Home Buying in 54401>Question Details

Kate, Home Buyer in Wausau, WI

I want to get a rent to own home, but I don't know how it works and have a lot of questions. Who should I contact?

Asked by Kate, Wausau, WI Mon May 26, 2014

Help the community by answering this question:

Answers

3
There are very few, if any, "rent to own" homes from which to choose, as most sellers who want to sell, and CAN (afford to) sell, sell now, not later.............

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.

Best wishes............
1 vote Thank Flag Link Mon May 26, 2014
They don't work and are a rip-off to buyers. A seller can come out better by finding renters to offer the deposit and pay extra rent each month and then when the buyer can't get a loan to buy the house they default and lose the deposit and the seller finds the next sucker -- I mean renter.

AVOID them.
1 vote Thank Flag Link Mon May 26, 2014
Rent-to-own is a horrible, horrible idea for the buyer. I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home.

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!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.HelpUBuyAmerica.com
0 votes Thank Flag Link Mon May 26, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer