Rent to own in Wisconsin?

Question

Would anyone happen to know what it all entails to begin a process such as this? My fiance and I have pretty crappy credit due to our lovely exes. What are the requirements? Where would be a good place to begin my search (i.e. websites and companies)? We already know the area of WI that we'd like to reside in. Also, would it be better to just 'settle' with a rent-to-own home that isn't perfect just so we can build our credit back up and build something we really want? We're not planning on moving for at least another year or so, to give ourselves time to figure all of this out. Thanks for any advice in advance. :)

Answer 1

Here is a link to a Wiki "How-to" article that is a pretty good overview on how to buy a house using a "lease with option to buy":

http://www.wikihow.com/Buy-a-House-Using-a-Lease-Option

Good luck with your real estate endeavors.

Answer 2

2

Answer 3

Rent to own is not going to solve your problems, nor is it going to repair your credit. Since you have at least a year to work on this, work to repair your credit NOW. First, obtain current copies of your credit report to insure that they are accurate. Not all firms report to the credit firm when past due debts are paid off. Next, try to open yourselves limited lines of credit at places which will accept you, such as a credit card firm. Then insure that you use the card regularly, and strictly adhere to the payment schedule.

Getting involved with a rent to own is going to expose you to the same sorts of predatory lending practices which have doomed many. Think about it for a moment. A rent to own firm, if it provides the financing, is not going to give you a lovely low interest rate, given your past credit history. If you elect to purchase this rent to own after a year with conventional financing, you will face the same scenario. Start working to clean up and raise your credit scores. Then you will be in a position to enter the home ownership market in a normal fashion.