Do you have any tips for finding owner-financed or rent-to-own homes?

Discussion in Mortgage & House Payments started by AZ Athena • Jun 22, 2014.

  1. AZ Athena

    AZ AthenaNew Member

    Joined:
    Jun 22, 2014
    Threads:
    4
    Messages:
    11
    Likes Received:
    0
    It seems like it would be easier to get into something like this for someone who is just starting out, but the opportunities appear to be few and far between. Any tips?
     
  2. Jamille

    JamilleActive Member

    Joined:
    Oct 6, 2016
    Threads:
    11
    Messages:
    727
    Likes Received:
    109
    In my country, some developers are actually offering their homes under the rent-to-own scheme. I don't really advise buying a house under this scheme. For one, the property remains under the original owner's name while you continue to pay. They will also require you to make an advance payment for the property, too. So really, it's not the same thing as simply renting a home and owning it at the end of the term. The seller has all the rights and protection and if you fail to complete the required payments for whatever reason, you have nothing. On the other hand, if you get yourself a mortgage for the home, you can sell the rights to the home to another buyer and recover your payments and even make a profit out of it.