Hi, Sarah:

Generally, you will not find these offerings publicized. Most sellers just want to sell and move on. That said, some sellers may be in a situation that can consider a "rent to own" proposal, actually known as a "lease purchase" in real estate. However, the topic may not have been raised by their agent. Some agents have more knowledge and experience with lease purchases than others. You might also be interested in a free article at my website entitled, Understanding the Lease Purchase, as a further introduction. Once you have looked at this, I have some tools that might be helpful to you and your agent, if you have one, in approaching a seller or their agent about the idea that will help bring them up to speed quickly. In other words, it is a good idea to plan on some educational effort to get to "yes." The last lease purchase transaction that I did involved a property in your price range, so this is not out of the question.

Chuck Braxton, REALTOR GRI
Roche Realty Group, Inc.
cbraxton@metrocast.net
Office: 603/677-8442 any time of day or evening

Hi Sarah, I have answered a number of variations of this same question, most are on file in my website. Your best bet is to hire a buyer agent to look for these "rent to own" homes for you.

Are you thinking that a seller would change his mind and decide not to sell but rather to rent to you, and then apply some portion of the rent you pay each month to the ultimate sale price? Houses generally are not sold this way, so you would need a "special" seller.

Generally when this concept is put in place, the property in question is a television or other appliance from a store that specializes in rent to own. You would need to determine with the seller how much of each months payment would go toward the ultimate purchase and when you would have to buy the property for real--in advance of getting into this type of contract. And it needs to be a contract to protect YOU.

Also be aware that in this crazy real estate market, landlords who are having financial difficulties may consider getting into this exact deal with you, and then stop paying the mortgage, so you'd pay the landlord but your deal would come apart and in 90 to 180 days when the bank foreclosed on the landlord, and soon thereafter the bank would evict you. Not a good solution to your happy request.

But work with your agent--see what you can find--just be careful.

Good Luck,

Dane Hahn
Broker