RentToOwn-HouseFinder.com

what is the real catch with rent to own houses, and what should I look out for?

Public Comments

1. It depends on who is offering them. Many times an investment company owns the home and you agree to work towards fixing your credit so that you can purchase the home. Sometimes part of your monthly rent will go towards partial credits on buying or not at all. It just depends. In my experience many of the rent to own home are priced higher, so watch out for that. But sometimes it is simply a rental with an option to buy at market price...
2. read the fine print before you sign and get information first.
3. Mostly, the real catch is being able to successfully complete the contract. Read all the fine print, follow the contract terms to the letter. Even a small, seemingly innocent choice could find you being evicted and the owner keeping your downpayment. There are plenty of scams out there, people attempting to rent houses they do not own. The typical schtick is that you have to Western Union the deposits because the owner is on vacation, in the military, out of town on business, handling family business out of the country, whatever. Never Western Union a deposit.