Rent to own house?

Question

Just looking for some general info. and some ways to make sure the seller is on the up and up.

Answer 1

What City is this in. If its AZ be very careful, you may find yourself in a situation that pretty much has put most of the united states in bankruptcy, and homeless or apartments. My daughter got into one of these Rent to own for two years, and it has been a nightmare. The late payment fees are equal to Payday loans, and you can get out of a mortgage easier than you can walk away from a Rent to Own Contract. They make it sound like they are gonna help you establish credit and build you a savings account for your down payment and the whole idea is to prove you are credit worthy according to their sales pitch. In reality if you are late on any payments you are not only gonna pay a loooot more to catch up, and the late payments increase the actual home price when you take deed two years later. DO YOUR HOMEWORK..