So Mike & Lucy, I am curious - putting your personal assumption "Top 5 Reasons, blah blah List" aside, just who you are trying to educate by resurrecting this 1+ year old question????
Is it the agents below who, according to you "mean well" but don't really know what they are talking about, as it is "way outside their box"????? (not too condescending).........., or........the consumer who asked the question in the first place, over a year ago?
I don't think you accomplished either of those potential objectives.........
Wonder if the poster tried the "rent/option" route and, if so, how well it worked for him.
There is a common thread that runs through all of the forums online where consumers ask about these kind of "rent to own" arrangements.....they usually share similar situations:
1. they are desperate to own a home and stop "paying rent"......they want to buy, even if they can't currently buy in the traditional way
2. they are on some kind of financial thin ice - maybe have little or no savings, or more often, poor credit...too much debt, etc......and cannot qualify for a loan
3. they are misinformed and think that rent-option simply means they pay rent and then, at the end of the lease, all the rent is applied to the purchase..... they buy the home, and all is right with the world.
Very few of them understand, when they first ask about it, that they could possibly, and very likely, lose that option money and "extra" rent they will be asked to pay over and above the normal rent. .
They also don't realize they will have an extremely limited number of homes from which to choose as most sellers who want to sell, and CAN sell, sell now not later.
The companies or individuals who offer these kind of (schemes) I mean arrangements, are not looking to help humanity - they are looking to help themselves make money.
So.....in my humble opinion, consumers NEED the agents - who responded below with advice and caution - to spell out exactly what the potential dangers and pitfalls might be with arrangements like that!
Thumbs up to them from me!