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 Port St Lucie Rent To Own Homes Alert 

Be the first one to know when a new rent to own home becomes available in Port St Lucie - Florida.

How they work

Traditionally, lease-purchase agreements have been executed by an owner interested in giving a long-term tenant a shot at homeownership or those interested in expanding their pool of buyers in a tough market.

You can often find this option on a home's multiple listing service (MLS) description, with the line, "Seller will consider a lease-purchase." It also can be found in a home's advertising or marketing materials.

Typically, a potential buyer will agree to a set lease term, with an agreed-upon date at which he has an option to purchase the home, either for a specific amount or by some agreed-upon method of determining value.

The renter will pay some kind of consideration upfront for the right to buy at the end of the lease, such as a nonrefundable deposit of several thousand dollars.

However, these days, says Joe Manausa, broker-owner of Century 21 First Realty in Tallahassee, Fla., underwater owners are taking far less upfront for this option, giving renters less to lose if they decide not to buy the property.

"Now, with a flood of inventory, they are just lucky to get (any consideration)," he says. "Most sellers, by the time they consider a lease purchase, are well into the desperation period."

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