It’s important to note that there are different types of rent-to-own contracts, with some being more consumer friendly and flexible than others. Lease-option contracts give you the right – but not the obligation – to buy the home when the lease expires. If you decide not to buy the property at the end of the lease, the option simply expires, and you can walk away without any obligation to continue paying rent or to buy.
Unfortunately, there are a lot of RTO scams that any potential buyers have to watch out for. If something sounds too good to be true, it usually is. If you don't' trust the seller, or if they're asking for a lot of money upfront, leave it. There are legitimate RTO options available. You don't have to take the first one that comes along. Ensure you read the fine print and have a Realtor and/or a real estate lawyer verify the contract is fair. Many deals are fair - particularly those offered by local nonprofits like SHOP - but dishonest companies who do not disclose major issues can destroy people's lives:
Example: Jane falls in love with a lovely cottage in her desired neighborhood and is eager to buy it. However, she hasn’t saved any money for a down payment and is worried that her bad credit won’t allow her to get a home loan. The owner of the cottage offers to let Jane rent to own the property. Jane agrees to pay a monthly base rental of $1,500 plus an added $500 to go towards a down payment. The rent to own contract specifies that Jane can purchase the cottage in 36 months for $90,000.
There is no shortage of buyer options with RealtyStore. Look for Smart Score as you look through MLS, foreclosure, rent to own, for sale by owner (FSBO), and other real estate deals. Smart Score is an indicator to show how well the home is priced compared to other homes in the area. Higher scores mean it is a great deal, and a low score means you should negotiate aggressively when you make an offer.
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Traditionally, there are two different types of RTO options. Each strategy has its advantages and disadvantages, as well as reasons why sellers opt to do RTO for their properties. As long as a seller owns the home outright, they can choose to use the RTO strategy to sell the property. This includes condominiums, townhouses, single-family homes, and multi-family homes.
A: Yes, a Realtor can definitely help you find a rent-to-own home, also known as a lease with option to buy. A lease with a purchase option offers flexibility to a potential real estate buyer. The program works exactly like it sounds; it gives the renter the option to buy. For buyers a lease option can be a great way to go because it gives them an exclusive option to buy the property being rented and binds the seller but not the buyer.
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What happens when you find the home of your dreams but aren’t quite ready to take out a loan and accept responsibility for a mortgage and property upkeep expenses? You hope there’s a rent-to-own option. This type of contract allows you to rent the home for a designated period of time with the understanding that you can purchase the home near the end of the contract. This gives you time to adjust to your new neighborhood and shop around for the best lender to service your mortgage application. You can end up in a better financial position for taking that time, and you don’t lose out on the home since you get to move in right away as a renter.