There is no set CONTRACT,
The TERMS can be daunting,
No one can see into the future; how much the house should sell for in 3-5 years, so it will have to be inflated to protect the Seller,
You don't know where you will be, financially, in 3-5 years,
You would lose all the money you have put in to the Option,
IT WILL NOT HELP YOU RE-BUILD YOUR CREDIT!
Renting and paying your bill will re-build your credit.
An exception does exist. Multi-dimensional real estate professionals can match a buyers situation to a sellers needs. This REQUIRES you to commit to the real estate professional. They will be investing time and resources in creating or finding this situation for you. If you are unwilling to sign a commitment, a professional will not work with you. This commitment will require:
1. Credit repair plan with a recommended lender oversight
2. Timeline for when purchase will be possible
3. Scheduled savings plan
4. Current savings
6. Any involvement in lender rebates will DISQUALIFY you.
This will take time, commitment and patience.
If you have what it takes, find the pro with the resources. Otherwise, contact a local lender and start your credit repair strategy without engaging a predatory home purchase scheme.
Go to: http://www.BankingGrades.com
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
I agree with Ron. I would run the other way from any 'rent to own' schemes. Simply not worth it. Start saving a down payment for a house and go FHA when the time is right.
Boca Raton/Miami Beach