If you think rent to own means you simply pay rent, and then if you decide to buy the home ALL your rent will go towards the sale...............think again..........that's not how it works.
You will be expected to give an upfront deposit...plus pay rent over and above the normal rent.............only that overage would be applied to the sale (if the bank will allow it)............if you do not buy the home for ANY reason, you lose all that money.
If the seller falls behind on HIS mortgage payments, you also stand to lose money.
If you're late for a payment, you might lose your money.
I suggest you rent while working on whatever it may be in order to buy a home in the normal manner.
Rent to own is a win win scenario for the seller and the buyer in a lot of cases due to job relocation or health issues.
Realtors discourage it because it takes away their job and also because they are not willing to educate themselves about the process and be willing to connect desperate sellers with decent buyers.
Call me with any questions or concerns. I know the real players in the area.
When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. I can refer you to an EBA in your area, if you like.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!