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Old 05-07-2007, 04:51 PM
 
6 posts, read 4,512 times
Reputation: 10

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We are planning on relocating to Virginia in the next few months...however at the current time we are unable to purchase a home for a while...So while searching different areas on the net I came across a company called Rent2Own.com. From what I can see you can rent to own homes through this company and they have an office located in the Springfield, Va. area I believe. Some of the homes are in nice locations however they do not give all the details of their program. As in how much the house cost and what would the monthly rent be.. So I just thought to inquire to see if anyone heard of them or knows someone that has had the pleasure of getting one to their homes....any info is appreciated
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Old 05-07-2007, 05:49 PM
 
213 posts, read 917,715 times
Reputation: 69
i'm not familiar with this company - and would be VERY careful.

Rent with option to buy is nothing new - and can be a good tool for buyers especially. My experience has been that the homes where a seller will consider this is because the home did not sell outright, so offering terms makes it more attractive. In a sellers market you rarely see this option on homes that will move quickly. in a buyers market you see it more often.

Be SURE to get an expert RE attorney to review all documents. In most cases, if for some reason you do not purchase you have lost the rent payments - which are traditionally higher than the normal rent would be. these are generalities - all contracts are unique - do some research on "rent with option to buy"

Any good realtor can do this - especially since YOUR ATTORNEY wiil be a huge player.
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Old 05-08-2007, 12:45 PM
 
6 posts, read 12,182 times
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I've seen that website every now and then, but have not heard anything negative nor possitive about it. So I can't really give you any advice about the company. I'm also going to VA myself aroudn the end of the year and looking for a home. Have you spoken with your bank. Sometimes, they agents in the area and can help with the move, and in many situations save you time and money.
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Old 05-09-2007, 07:18 AM
 
6,561 posts, read 12,870,875 times
Reputation: 3165
I've been potentially looking into the "Rent to Own" option myself and the only problem I can forsee is that the contract locks in the current sale price of the house. Now depending on where you're looking, who knows if prices will go up or down over the next 2-3 years, but then you're under no obligation to buy, so I guess you just lose out on a bit of your inflated rental price if you opt out.....

Anyone else have an opinion??
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