Lisa Reeves

Rent to own or lease option both have their separate issues. However - I would say that lease option to buy would be your best option since at the end of the lease all you lose is your down payment if you cannot pay. Rent to own, also known as payment for deed, does not give you any protection - such as a lease - and you could spend years paying on a property to find out that there are other liens etc that you were not counting on that you have to pay to receive the title. This happened to a small church that ask for my help. The owner was foreclosed on another property and the bank put a lien on the property so that when they finally tried to finance it into their name and take title - they couldn't.

A lease option while a smaller time frame also relies on the property owner keeping the property free and clear and putting some of your funds towards your down payment or your closing costs. In exchange you will put down a larger non-refundable deposit, usually around $3-5,000. Make sure you have a lawyer review the property and the documents before you move forward. If you making this option because of your credit - make sure you do credit repair so you are ready to finance and not stuck with financing issues. Good-luck - A few hours ago