If You Can't Buy My House, Rent to Own It
It’s a concept that’s coming into vogue. But is it right for you?
How to Find Your Potential Renter/Buyer-to-Be
If you don’t stumble across a potential buyer going through the normal route of selling your home and decide you want to actively search for people interested in renting and later owning a house, you might check out iRentToOwn.com, which claims to be the largest marketplace for rent to own homes in the United States.
Here, you can list your house -- for a fee, of course -- and people interested in renting to own a home can search through the database. The site also has a wealth of information on real estate agents in each state who specialize in lease-options as well as other individuals and companies you’ll need on your side, like firms that do background checks and real estate attorneys.
“Essentially renting to own a house has been around for decades,” notes CEO and founder of iRentToOwn.com John Kobs. “But historically rent to own transactions have had a terrible track record. It’s generally been a seller taking advantage of an unsophisticated buyer. A lot of times you would see buyers where they would be a day late on their rent payment, and the seller would make them forfeit their entire down payment. There were a lot of incidents where people were even subleasing rent to own properties.”
What John and other real estate professionals around the country are trying to do in these desperate times for home sellers and buyers alike is create an environment where everyone wins.
Not that John's website is the only game in town. RentalHouses.com is worth checking into and, of course, your local newspaper’s classifieds and simple word of mouth among family, friends, co-workers and colleagues are always safe bets.