We did have a rent to own buyer default this year. They had military orders out of the country. So lucky for them, they could walk away, and we just get the house back. Had they owned the house and had a traditional mortgage, they would have a short sale right now. So for them, it worked.
Good option for the Military if you're unsure of future orders.
P.S. We have three rent to owns coming available now if anyone is interested, 2 in Virginia Beach, 1 in Chesapeake.
Rent to owns aren't a bad thing, they can be useful in some situations.
Unfortunately there are more bad stories than good out there...
Alot of our clients came from those "bad" rent to own situations...
If it sounds too good to be true...like no money down...it probably is.