Legal Question in Real Estate Law in Iowa

Re: rent to own

Why would you want to purchase from "the greedy landlord?" Sure it is possible to reduce the purchase price by the rent you paid, but if he is really that "greedy," do you really think he would do this?

Look at it another way: If you buy a different house, you certainly will not get a price reduction for rent you pay. You will not know what problems that house might have. You know everything about the house you are in now. You agreed to pay rent for eleven years, you landlord did not hold you hostage (I would guess, anyway). And the landlord probably had to pay a mortgage payment, pay the taxes, pay for insurance, maintain the property, etc., so maybe he is not as "greedy" as you think. Why ask him if he is interested in selling the house to you, and if so, figure out a fair price and make an offer? The only downside I can think of is that if he knows you are looking to purchase, he might choose to terminate or not renew your lease. But then at least, you will not have to deal with his horrible greediness.