Is Rent To Own A Good Idea If You Have Bad Credit? | REALTOR ...

Q: I would like to know if rent to own is a good idea when it comes to bad credit.
?Anonymous, Brooklyn, NY

A: I personally think that rent to own aka lease option?s are a great alternative to a traditional real estate purchase. It?s ideal for people who are working on fixing their credit or saving for a down payment. You will have a fully executed traditional lease in addition to a prepared purchase option ? make sure it?s attached to the lease and referenced in the lease, but don?t sign it as this will bind you to the purchase and not just the option. Another important thing to consider is that the purchase option requires money down and will forfeit to the seller if not exercised by an agreed upon date and price. So, be serious at the beginning and work diligently toward making this house your home.
Heather Borgese is a Realtor? with Avant Realty Group LLC in Miami, FL.

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