Have you purchased a home using a rent to own program??

Question

Any stories on owner financing or actually being successful with the rent to own program would be the information I am looking for.

Answer 1

Run the other way.  I won't tell you my horror stories.  It is such a simple concept; how could it go so wrong.  .

Answer 2

I was looking into this recently and talked to a mortgage broker about it.  She told me that there are many successful rent to owns that happen, but the problem sometimes is that after the term of the rent to own the value could be down because of the real estate market and then you can't get a mortgage for the amount you agreed to purchase the house.  This could be a major problem because if you don't have the (potentialy thousands) in difference to make up the cost you will lose everything you put into thus far.  The owner will not have to refund you any of the equity you put in.  Know your realestate market, talk to professionals in your area before you get into something like this.