To protect your own interests, find a Realtor who is active in your area. Go online to Realtor.com and check out what is available for sale in the community in which you are interested. Then call someone who is active in that market and get them working for you.
Be specific about your wants versus your needs. You should have quite a few from which to choose. Ask the agent to work as a "buyer's agent" so he can represent you and you alone.
When you find the place you want be sure to specify that the contract is contingent upon an appraisal of today's value, as well as another appraisal at the time of the end of the rent to own option. That will protect you against a declining market which could decimate your ability to secure mortgage lending on the place.
The buyer's agent should be very helpful in completing the contract to protect your interests. These would also include a complete home inspection, contingency regarding the securing of a mortgage at the time of purchase, who takes care of repairs, etc., in the meantime and whether a portion of the rent will be applied toward the purchase of the home.
Sometimes people prefer to write the contract with a "first right of refusal" clause that will allow them to back out of the deal if things go sour. A standard rent to own contract may not allow that option. |