RentToOwn-HouseFinder.com

How does renting to own/leasing to own a house work?

I've seen advertisements of this type of thing all around town and I was wondering what was the deal.

Public Comments

1. Contact the ad, the people with the advertisement may have stipulations... usually a deposited amount, higher rent, with a portion going towards the down payment..
2. the owner is financing it for you you will pay the owner an amount pulse interest until it is paid for then they will sign it over to you paid in full it is good if you don't have the credit to buy a home on your own and you can also just walk away if you decide you don't want it but any improvements are done by you and paid for buy you as well as maintenance and repairs so be careful and make sure you have the house inspected first
3. the way that i understand it is that you basically are paying a rent until they get the full purchase of the home price they are asking. what ever you pay monthly will add up every time you pay until full price is payed it is alot easier doing it rent to own than taking out a morgage loan believe me it is a nightmare i wish that i would have found something rent ot own instead. i hope that i could help you out some.
4. Example: Joe is trying to buy a house with Mr. Z, but Joe does not have a really good credit history to qualify for a loan (Let's say he just started his own business). To solve the problem, Joe makes an agreement with Mr. Z, that he will purchase the house 2 years from now. In the mean time, he is going to lease the house from Mr. Z. Usually it involves deposit, so that Mr. Z will not sell the house.