Is rent to own an option?

Here in Temecula it's becoming more and more popular with the rent to own. We have a list of homes that are available for seller based financing or rent to own. However, the majority of the sellers are not interested in seller based financing, in our area.

This is a very good question. More and more homeowners are looking to this option. If the house is already vacant that would be a good place to start. Many home owners need the proceeds of the sale to move into their next home, but you can find some homeowners who have already moved on and the homes are left vacant on the market. As Realtors, we are not seeing any advertising for a rent to own option. We would have to check with the listing agent to see if this would be an option with the homeowners. It would be a good idea to speak with a local realtor to see if there are any current listings that would entertain an option. Good Luck.

For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease: Renters pay a certain amount each month to live in the house, and at the end of a set period -- generally within three years -- they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home. Both renters and sellers need to be very clear about the contract they draw up before they agree to this arrangement. Renting-to-own has advantages and disadvantages for both parties. Sellers who have already bought a new house will have relief from paying two mortgages at once, and in a slow housing market with many homes for sale, this may be their best option. Buyers who can't yet afford a house may be able to get one more quickly. Hope this helps. Sincerely, Scott