Rent to Own Foreclosures??? Good or bad??

**dancerhythm8** · 10-01-2009, 04:22 PM

I see tons of adds around my area with rent to own houses starting around $200 a month for 15 years and then the house is yours. So what is the next step after I pay off the balance? It seems like a remarkable deal but I dont want to get caught up in a scam or go into a deal like this blindly without the right information.

**SearchTheJungle** · 10-01-2009, 06:01 PM

Be careful when looking at rent-to-own opportunities. There are some legitimate companies...and a lot of scams.

Many of these companies require you to pay an upfront fee to see if you "qualify". After paying a thousand dollars or more as an upfront fee, many people are rejected.

Personally, I've heard of less than honest landlords promoting rent-to-own in the hope that they can simply get more monthly rent, and then finding any excuse to evict the tenant later. Basically you have paid a higher rent for nothing.

I'm sure that rent-to-own works in some cases, but I would caution you to do some research and carefully read the fine print before you sign anything.

Good luck.

**Greg** · 10-02-2009, 05:36 AM

Originally Posted by dancerhythm8

It seems like a remarkable deal but I dont want to get caught up in a scam

If it seems too good to be true then it is too good to be true. No one is out there to help you, they are in it to make as much money from you as possible. Please be careful.