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What is your opinion about rent to own for housing?

I have noticed that since the market is down in California there are more lease to own options for houses. I am thinking about doing it to secure a good purchase price and have time and help repairing my credit. Plus part of the rent will go towards the down payment. Good idea for buyers???

Public Comments

1. Rent to own is a good idea based on the situation you describe. Be sure to keep records of your cancelled rent checks and have the lease be clear on what portion is being applied as a down payment. This will be important when you go to purchase the home later on as your lender will need proof of the arrangement in order to count the down payment your landlord has collected.
2. I think renting to own is very wise. You'd be spending the money on rent anyway, and this way you get to eventually own the house. Good Luck!
3. its one of the best ways to buy a home if you don't have a hugh down payment. there's a lot of that going on here in Texas also.
4. there is nothing wrong with rent to own just make sure you get the help of an agent to guarantee that all the contracts are in place so that you will actually own the home eventually. Some people will rent to own and never sell you the house, just keep renting it to you. I have heard of this happening before. If you have an agent help you then you should be fine with making sure all the paperwork is in place to transfer title of the property to you after a set amount of months of rent are paid to the seller.