| Finding homes to rent are pretty easy. And, of | | | | stay for as many months as you can negotiate. |
| course, there is a huge selection of homes to buy | | | | There are a lot of benefits for buyers in a rent to |
| right now. However, finding homes that are rent to | | | | own situation. |
| own can be very difficult. We've gotten more | | | | For sellers, rent to owns can become sticky |
| questions about rent to own homes in the past 5 | | | | situations. Because the renter/buyer has so much |
| months than we have in the 5 years before that. | | | | flexibility, the seller loses a lot of control in the |
| These are also sometimes called lease to purchase | | | | process. After all, there is no guarantee that the |
| homes or lease with the option to purchase. All of | | | | renter will buy the home after the specified time |
| these names can be used interchangeably, since they | | | | frame. So, a seller may have taken his home off the |
| are referring to the same kind of basic set up. | | | | market for nothing and may have lost other potential |
| In rent to own situations, the sellers are willing to | | | | buyers (who are actually willing and able to buy real |
| lease the home for a certain amount of time. When | | | | estate) in the mean time. Depending on how the |
| that rental time is up, the renter has the option to | | | | contract is written, the seller gets to keep all of the |
| buy the home. Usually the money spent on rent | | | | money from the rental period regardless of whether |
| during that time is deducted from the purchase price | | | | the renter buys. Some sellers are willing to risk taking |
| of the home - a price which is usually negotiated | | | | their home off the market for the chance of the |
| when the rental time is up and market statistics are | | | | sale, and they may view the money earned as |
| as up to date as possible. But, if you're interested in | | | | income they would not have gotten if the home had |
| a lease to purchase, know that all of these factors | | | | sat vacant instead. Sellers who are desperate and |
| are flexible and depend on the situation. For example, | | | | willing to try anything may want to consider listing |
| in some cases the purchase price is negotiated well | | | | their home as a rent to own - since some interest |
| before the renter moves in. So, no two cases will be | | | | (even if it's not serious interest) is better than no |
| exactly alike. | | | | interest at all. |
| A lot of buyers look for rent to own homes in order | | | | For buyers and sellers, finding a real estate agent |
| to have time to get their credit in order. Or, | | | | who is willing to work with rent to own homes can |
| sometimes buyers find a home that they really like, | | | | be difficult. So, if you're considering a rent to own |
| but they're simply not ready to buy yet. So, renting | | | | situation, be sure to tell your agent upfront. If he or |
| with the option to purchase gives buyers a lot of | | | | she is not able to work with you, find another agent |
| flexibility and ensures that they will get the home | | | | who has experience with these transactions, since |
| they want if they decide to purchase it. It's similar to | | | | there are a lot of factors to take into consideration |
| test driving a car. But instead of trying it for a couple | | | | with rent to own properties. |
| of days, you actually get to move your stuff in and | | | | |