Has anyone had any experience in this area?  I am curious if perhaps this could be an option for me but am unsure of the details?  Would it be through a lease?

Hi,

 

I have rented to own in the past prior to actually making the purchase where I currently live, Yes it will be typically done through a short term lease, with a deposit being payable as well. Before you sign make sure that you have the agreement checked over as rent agreements came be hard to get out of if for example your circumstances change

In fact this is very suitable for the buyer although quite risky for the seller.So,most of the times seller is not ready for such a deal and even if the seller agrees,the demand for the deposit is high.Of course, the agreement is in fact the most important part of the deal.

Actually in our area this is a very highly chosen option. Many people like the rent to own option as it has proven very profitable for the seller and gives the renter/purchaser options. Most leases set up in this fashion state something to the effect that the purchaser will be renting the home until $XXX has been paid at which point the purchaser will have complete the terms of contract. In the case that the purchaser decides the home is not for them etc etc all payments are then deemed to be rental payments and the seller then has the option to rent/resale the home... Very risky I admit but seems very popular here.

My mother in law did it for a year and currently owns the home, she felt it out for a year and decided she wanted the home.  So I guess you have 2 plus's