Cybelle, Renter in North Miami Beach, FL

Wanting to purchase, but we have bad credit. Were looking into possibly a rent to own home. What are some pros and cons? Does Trulia ever list these?

Asked by Cybelle, North Miami Beach, FL Thu Jul 11, 2013

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Whitney Hall’s answer
Your credit may not be as bad as you think. Guidelines have relaxed quite a bit. If you would like to know for certain I would be happy to help you. My email is and my direct line is 239-471-9829.
0 votes Thank Flag Link Thu Jul 11, 2013
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.

There is no FORM printed by anyone; there are just too many variables.
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!

Good luck and May God bless
0 votes Thank Flag Link Thu Jul 11, 2013
Rent to own are not listed on Trulia because most of them are not listed with agents. you can find Rent to Own in Craig's list and classified ads. I don't know any pros of those deals except for the owner. The renter almost always has more to loose than to win. It is design to take advantage of those in a bad situation. Almost like a car lease for those that drive over 12000 miles a is always a bad idea. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
0 votes Thank Flag Link Thu Jul 11, 2013
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