Go to a Real Estate Agent and ask how much they charge, but typically your fee to the Buyer's Agent will be paid for by the Seller.
Rent to own contracts can be structured in a variety of ways, but basically there are two key different ways.
One is for you to pay the rent, plus an additional amount that would go into an escrow account. This additional amount would go towards the purchase if you should take this option, but would be kept by the Owner if you never exercised the option to purchase. You would do just as well to rent and save money on your own and buy when you were ready so that you would not put your money at risk.
The second rent to own method does not increase your rent, but rather, allows for you to tap into the Owner's equity should you exercise the option to buy. This would require an Owner who has equity and who is slightly desperate.
You need a buyers agent to represent you. If you qualify under the Good Neighbor Plan you possibly could get 50% off of the list price of the home, and pay as little as 3.5% down, and possibly get the sellers to kick in the closing costs. If there are other issues, there are even better answers. You should give me a call and we will talk. And then there is the matter of the tax credit of $8,000???? Let me know if I can help you.
Glenda Marks, Broker/Owner
Why do you want to rent to own? You can purchase a home with as little as 3.5% down with an FHA mortgage.
If you rent to own, the owner of the home is your bank. So, you would need to find properties that have that as an option.
I would suggest that you first check with your bank and see if you qualify for a mortgage loan. If you qualify, they will tell you how much you can borow. Once you know that, you can go shopping.
I am a Realtor and also an investor and own several homes in that area that are available for lease purchase, if you would be interested to see any of them please shoot me an e-mail.
The seller typically pays all Realtor fees so it is always in your best interest to have a Realtor by your side when purchasing a home. (it doesn't cost you anything more). It could cost you a mistake if you dont' have a Realtors professional guidance.
Now, the first thing you want to do is see if a bank will give you a loan for a home. That's the first place to start. If for some reason you can not qualify, then you can try pursuing the rent to own option. However, if credit is an issue, a rent to own can be a challenge as well.
If you need the name of any lenders, feel free to contact me........I'd be happy to help.