Although Renting to Own is a pretty popular topic among many 1st time buyers you definitely want to understand the pros and cons of a Rent to Own deal. If the terms are favorable they can be a good tool for both buyers AND sellers.
Also, I'd definitely recommend speaking with a competent agent and maybe an attorney prior to signing any agreement and reading up on some possible pros or cons on a rent to own deal. There's some good resources online that can help you understand some of the key points for a good rent to own deal and also some of the pitfalls. Here's a few examples:
Just make sure you know what you're doing and don't take a seller's word for it if you aren't sure about a deal. This market where many cities have rising home prices would be a time you'd want to set the sale price NOW and not in the future. The opposite is true in a downward trending market. Keep that in mind also.
Thank you all for your input, as for the question about why we weren't working with a realtor, the seller's agency took the home off the mls and wouldn't let us work with our agent. it is a situation where we need this house because of location.... more
There are several very nice developments with no HOA, or homes that allow RV parking behind a gate in and around Deer Valley. Your agent should be scoping these homes out for you and verifying that you can park there. If your agent is not helping you, dump them and find an agent that gives better service. Contact me and I will set up a specialized search that includes only homes with no HOA or RV parking (or any other criteria you have) within your specified search area.
Oh, and better hurry. 5 weeks is getting kind of tight to find a home and contract for it. Short Sales make up the majority of homes these days and they take longer than 5 weeks.... more