Heymann Realty, LLC
The danger is not in being evicted - the danger is in losing your hard earned deposit money if you cannot proceed with the sale.
If you don't have money for a deposit now, you will be asked to pay an amount of rent over and above the normal rent.
Only that additional rent would be applied to the purchase, but , you would lose it if you cannot buy the home for whatever reason.
Please, if you do want to look into this further - speak with an attorney who can explain the pitfalls of this type of agreement to you properly.
How are you differentiating that from what has already been discussed?
As the agents below have discussed, a "rent with an option to buy" agreement is usually not a good plan for someone who is not financially sound.
There is upfront, non refundable deposit money, or rent paid over and above the normal rent that would be forfeited if the house is not purchased.......there are a lot of potential dangers lurking for the buyer.........and, if the seller could sell now, most would.......so the selection of homes is limited and the sellers might not be financially sound, either....and the list goes on as to why this is not a good idea.
"Rent to own", "rent with an option to buy"......"lease with an option(to own)".......as far as I know are all pretty much one and the same....
So as not to confuse the poster, what exactly are you suggesting?
As an agent, I stay as far away from them as I can get!
Owner financing may be an option... but to be honest... with how easy it is to get a first time homebuyer loan, it makes no sense at all to go that direction. It's easier to get a new loan, and pick out a home you really like.