Rent-to-Own, Land Contract or Lease to Own Scams and How to Not Get Taken. You may have seen ads for rent-to-own homes, and wondered is a rent-to-own deal too good to be true? Seem like a great idea right?. You may have a low credit score or not enough money down payment, a rent-to-own agreement looks like the deal that my allow you to get out of renting a property and move you toward home ownership.
In rising housing markets like Myrtle Beach South Carolina, prices may be going up faster than you can save for a down payment. The idea sounds great! You pay a monthly rent, some of which goes toward the purchase price of the home, and at the end you’ll own the property.
Popular rent-to-own scams
– People advertise a house that isn’t theirs pretending to be the owners and collect upfront fees from from you with nothing in return.
– The property is in foreclosure and the payments you make tho the own never go to the back they just pocket the money and you get kicked out of a house you don’t own.
– The agreed-upon purchase price of the rent-to-own home is far above its fair market value.
– Owner collects your money and never pays the mortgage off, you have nothing.
We want to make sure you avoid these and many more pitfalls. We can give you good advise and sound guidance. Talk soon!
Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577