I see you have asked several questions today. Here's what you may not know:
1. When you work with a REALTOR®, it doesn't cost you a dime extra because our fee is paid by the Listing Agent - he or she splits their commission fee with us.
2. We can give you up to the minute information on any home in the area, no matter whose name is on the sign or ad. We can also show you any home, including most 'For Sale by Owner' and New Construction homes.
3. We have current listings of Foreclosed homes and pre-foreclosures. Joseph's suggestion about special financing on HUD homes is right on. There are also bond programs, USDA financing, etc. You may want a pro on your side to wade through all the paperwork.
4. Unlike the Listing Agent, whose job is to SELL THAT HOME, our job isn't to sell you anything. Rather, it is to help you find a home that delights you and your family, help you get it at the best possible price and terms, make sure that you are treated fairly by your lender, manage the inspections and repairs if any, and guide the process to a smooth, hassle free closing.
That's a lot of work,. and you might begin to see that having a pro on your side is far more important than you might have realized. We do this for our clients every day. You can visit our website for more information on what you might want to know about the REALTOR you pick to be your ally. Not all are equal, just as in any other profession.
If you can qualify for a loan (and there are many ways to get that done) and get under contract by April 30, you may qualify for the First-Time Buyer Tax Credit - up to $8,000 TAX FREE CASH. If you can't there are alternative strategies that still might get you that home and Tax Credit by the deadline. Ask your REALTOR about how to do that. If we can help you, give us a call.
Doc & Ellen Stephens., REALTORS®
Keller Williams Realty
10999 IH-10 West, Suite 175
San Antonio, TX 78230
(210) 696-9996, ext 409
As for your original question, rent to own is a very risky situation. You could end up with nothing after a long rental period. The owner/seller of the property needs to be extremely trustworthy.
Just ask this poster http://www.trulia.com/profile/id/1076819 (view his question)