RentToOwn-HouseFinder.com
Is "rent to own" "owner financing" or "lease option" legitimate or scams?
what should I look for to protect myself from losing my house money to a scamer? One site I am curious about is www.usleaseoption.com ?
Public Comments
- The types of financing is "legit" but that doesn't mean the specific lender is legit. You need to research the lender to find out more info about them. One thing to note, both rent to own and lease option (especially rent to own) will end up costing you significantly more than getting another type of loan. What are you looking to purchase?
- This is legit but is certainly a tough way to go. It is very hard to negotiate a great purchase price here because the seller has no incentive. they have to wait so long to get their money they are less likely to accept a good purchase price. This is basically renting except because you are owner you pay real estate taxes and repairs. This is for absolutely horrible credit score borrowers who cannot be patient for their score to improve. The seller knows the buyer has no other options.
- They are mostly OK. The problem is going to be with you, you are likely to loose your house money based on your own actions. It is actually pretty uncommon for anyone to better their credit (as ethics rarely change) and be able to obtain a mortgage in the 2 years you have. It will be time to exercise the option and you will not be able to do it.
