Our house has been on market since April. Only three showings - no sale.  

We really want to retire and full time effective 2/1/09  We are considering a "rent to own" sale. We have met with a couple who recently moved back into the area.  As he has started his own business (OSHA Training) they are not sure if they can get a mortgage at this time.  They sold their previous home and are currently renting.

Have any of you had experience in selling or buying a house with a rent to own option?

I think in this case there is only one answer - contact a local real-estate attorney.

You are considering an agreement where you bear the risk of non-pay (be it rent or rent applied to own) and you need to know how to price it out. Rental non-pay evictions are extremely difficult, may require a year or more and you are holding the bag in the mean time. A local attorney can better provide you with local specific nuances that may be a significant factor in your decision. With that said, it is done regularly. You'll have lots of number crunching too in order to best formulate your price and your budget and most importantly your contingencies.


-- Edited by RVDude at 10:46, 2008-08-05

Oh yes....listen to Dude!!! Been there done that on house number 2... when we got transfered to North Carrolina in the 80's. Be real careful on a lease with option to buy. We had a couple that put that one on us and we liked to never got out of that deal. By the time we got them out, the house was in shambles. Had I not been in the home building business..no telling how much that would have cost me to put it back together. Your best bet is to wait out a good sell. We put our house on the market in March and sold it last month. It took us 5 months but it was worth it. You do want you think is best.. but take it from someone that has been there. If you decide to go that route ....do as RV Dude says...get a Lawyer. Joe and Sherri