Is Rent To Own a Scam?

Many people ask the question “Is rent to own a scam?” The answer is that it depends on a lot of different factors. The idea itself isn’t a scam but some people sure like to spin it into one. Let me start at the beginning.

I am a real estate agent in the Tampa Bay area and offer rent to own as one of the buying options. This is something most agents don’t do because they either don’t understand how it works or they don’t care. But I believe that rent to own is a valid option that can be used to help a lot of families get into a house.

But you have to be careful when buying a home as rent to own. It’s one of the tools used by scammers. So many people have fallen victim to these scammers that it’s caused a certain stigma around the process. As with anything else in life, you must do your due diligence before giving anyone your hard-earned money.

I personally know someone who almost lost their home due to one of these scams. Needless to say, I hate them! Here’s what happened.

The person they bought from wasn’t paying the mortgage payment so the bank almost foreclosed on the home. They were able to get a mortgage, but not everyone would be so lucky.

Is Rent to Own a Good Idea?

It can be, but you have to protect yourself from scams. Here’s how.

Thoroughly research any seller who is offering their home as rent to own. They should have credentials somewhere public. If not, then be highly skeptical.

Another good rule of thumb is that if the deal sounds too good to be true, then it probably is.

Don’t believe that every rent to own deal is a scam. There are legitimate deals out there. You just have to find them.

How to Find Legit Rent to Own Homes

So how do you answer the question “Is rent to own a scam?” Most scams don’t list requirements for eligibility so that’s an instant red flag. They mostly push for the deposit and make everything else easy. Once they get the money, they will ghost you.

The rent to own programs I offer all have requirements that must be met in order to qualify. They are easy to meet but you will know then ahead of time.

Another red flag is when your concerns are pushed aside. Scammers only care about the transaction and will deflect any other questions. They are good at this though and generally make it appear as though they are answering your questions without actually answering them.

Legitimate rent to own sellers acknowledge your concerns and are willing to walk you through the entire process. There are always risks so real, legitimate sellers are willing to help you choose the program that has the lowest risk to you.

Rent to Own Programs in Florida

I use a program called DivvyHomes which is one of the best I’ve found in my years as a real estate agent. They have all of the important information outlined on their website including qualifications, process details, and expectations. That’s information you will not find with scammers.

DivvyHomes is also a national company so they have home listed across the country.

Furthermore, you’re able to see client testimonials on their website. Also feel free to check out some of the homes I’ve helped customers get into right here in the Tampa Bay area! I’ve helped families from Ruskin to Wesley Chapel all the way to Lakeland find their dream home.

Your local agent might also be able to provide you with a list of legitimate rent to own programs in your area. Just be sure to check all credentials before working with them, even if recommended by a real estate agent.

If you’re looking for rent to own homes in Tampa Florida, click here to schedule a chat with me for a free consultation.