RENT-TO-OWN FLORIDA HOME SCAMS DESTROY DREAMS

Amidst a red-hot Florida housing market, people desiring rent-to-own home opportunities must battle con artists who promise the world and steal the dreams.

SARASOTA, FLORIDA – Scammers in Florida steal more than dreams from people, whose misplaced trust in some “rent-to-own home specialists” leaves them without their hard-earned money and a home of their own.

“Caveat Emptor!” Let the buyer beware rings true in Florida during the state’s current blistering housing market, as people with damaged credit and unable to get their own home mortgages have turned to those offering “Lease-Option,” “Rent-to-Own,” or “Lease with an option to purchase” home ownership opportunities.

“It’s horrible what’s happening to good people, who are making the mistake of trusting others to provide them with a fair deal on their new home. In return, many of these people are losing their money and, much worse, their homes to these con artists,” Payne added.

When done correctly, Payne mentioned, families achieve the American Dream of home ownership by renting to own for a fair price and enjoying their home during the lease term as if it has been their own home while resolving issues, i.e. credit, job history, etc, currently preventing them from getting their own financing.

Tragedy Strikes…

In Florida, however, fraud and greed have joined forces with tragic results for many “rent-to-own” deals. Just ask Ivan and Levette Wheeler of Sanford, Florida, who pursued a rent-to-own home opportunity from a company pretending to help people with damaged credit:

“…I finally visited (web) sites listing different companies willing to work w/ your credit blemishes. They all wanted your personal information and some type of fee to start the process. We actually got suckered into a scam and lost $1200 to a fraudulent company that promised us a home of our choice and price. After losing $1200, our trust level dropped significantly and we became very skeptical about the so-called ‘Lease to Purchase’ or ‘No Credit, No Problem – Own Your Home Today!’ schemes.”

As Mr. and Mrs. Wheeler tragically discovered, these scammers prey on people’s burning desire to get their own homes.

“We didn’t think our situation was so bad that banks would turn us down,” the Wheelers added. “What we learned was that our damaged credit required us to take a loan with an outrageous interest rate, a huge down payment, and excessive fees. We didn't expect the type of loan reserved for people with good credit, but we didn't expect to get hammered either. We looked at what that loan would've cost us and we couldn't believe it. We just couldn't afford the bank's monthly payment, their down payment requirement, or the fees they expected us to pay.”

For the Wheelers, losing hard-earned money did not destroy their pursuit of a legitimate rent-to-own home ownership program.

“We knew we wanted to be homeowners, not renters. We also knew that despite a bad experience with a company pretending to offer rent-to-own opportunities there had to be at least one reputable company out there actually helping people achieve their dream of home ownership,” the Wheelers added.

People dreaming of owning their own homes fall prey to the scammers' misleading and deceptive practices.

“Every day, I hear tragic stories from people who have been ripped off or about people who have been ripped off,” Payne stated. “It seems that everyone with whom I speak knows of somebody who has been ripped off by some person or company claiming to offer rent-to-own home opportunities. These victims are good people who simply have wanted their families to enjoy nice homes in nice neighborhoods. They do everything they’re asked to do with paperwork and money, and then some greedy person or company rips them off.”

Simple cause explains fraud…GREED!

Florida is experiencing unprecedented growth in its housing market. The report, “Median Sales Price of Existing Single-Family Homes for Metropolitan (FL) Areas,” released by the National Association of Realtors reveals price increases (% change) for the following markets during a one-year period from Quarter 3 (2004) - Quarter 3 (2005):

Don't Get Ripped Off...

To avoid getting ripped off, Payne offers the following advice:

Beware of FSBOs (For Sale By Owners) Offering Rent-to-Own.

Don’t fall for the “I’m a Realtor; I can help you” line.

Get the future purchase price in writing.

Read all paperwork very carefully before signing.

Don't Rush.

Do the math.

Separate the facts from the BS.

Don’t fall for the “rent credit” scam.

Please email me with any questions about this or any other e-lesson. If you have suggestions for other real estate or home financing reports, let us know.

Mike Payne, a Realtor with Horizon Realty, specializes in providing Rent to own Florida Home || Florida Rent to Own Homes.

To read other FR*EE special reports, visit Rent to Own Florida | Florida Lease Options.