Although it may sound like a good idea, be aware of the Rent-To-Own Homes scheme (aka Rent-to-Buy SCAM) that is going around the real estate industry. Under the program, buyers hand over an upfront deposit of $10,000- $15,000 and then pay rent, with an additional fee of a few hundred dollars per week.
Buyers are locked into a contract for a few years and are promised that at the end of it, the deposit and additional fees will be taken off the price of the home which they will be purchasing. How does the scam work?
These usually OUT OF STATE "sellers" do not hold real estate licences and the money paid by the buyers is not being directed into a trust account. Besides, there is no guarantee the buyer could obtain a home loan at the end of the contract period.
Both parties agree on the price of the home at the start of the contract. During the contract, the house cannot be sold nor the assets liquidated. Buyers who can't get financing to buy the property at the end of the period lose ALL the money that was initially going towards the purchase.
OUT OF TOWN SCAMMERS pay people a few cents per post to flood social media, Craigslist , etc. to gather the info for uninformed "TARGETS" THAT IS WHAT THE POSTS ON HERE ARE, "RENT TO OWN BAIT".
Don't get involved in such a deal unless you are absolutely sure the business is legitimate. If you are looking for rent to own companies, Call the BBB, ask them for references.
When looking for houses for rent with option to buy, ask for help from only reputable specialists in the industry. Make your family and friends aware of this scam by sharing it on social media. You can also officially report the scammers to the Federal Trade Commission using the link below: