Just wondering because we're looking at a home that's rent-to-own next week. It seems like rent-to-own would be a great option for us because we probably couldn't qualify for a home loan on our own, but I just wanted to hear from other people's experiences.
Answer by chrissy12507 at 11:36 AM on Feb. 16, 2009
Answer by SabrinaMBowen at 6:56 PM on Feb. 13, 2009
. A bank will not do this if the house is going into foreclosure or is foreclosed, but some desperate sellers will do it. You have to be careful though, if they take your money and foreclose anyway you wont know until the bank literally throws you out in the lawn. My uncle and a co-worker both did this and both lost all their money and ended up on the street. My uncle in 1982, a coworker in 1990, I would guess these days the chances of that happening are even greater. Get it in writing and make sure the lease contract is legal allowing you a major portion of your rent alloted to your housing down payments. Chances are very good today, you will get screwed.
Answer by Anonymous at 7:00 PM on Feb. 13, 2009
Answer by slw123 at 7:30 PM on Feb. 13, 2009
we were going to do this and found out from a neighbor next to the house we were going to rent that the guy was a huge swindler! he always manages to make sure that at the end of the two year rental period something goes wrong so he can get the house back without having to return the down payment and in one case actually foreclosed on the person, because he did a owner-will-carry. i am so glad we found out before we went ahead with it. know i am just trying to be patient and wait till we can afford to buy on our own.
Answer by teamama4ever at 11:47 PM on Feb. 13, 2009