Where a seller needs to be careful, (and they know it), is how to hedge their bet for the future with less inventory, more competition, more reasonable financing, less market time, and subsequently - rising prices.... Meaning, what will the value of my home be a year or two from now? And why would I want to agree on a price today that would be less than the true market value a year or two from now? That is the tricky part....
I would say that they answer to this question depends on the local and micro market. Has the
market you are questioning seen positive numbers as others have? If not, the probability may be higher, but in those with more positive news, you may not find as many sellers wanting to do a rent to own as they may have when things were really in the hopper!
Best of luck!
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!