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Acdc774, Renter in Portland, ME

Rent to own options

Asked by Acdc774, Portland, ME Thu Jun 26, 2014

We would like to rent with an option to buy but it doesn't seem like there are programs in my area that exist. We were looking to even rent a house and I called a few realtors and those are taken. They said that they are hard to find. Does anyone know of a program.

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Anyone willing to enter into a "rent to own" situation will probably want a large down payment and will require you to pay a higher than market rent. The term will require you to either purchase the property at the end of the term (1 to 2-years) or you lose your deposit and any portion of the monthly payment designated towards the purchase. Better to wait and qualify with a lender.
0 votes Thank Flag Link Fri Jul 4, 2014
Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, it favors the seller; therefore inform yourself well and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.
1 vote Thank Flag Link Thu Jun 26, 2014
Typically "rent to own" properties are not a good deal for a buyer, they are almost always heavily weighted in the sellers favor. It's usually estimated that only about 10% of these deals actually go through to closing and usually the rent is above market so that means up to 90% of people are paying too much for rent. Usually people look for these deals if they have credit issues or lack of a down payment. Most often you would be better off to take some time to work on your credit or save up some money and then move forward on a standard purchase when you financial situation is in order.
1 vote Thank Flag Link Thu Jun 26, 2014
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