Bea is rent to own for me?? Is it worth it?

Asked by, Sat Jun 8, 2013

Hi there, I've was looking into purchasing a home for about 2 years, a few months ago I got very sick and couldn't work. I'm currently on disability. We lost our home due to financial difficulties. We have been looking for an apt but the few I've seen are overpriced and not well maintained. If there's a home I like that is a rent to own option should I do it?? Are they cheaper then renting an apartment? How are the contracts drawn up?? Please help I don't want to get involved in a scam. Thanks Bea

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Anna M Brocco, Agent, Williston Park, NY
Sat Jun 8, 2013
Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...
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Deborah Madey, Agent, Brick, NJ
Sat Jun 8, 2013
A seller/landlord is going to evaluate his/her risk based upon several factors with credit history being tops on that list. If your credit is bruised, it sends a warning to the seller/landlord.

While it's always possible that there is a landlord out there who will take greater risks, most landlords are looking for indicators that their tenants will pay promptly and take good care of the property. You are looking for the minority in the landlord group. Possible, but difficult.

Terms for contracts result from the negotiated agreement between the parties. Sometimes, a landlord will ask for a monthly payment above market value for the commitment to sell. Sometimes a landlord will allocate a small portion of the monthly payment toward the down payment. Be careful here, since a lender might not count those credits toward your down payment when calculating the required down payment you need to make in order for them to grant the loan. Not all rent to own contracts include a component that credit a portion of the monthly payment to the down payment.,

Each rent to own is different. Some are scams. Others are not. It's a very small segment of the market. While you might find one through a real estate agent, be prepared to look on your own also. Choose an attorney who specializes in real estate.
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