We are so excited by the direction our website has gone in over the last few months!You sent us a few emails asking us, how does rent to own work? So we wrote a few articles and made a page explaining the details of a rent to own and even some common problems buyers have when trying to buy a house with this technique.Since writing these posts the traffic to our website has more than DOUBLED. We are so excited that we have been able to teach you how to avoid a few common mistakes! … [Read more...]
Archives for January 2011
Rent To Own Home Scam – Seller Says They Are In Africa
I send a fair amount of emails to homes listed on Craigslist to see if sellers would be interested in offering their home as a rent to own.There Is A Scam Going On Right Now! People are posting scam Craigslist listings to try and elicit tenants or buyers to mail them a check for first month's "rent" on houses they don't even own.Below are a few warning signs of fraudulent property listings:The sales price or rental amount is too good to be true. The homeowner only wants to … [Read more...]
Rising demand for rental homes indicates a rising demand for rent to own houses
We recently read an article from The Palm Beach Post HERE that indicates an increased demand for rent to own homes.The article discusses how a Realtor, Damien Barr, has started a new company geared exclusively to rental homes due to the increase in demand and rental rates in the Palm Beach market. This trend is being noticed throughout the country and looks to increase through 2011.This trend also indicates a rising demand in quality rent to own home deals.If a seller is having a … [Read more...]
Trends showing 2011 will be a year for buying homes!
Rent to own should be on the rise while renters will start to see a REAL benefit to owning a home in 2011. According to this article written by CNN.Economists predict a continued increase in rental rates while home prices will become more affordable than ever. The market should start to take a turn for purchasing real estate."By mid 2011 and certainly by end of 2011, buying will be superior to renting in most parts of the country", Zandi says.With buyers typically needing a 20% down … [Read more...]
What if my rent to own home was in foreclosure when I moved in?
Imagine This...You move into a rent to own home, pay an option fee of 3%, and make payments for about 6 months.Then, out of nowhere, you receive a letter in the mail stating that the homeowner is over 7 months behind on the mortgage and the home is being foreclosed on!You are furious and can't figure out what the seller did with the option fee and rental payments for the last 7 months.Unfortunately...If you end up getting to the point where the mortgage payments are 7+ months … [Read more...]
Did I Pay WAY too much upfront on my rent to own home?
How can you pay way too much up front? Easy...We get calls everyday from people searching for answers to questions about rent to own homes. The most common questions are how much upfront and how much per month.These are very reasonable questions because they are the most immediate concerns a rent to own tenant/buyer would have! Remember Though... One of the most important questions for purchasing the home is simply, “what is the purchase/option price.”If the option price isn't … [Read more...]
Can the seller change the purchase price with a rent to own?
If your lease and option agreements are setup correctly, NO. The seller can not change the sales price of your rent to own home.But be aware, some rent to own agreements include a clause that states the purchase price is increased by a small percentage every month, quarter, etc. until the tenant/buyer finally purchases the home.Usually the idea behind this small increase is to keep you(the buyer) motivated to buy the home as quickly as possible. Remember This is only true DURING your … [Read more...]
