Congratulations on deciding to purchase your very own home !!! Prices are still low and rates are even lower - you really can't go wrong when the mortgage is cheaper than rent ;-)
However, I wouldn't let a friend or foe get into a rent to own, not in California.
1) You'll have to fix your credit ANYWAY to be able to purchase at end of the rent to own option date ( What, were you told you could buy with bad credit - sorry to burst your bubble )
2) Out of the hundreds of homes available in a community of your choice- you'll be limited to the one or two that the investor has available - Talk about a HUGE negative
3) Hate to think maliciously here, but is the investor's heart or bottom line driving the decision on selling a home that would otherwise sell today, with most likely multiple offers --- via a rent to own process that is geared at taking at least 2 years to sell.... figuring a typical investor makes his money by how quickly he turns a home and goes to the next ?!?!? -- this one surely gets a 'hmmmm'
In today's market where there is 0.5% down and ridiculously low rates - why muddy up an otherwise beautiful experience in buying your very own home !
Want a Second Opinion ? Have time for a cup of coffee to talk things over ????
Call me , I'd love to help you !
Most Kindest Regards,
KELLER WILLIAMS REALTY
JD Power & Associates Ranked #1 Buyer Satisfaction 2008, 2009, 2010
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
DRE LIC 01708214
The Homefinding Center
Broker Associate DRE #01763659
KELLER WILLIAMS CORONA
1385 Old Temescal Road
Corona, CA 92882
(951) 258-.5245 Mobile
Current market conditions are best suited to buy and own now. Interest rates are historically low and qualifying is easier than you might think.