Homeowners stung by botched ‘rent to own’ scheme

A Calgary couple is warning home sellers to beware of real estate rent to own schemes, where unlicensed agents offer to find buyers to rent or lease to own homes.

“It sounded exactly like what we were looking for,” said homeowner Maxine Henry. “But it was awful, and you feel awful for having been duped into such a scheme.”

Read more: http://tinyurl.com/bh44zne  

 

Rent to Own Homes: an Option to Consider?

When the term “rent to own” pops up, it’s not always clear what it means, and that’s partially because renting to own and the similar plan lease/option can work numerous ways. However, in a typical scenario, tenants can rent for a set period, such as a year, then when that time is up, they have the option to purchase the home. A portion of the rent is often credited to the sales price or closing costs.

Read more: http://www.cnbc.com/id/100391884