does anyone know if you use the company "Rent2Own" are you obligated to actually purchase the home?

Asked by Lb, Mooresville, NC Fri Aug 10, 2012

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Daniel Fisher, Agent, Charlotte, NC
Fri Aug 10, 2012
Good afternoon, LB
There are some good options for home ownership and some good options for home rentals. Before you agree to any contract to rent, own or rent to own any property, you should have a real estate attorney review the documents and advise you. If you plan to become an owner through any purchase arrangement, you should involve a competent real estate broker with a lot of experience, especially if it involved rent to own. We have no direct experience with the company you reference, but have helped several clients who were involved in rent to own situations that turned out badly. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
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Beth Christe…, Agent, El Dorado Hills, CA
Fri Aug 10, 2012
With a rent -to-own, you will first have a rental/lease agreement and a seperate option to purchase the property within a set period of time, at an agreed to price or agreed to established price based on the market. You will need to pay first month's rent and a security deposit like any other rental/lease agreement. You will also usually have to pay up front an option deposit that is non-refundable in most instances should you decide not to purchase the property. You may also have to pay an increased monthly rent with the difference between the usual rent and what you pay going toward your "down payment" should you decide to purchase the property. If you decide to purchase, your option money plus the increased amount of rent goes toward you down payment. You will still need to qualify for a loan at the time of purchase. Rent-to-own is a great way to build up meny toward a down payment you might not presently have or to repair your credit so you can qualify for a loan. However, be aware there are risks involved if your landlord does not keep the mortgage current allowing the home to go to foreclosure. You are usually responsible for upkeep of the property, putting in improvements in a home you may decide not to purchase. Many times, these agreements do not work out and you should run by an attorney ANY agreement you decide to enter into.
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Tim Moore, Agent, Kitty Hawk, NC
Fri Aug 10, 2012
Be careful about some websites that make you pay them to join. Rent to own is tricky and most never work out so be cautious.
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