Most real estate agents and brokers will work with a Rent-to-own. The key is finding a seller who is willing to do a rental for a year or two. However, the very first step is speaking with a mortgage broker and discussing where your credit is now and how long it will take to qualify for a mortgage. Generally, you will need a larger downpayment as well.
I have worked with a couple of rent to own here in the Capital Region . If you need any help, I work everyday from 8am to 8pm and would be happy to assist you.
All the best,
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of NY
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!
Lease/Option does little to nothing in rebuilding your Credit.