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LOL. I keep seeing a craigslist ad for "Rent-to own nice home with 100% rent credit."
I like to flag any obvious scams on CL (I see not infrequent ads for rent of a home that I know is for sale, and it's usually for a ridiculously low price.) Am I correct in assuming that 100% rent credit is not likely to exist anywhere?
I see them all the time too, the biggest clue to it being a scam is that they'll have a photo of a lovely house that clearly isn't in the area they claim it is, and renting for way less than market rent for either the area or the property.
The problem is so many people still don't understand the phrase 'if it's too good to be true, it probably is'. There's a sucker born every minute sadly.
Most rent to owns do not result in closed sales for many reasons:
Tenants are unable to qualify for financing due to factors they control, and/or
The property will not appraise because the contract price is substantially more than other properties, and/or
The tenants realize that this place is no bargain, even with a rebate
I am aware of several landlords who routinely lease their properties on a rent to own basis, commanding a rent premium while the risk of rebating a nickle lies somewhere between slim and none.
They are sharp investors with no intention of frauding anyone.
You know the old saying, may not apply to this case, i would listen to the realtors on here. But you know that old saying, if it sounds to good to be true, it probably is. That generally is the rule of thumb.
Craiglist now encourage people searching for property to deal with people in person instead of doing it online or over the phone. This way you can personally assess the person you are dealing with. The hint for possible scam or fraud is those who instantly ask for payments even if you are not half way through the deal.
Ha! I knew it! I just clicked on the link I mentioned and it listed some homes. I clicked on one of the homes, and lo and behold, in order to continue one must "get their free credit report" ONLY through their link, lol. Sad thing is, there are people naive enough to actually supply their social security number.
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