Does anyone have any experience with Rent-To-Own Agreements?
My husband and I are looking into them, because we are having trouble selling our mobile home. I have been researching this topic, but I would to hear from someone who has actual experience with it. How did it work out for you? Were there any pitfalls that we need to look out for? I would love to hear from either a buyer or a seller. thanks!
I don't know anything about rent-to-own agreements concerning large items such as a mobile home or a car but I have been in rent-to-own agreements for furniture several years ago. Since these agreements were at least twenty years ago, I can vaguely remember what they involved. There wasn't much difference between renting to own and financing to own. The terminology was basically the same but the interest rates were higher than actually financing a loan. The purchase price would be say $1000. Add sales tax and the interest rate and the total payoff price would be close to $2000. I'm not sure who finances rent-to-own items. Meaning I'm not sure if the rent-to-own company has their own financing company or if they use a local bank. Most of the items we purchased through a rent-to-own company had been paid off. The nice thing about renting to own for us came when we moved to a new apartment complex. We intentionally held the last payment on some furniture because the rent-to-own company had a rule they'd move anything of theirs that still held a balance. That was to prevent damage to the item by someone other than a rent-to-own employee.
Now that we have a credit card that's accepted nearly everywhere, we don't use rent-to-own for smaller purchases anymore.
In most cases you are better off renting it. What are you hoping to achieve in a rent to own? If the renter/buyer is willing to pay additional money over the rent and they would lose it if they didn't buy, then that may be a reason.
Fdoleac, the people responding to our ads are requesting rent to own.
hey Princess I've dealt with rent to own firms several times and now that a credit card is viable no longer rely on them. THEY can be tricky, underhanded and if your not listening to every word,they can come up with fees for nearly everything, that won't make much sense. BE VERY CAREFUL!! what you sign: or stay away from the process. Hope that helps GBU
I think the main reason for rent to own, is the lack of either credit or a down payment or both. My brother sold his first home on a rent to own basis. It worked well for him. The security was that he got a monthly amount that covered the existing mortgage, and allowed him to purchase his new home. The people who did the rent to own finally were able to get their own mortgage after 18 months. The amount that they had paid minus a set intrest became their down payment or equity, allowing them a chance at ownership. I would however caution you to look closely at who you might concider doing a rent to own with, and always have a legal document written up, and carry the right home insurance. I do like the system myself .
If you are wanting to expand your universe of potential buyers in a market where a lot of people have damaged credit, you might consider carrying part or all of the purchase price yourself instead of requiring conventional financing to close you out of the deal.
There is more risk involved for you, so go into it with your eyes open, and definitely do a credit check. But offering "Owner Will Carry" in your ads and MLS listing may bring out the right buyer.
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