Rent to Own Homes Listings Reviews - What Is It?
WARNING: DO NOT BUY Rent to Own Homes Listings Until You Read This Review!
Is it a Scam? Does It Really Work?
When one encounters the term "rent to own", it may not be always clear what it means. The reason is that renting to own and a similar plan lease can work in many different ways. A typical scenario presupposes that tenants can rent a house for a definite period of time, such as a year, and when that time is up, they may buy the home. A part of the rent can be credited to closing costs or the sales price. Tenants may also buy the property for a certain price at the end of their lease by putting down a payment of about three percent. This option means that the tenant is not bound to buy at the end of the lease, but the owner can't sell the property to anyone else. This 3% is non-refundable. These plans can be attractive to people with bad credit or those who have little or no savings for a down payment or who don't qualify for traditional mortgages. These can be people who lost their homes in foreclosures.
Rent to Own Homes Listings is a good way to get into a desired neighborhood, for example, when parents want to be in school district for their children, or those who are uncertain of their timeline. It is a way to get into a house with no need to commit to a 30-year mortgage. It is not a common practice, though. Rent to Own Homes Listings has both pros and cons. Those doing the lease option rental, the main benefit to the buyer is that they can lock in a price, but there are some concerns and drawbacks that make Rent to Own Homes Listings more complicated and more expensive than direct renting. For example, the tenant's rent payment may be higher than market rent as part that will go to the eventual down payment on the property. This additional amount will be lost if the tenant doesn't buy the property. The potential buyer may need to pay any back taxes incurred by the current owner. Prospective home buyers will need to have the house inspected, as with a traditional procedure of buying a house. If the renter/buyer cannot make payments, that means eviction and foreclosure.
Customer Reviews - Does Rent to Own Homes Listings Really Work?
There is a limited number of customer reviews about Rent to Own Homes Listings online. While some people have had negative experience, the majority faced success. For example, an Episcopal priest named John Farrell had a positive experience transitioning his apartment at the Riverview Club in Yonkers, N.Y, from renter to buyer. Two years ago, he had serious health problems and a heart attack made him retire. As a result, he signed a lease on an apartment with option to buy. After one year he bought the apartment, putting 10% down. During his first year of rent the price was lowered by about 5 percent, which is the equivalent of six months' rent. The man says that it was a can't lose situation for him.
Some experts think that it makes sense to rent to own rarely. It may be a difficult process, and most people don't actually understand what they are doing, according to financial expert Denise Winston, who is also the author of "Money Starts Here! Your Practical Guide to Survive and Thrive in Any Economy." People should have more discipline with their finances to be able to do this on their own with no risk of losing the money if something defaults on the market. A real estate broker from the Maryland-Washington, D.C., Melinda Estridge Long, says that it is a speculative and complicated deal. She says that she has gone down this path with a few people and has found it to be risky for both the seller and the buyer, as both need to agree on a price in the future. The expert says that it is a better to do a rent with an option of buying when the time comes. Georgiades offers some alternatives for those who don't have money for a 20% down payment. There are options with low down payment. Government home loan programs lend to people who have bad credit history or who have little savings and low income. Rent to Own Homes Listings is a good option for people who cannot afford higher payments than renting. But it will be a boring option for those who have more money, according to a senior analyst in Los Angeles, Brandon D. Smith. He recommended putting the difference in an interest bearing account and creating your credit. It will be the best solution of you have a stable income. First time home buyers need only 3% as a down payment. Then you can purchase a house with a low fixed rate loan for a long term. This cannot be a good option for those without a stable income, though. They can benefit from Rent to Own Homes Listings. Let us take a look at the actual customer reviews available online.
"I am interested in Rent to Own Homes Listings. I frequently visit one website that gives a list of rent-to-own homes. The site does what it sets out to, and anyone can sign up for a trial membership for only $1. I have done this too. I am still sing the service in hope to find a suitable house. If I don't find this service valuable I can cancel the membership any moment. It is pretty simple to use. At least I am satisfied."
"I got acquainted with Rent to Own Homes Listings and I was close to buying the list for "rent to own". Then I saw some negative reviews and decided to think a little longer. Now when I see that it is not a scam website I want to use this service. I also plan to find some more Rent to Own sites. Thank you."
"I had positive experience with Rent to Own Homes Listings. I received a call from renttoown.org because they were worried about my concerns. I spoke to Bree who was helpful and kind. She suggested me issuing a full refund because I cancelled after joining. My cancellation was due to the fact that I did not find any listings in the desired area. I would advise those who want to join this site that they should look for the areas they want to live in. If you see good listings you will be able to benefit from this site but if they do not have anything suitable, you can cancel immediately."
My Final Summary
Taking into account everything we have learned about Rent to Own Homes Listings, the service seems to be useful for those who would like to buy a dwelling they rent. It is a beneficial option for people who don't have stable income and are not able to buy a house at once. These individuals may have bad credit history and may not be able to get a local mortgage. In case with our today's topic, all they will have to do is to go to the site to choose the suitable house in the desired area. They will only need to pay a down payment of 3% from the cost of the house. Many people have tried the service and succeeded. With all this in mind, I do recommend Rent to Own Homes Listings.
Rent to Own Homes Listings Pricing and Rates
The cost of the service is just a few dollars, which will allow you to look through the available listings of homes in the areas you are interested in. There is a 3% down payment when buying property.