Rent to own homes legit ?

Question

So I need people opinions now I’m very cautious when it come to scams etc so when I looked into rent to own they call and I hang up because I’m not sure if it’s legit lol
Is it really any such thing as rent to own homes ? If so where can you actually find legit rent to own homes

Answer

They are not very common anymore and if it is truly rent to own there should be paperwork and contracts stating this and the exact terms. A lawyer or maybe even realtor could verify the papers are legal. My cousin found one not too long ago but they are like finding gold now...with a good housing market it is more profitable to sell outright. And if it is on like Craigslist or something be very wary...I swear like 75% of craigslist housing is a scam haha

Answer

My parents got majorly screwed doing it. I’d vote against it.

Answer

They can be legit. Try to go through a realtor if possible though. My dad has a rent to own right now (he's selling) and as soon as the renters miss a payment they lose the contract, they mortgage and deed are in my dads name until the renters are fully paid off.

Answer

My mom bought her house on a rent to own basis, but they knew the people. I wouldn't do a rent to own unless it was through an actual agency and there was a legally binding contract.

Answer

Some are legit. However you end up paying way more than if you were to purchase the home through a traditional mortgage. If you’re concerned about credit there are federal loans that are 0% or low cost down payments. 
With a rent to own home you may pay $800 a month versus $400 a month with a mortgage. If you eventually choose not to purchase the house, you’re out all the extra money that you paid. It’s kind of like renting furniture from Aaron’s or rent a center. The price of the product is technically $400 but you end up paying $800 over the course of the financing period.

Rent to own homes legit ?

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