Yes they would. There are many variables involved in this type of transaction. For example here is one circumstance. Usually, the buyer seeking rent to own will have his/hers credit reviewed and a plan of action to improve their overall credit is provided to the buyer. The Buyer will be given a timeline that it will take to repair their credit in order to receive approved financing. When I write a sales agreement to rent/lease to own I have to indicate the future time date that the Buyer can purchase with a loan approval. Sometimes their credit is not an issue, but the potential Buyer may need time to save for the down payment and closing costs..
Because of the major changes to home financing requirements in the last few years, the length of time has increased to 3 to 5 years before the purchase can be completed. Before that time 1 to 2 years on average for the home sale transaction could be completed. With the state of the economy and unemployment so high it is taking consumers longer to recover from bankruptcies and foreclosures and the likes of short sales and becoming gainfully employed before they can obtain loan approval. Typically, Sellers that have not been able to sell their home, they may decide to lease to own their home if the seller does not need the money proceeds immediately. Or possibly a home owned by an investor he/she may have renovated a home and it also has not sold, instead of it remaining vacant they may decide to lease purchase the home.
I hope that gives you a broad understanding of some of the factors involved in a rent to own property. Please feel free to contact me and ask further questions. I can share with you the opportunities to rent to own in the area of New Providence, the Buck and Willow Street. Thanks for your inquiry!