I am going to echo what Mack said --- don't do it!
You may be tired of renting, but your credit is bad for a reason.
You need to work on that first before you even think of buying a home.
Rent with an "option to own" has potential dangers for anyone, especially someone who is already under financial stress.
You risk losing your deposit money.....if you don't have deposit money to give now , you will be asked to pay rent over and above the normal rent. That overage would be applied to the purchase if you buy the house.....if you don't buy the house for whatever reason.......even if you get turned down for a loan...you LOSE that deposit money.
Don't do it.
Get your tune up first...........then when you're able, go buy a home in the usual way.
Best wishes........ more
Give me a call and I'll see if I can help you a Rent to Own may not be to your advantage there are other means available to you 215-725-5700 X49
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Check out Sorented.com if you are in the market for a new home or rental. It houses all of the homes for sale in Philadelphia plus the surrounding areas,it also has a huge selection of rentals. I found a great deal on a new home for my family, and a rental for my son who is in college.... more
When you find the property that you like and negotiate the terms with the seller/landlord, you should have a licensed attorney draft a proper agreement so your rights are protected.
If you have any additional questions, feel free to contact us for a free initial consult.
Michael Kuldiner, Esq.
Law Offices of Michael Kuldiner, P.C.
T (215) 942-2100 | F (215) 942-9664
Michael@phillyesq.com | www.PhillyEsquire.com
Disclaimer: This answer does not constitute legal advice. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.... more
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