How do you rent to own a home in Vero Beach or Sebastian Florida? You probably have seen ads in the paper, signs on the road or even an online ad on the internet. The definition of a rent to own also known as a lease option is two types of agreements. One is a lease agreement (rental contract) and the other is an Option Agreement. A lease option agreement contains TWO separate agreements that will outline the terms of the rental amount and purchase price. Sometimes part of your rental payment can go towards the purchase price. The Option agreement will have a length of term. Usually 12-36 months. Your consideration (money) for the option agreement can range from 1-10% of the purchase price. This is usually credited towards the purchase price if you should decide to purchase property. If you decide not to purchase the property the owner of the property may offer to refund some of the option consideration if you don’t buy under the terms of the agreement. With a Lease Option A.K.A. Rent to own, the seller is obligated to sell the home under the terms of the agreement. However the tenant/buyer is not obligated to purchase the home. Why does it make since to do a Rent To Own? You get to try before you buy. You can try the home out. Look at the schools and not obligate yourself to changing market conditions. If you truly love the home, then you can go ahead and buy it. With the financial crisis at hand it is getting harder to obtain financing to buy a home. If you have credit concerns it will give you time to fix credit problems that may keep you from conventional financing. It will also give you time to build up a down payment and other things to help you establish better financing arrangements. I am often asked what if I had lost a home to foreclosure, bankruptcy, or short sale. The rent to own program can be the only way to buy a home. We are not concerned of the past as much as we are concerned about the future. We know that the housing crisis has had previous owners loose a large amount of equity and ultimately losing a home. We have established a new program that is what we call our American Dream Program. If a rent to own customer is able to establish a proper payment plan with one of our properties we are able to convert the rent to own contract to Owner Financing. We will be writing another article in a few days discussing the American Dream Program. | 
