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What do you think of a rent-to-own home, or lease option?

My fiance and I are getting married in October. We're tired of renting and have been very interested in buying a townhouse. Our apartment lease ends this December, and since we're paying for our wedding in October we have no opportunity to save for a down payment on a house this year. What do you think of a rent-to-own home, or lease option? It sounds like a great opportunity for us -- ready to buy, but we need a little time to save for a down payment, and to qualify for a better mortgage. What are your experiences with the rent-to-buy or lease option? Advice is welcomed from sellers, buyers, realtors, or anyone who's had experience in this field. Thanks!

Public Comments

1. its great for someone who doesn't have the money for a down payment or who doesn't have the credit, income, etc requirements ... this will give you time to get in position to get the mortgage ... it will also give you a chance to try it out an if there is something you really hate about the property .... you maybe able to get out of it ... try to get wording in the contract that gives you that option ... the seller may not want it but it's worth a shot
2. I think they are great in your position. Make sure any paperwork is reviewed by a lawyer (usually a relatively small fee). Make sure you go through a private seller rather than one of these large companies that only care about the money and not actually selling a home. Also, it is best if you talk to a mortgage lender before you even get started. They can tell you how long it will realistically take you to qualify for a mortgage. We have sold a house lease-to-own and you sound like ideal tenants! We have another for sale if you are interested. : )