I am contemplating renting to own. What should I know? ?

Question

It seems win win as my credit is not steller, and they want to rent the place and market is slow. I want to own, and can get in by giving more rent down to offset credit score. I will have lawyer look everything over of coarse. I am happy just renting and deciding later, but it seems like I should do this from the beginning to keep equity of pmts made.

Answer 1

Rent to own is a sucker deal.

Walk away now.

Will not help your credit.

You still have to find financing after a set term or lose your money.

Answer 2

very few rent to owns are legitimate and none of them ever come to a satisfactory conclusion for either the buyer,the owner or middleman who is renting to own the house to you. In most all cases its a scam to bilk as much money out of someone before the mortgage holder forecloses and the rent to own victim loses his down payment and all the rent he/she has paid to date. The middleman flipper pockets the money and giggles.

either be a renter ( the lender may still foreclose but at least you do not have serious money invested ) or buy the traditional way with your own loan and feel secure you will not be evicted if you make the payments.