to say that they finally tore down the derelict house for safety reasons.
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Wow, altho he's lucky anyhow.
 
Babyblue said:
If it is rent to own.. I would have my attorney present at the signing and be sure that the home is not in foreclosures. So many Florida residents have lost homes thinking they are purchasing it, but only to find it is a foreclosed home and they been scammed by fake real estate agents.
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Yeah, that works.
 
sequoias said:
Hey peeps. I have a question. What about rent to own program? I have no idea how it works or it is a scam or what? I don't know. Is it worth the money? I assume the part of the rent amount goes to the down payment on a home? Does the payments go up after getting option of owning a home?
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Make sure you do a contract for deed. It protects you also them, but in the long run it is all applied to the loan. You can do it for a year and if you dont like the place return it to them ,or get a loan somewhere else for the down that you have applied to the contract for deed.. dont asume you have anything do a contract and have it noterized..
 
KristinaB said:
That's what we had thought, but in the end he was lucky. 6 moths after he moved out, they had flooding in the area and that house is now unlivable. Since then, then has been more and more flooding and he emailed me to say that they finally tore down the derelict house for safety reasons.
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Sounds like it was a blessing in disguise when the house was sold out from under him despite a rent-to-own agreement. The area flooded and the house he was in is now gutted and razed. The people who bought the house are the ones who lost the most money.:lol:
 
Beach girl said:
Me personally, I wouldn't do it. I'd rather look for the cheapest, smallest rental I could afford, and put my extra money into the best savings account I could find, until I had enough for a down payment. The risk with that plan is that if home prices keep going up by more than what I'm saving, I might never reach that point of having "enough." But I personally would rather face that risk rather than the risk of losing all the extra money to the landlord/seller, if I change my mind, lose my job, decide I want to live someplace else, etc.

It's a personal decision. You have to consider carefully your own situation, and what home prices are doing in your area (increasing, declining, holding steady).
.
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After I have paid a bill I will be doing this if i could wheelchair accessible rent to buy i would.(my house got broken into a month ago)
 
WHy would anyone want to do rent to own those days when houses are not selling now?? Price for houses those days will probably just decline. If you are lucky they may increase a little bit. I don't think they'll increase though.
 
They will increase eventually, but probably not for a while.

There could be good reasons for doing a rent to own. Has to be carefully thought through, and carefully documented all the way around, for sure.
 
How about taking over the payments? I have heard of that but I don't know if it is good or not. I don't know if it required some downpayments. Look into all options carefully and good luck!
 
It really depends, generally it has good benefits. It depends on how long the owner had owned the house, the condition of the house and whether the value had appreciated or not and lastly... Uncle Sam.

Buffalo said:
How about taking over the payments? I have heard of that but I don't know if it is good or not. I don't know if it required some downpayments. Look into all options carefully and good luck!
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sequoias said:
Hey peeps. I have a question. What about rent to own program? I have no idea how it works or it is a scam or what? I don't know. Is it worth the money? I assume the part of the rent amount goes to the down payment on a home? Does the payments go up after getting option of owning a home?
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I think it would be best to talk a lawyer that know about this and have them look over any agreements before you sign on the dotted line. I know person did not use a realtor or lawyer to buy a new home and he was out $500 as the seller decided she wanted more money after the buyer paid $500 out his own pocket to drawn the agreement!
 
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