They say that if something sounds too good to be true, it probably is. This is the case with some, but not all, rent-to-own homes. These homes are often advertised on sites such as Craigslist or on signs posted by the side of the road, and they offer terms such as no credit checks or background checks. They may well be a rent to own scam.
The first and foremost way to avoid these Rent To Own scams is to carefully consider the fine print. Often times these contracts will include things like forfeiture of property if you make one late payment. If you ever have a problem, then you end up losing your home, as well as any invested money.
While there are a number of reasons people set up these Rent To Own Scams, one of the main ones is these tough economic times. A lot of people are taking advantage of this, but the good news is that many people have legitimate Rent To Own Properties available. Before renting a home from ANYONE, always check them out with free companies like NAR, the National Association of Realtors, or the Better Business Bureau. Some legitimate sites like getrenttoown.com, have their own screening process that eliminate these scams altogether.
Another way to find out if a contract is legitimate or not is to use to 'option fee.' This is a large upfront payment. If the contract clearly says what these fees are, what they are going to be used for etc., then you can expect them to be real. If the contract doesn't, take your money and get out of there. before signing anything.
Some other signs of a Rent To Own Scam is a person that doesn't care about a background check or credit score. Legitimate people will definitely want this information in order to protect their assets. A contract without a lot of detailed information, like who is responsible for maintenance, or taxes on the property, will often be a clear sign of a scam.
Above all, in order to stay away from rent to own scams ask many questions, do your homework, and trust your own gut feelings.
The first and foremost way to avoid these Rent To Own scams is to carefully consider the fine print. Often times these contracts will include things like forfeiture of property if you make one late payment. If you ever have a problem, then you end up losing your home, as well as any invested money.
While there are a number of reasons people set up these Rent To Own Scams, one of the main ones is these tough economic times. A lot of people are taking advantage of this, but the good news is that many people have legitimate Rent To Own Properties available. Before renting a home from ANYONE, always check them out with free companies like NAR, the National Association of Realtors, or the Better Business Bureau. Some legitimate sites like getrenttoown.com, have their own screening process that eliminate these scams altogether.
Another way to find out if a contract is legitimate or not is to use to 'option fee.' This is a large upfront payment. If the contract clearly says what these fees are, what they are going to be used for etc., then you can expect them to be real. If the contract doesn't, take your money and get out of there. before signing anything.
Some other signs of a Rent To Own Scam is a person that doesn't care about a background check or credit score. Legitimate people will definitely want this information in order to protect their assets. A contract without a lot of detailed information, like who is responsible for maintenance, or taxes on the property, will often be a clear sign of a scam.
Above all, in order to stay away from rent to own scams ask many questions, do your homework, and trust your own gut feelings.
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To learn more, visit RealtyStore, a great resource for both home buyers and home sellers. You can also learn more about lease options here.
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