Home Buying in Columbia>Question Details

John Long, Home Buyer in Columbia, SC

I want to Rent to Own a house. What companies are legitimate for this purpose?

Asked by John Long, Columbia, SC Wed Jun 8, 2011

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John,

David makes a good point. Most buyers who rent to own do so because their credit scores need some work or they don't have an established credit history.

Often, the buyer ends up paying an inflated interest rate to compensate the seller for taking the risk. If the buyer doesn't go through with the purchase, they may loose any deposits or down payments given to the seller.

As David said, once you are ready to obtain a bank mortgage, you will have many more choices in housing. Not just from the few sellers who are willing to risk a "rent to own" situation.

If you are determined to try this out, you may not find a particular company that deals with this, but you will want to consult a real estate attorney who is experienced in writing up this type of transaction.

Page Latham
Real Estate Professional
Russell and Jeffcoat Real Estate
Web Reference: http://www.pagelatham.com
0 votes Thank Flag Link Wed Jun 8, 2011
John, I've personally converted rent to own buyers so it is possible. You will have to find out exactly what is necessary to clean your credit an make sure you do so to purchase. The other agents are correct in that few actually succeed. That's usually because buyers are not able to clean their credit or the sellers are not really willing to work with you.

If you are serious about it, please contact me directly. You can google my name and my website should come up. Just contact me through there.
Web Reference: http://Jaekimhomes.com
0 votes Thank Flag Link Wed Jun 8, 2011
John. The actual success of owning in Rent to Own is not very good. Only 2 out of 10 succeed in converting.
I would suggest renting for 2 years, save your money, and get a FHA 3.5% down loan. You will get a better choice of house.

DAVID COOPER Foreclosure and Bank REO's Investor-Las Vegas.35 years experience For freee list
Call +1-7024997037 or check website
0 votes Thank Flag Link Wed Jun 8, 2011
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