Q: My company is moving me and my family and relocating us to Salt Lake City.  My husband  and I make good money but we don’t qualify for the traditional financing from banks. Our credit scores are 553 and 570 and we had a bankruptcy that has been discharged. We have about $7,000 in savings for a down. We want to rent a home with the option to buy for 5 years. Is rent to own even an option? Where can I find an agent that works with rent to own homes in Salt Lake City? Is 5 years asking to much for a rent-to-own? Are there a lot of agents that do these type of real estate?

A:  I am a licensed Realtor with Northern Realty. I cover Davis, Weber Salt Lake, Tooele, Summit, and Utah Counties and can put together a free list of rent to own homes in Salt lake City and other areas of interest. If you qualify,  we have a group of investors that will purchase the home you choose but you must make at least $50,000 as a household income, have a credit score of 550 or higher,  any bankruptcies must be discharged, and you must have at least 3 months worth of rent payments in the bank.

A: Yes, we can get you into a rent-to-own home with a 5 years with the option to buy. This program is available if you qualify as stated above.

Warning: Not all agents want to deal in rent to own homes and will not protect you when it comes to the paperwork. Most agents think they are too hard to deal with so they won’t spend time helping buyers find these type of properties. Also, they do not know the in’s and out’s of how to protect you.

Some of the advantages of doing a rent-to-own is it gives you the option to buy the home you are renting so you don’t have to move again. It also allows you to try out a neighborhood without having to buy right away.  It will give you time to help repair your credit so you can get financing down the road.

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