Article Sphere Logo

Finding Rent to Own Homes

By Expert Author: Lee Keadle | View Article Summary
Word Count: 606 words | Views: 182 view(s)
Lee Keadle

Finding homes to rent are pretty easy. And, of course, there is a huge selection of homes to buy right now. However, finding homes that are rent to own can be very difficult. We’ve gotten more questions about rent to own homes in the past 5 months than we have in the 5 years before that. These are also sometimes called lease to purchase homes or lease with the option to purchase. All of these names can be used interchangeably, since they are referring to the same kind of basic set up.

In rent to own situations, the sellers are willing to lease the home for a certain amount of time. When that rental time is up, the renter has the option to buy the home. Usually the money spent on rent during that time is deducted from the purchase price of the home – a price which is usually negotiated when the rental time is up and market statistics are as up to date as possible. But, if you’re interested in a lease to purchase, know that all of these factors are flexible and depend on the situation. For example, in some cases the purchase price is negotiated well before the renter moves in. So, no two cases will be exactly alike.

A lot of buyers look for rent to own homes in order to have time to get their credit in order. Or, sometimes buyers find a home that they really like, but they’re simply not ready to buy yet. So, renting with the option to purchase gives buyers a lot of flexibility and ensures that they will get the home they want if they decide to purchase it. It’s similar to test driving a car. But instead of trying it for a couple of days, you actually get to move your stuff in and stay for as many months as you can negotiate. There are a lot of benefits for buyers in a rent to own situation.

For sellers, rent to owns can become sticky situations. Because the renter/buyer has so much flexibility, the seller loses a lot of control in the process. After all, there is no guarantee that the renter will buy the home after the specified time frame. So, a seller may have taken his home off the market for nothing and may have lost other potential buyers (who are actually willing and able to buy real estate) in the mean time. Depending on how the contract is written, the seller gets to keep all of the money from the rental period regardless of whether the renter buys. Some sellers are willing to risk taking their home off the market for the chance of the sale, and they may view the money earned as income they would not have gotten if the home had sat vacant instead. Sellers who are desperate and willing to try anything may want to consider listing their home as a rent to own – since some interest (even if it’s not serious interest) is better than no interest at all.

For buyers and sellers, finding a real estate agent who is willing to work with rent to own homes can be difficult. So, if you’re considering a rent to own situation, be sure to tell your agent upfront. If he or she is not able to work with you, find another agent who has experience with these transactions, since there are a lot of factors to take into consideration with rent to own properties.
About the Author/Author Bio

Buyers can search for Charleston SC homes for sale on our website, which includes the most popular areas, Mount Pleasant SC homes and Summerville SC homes!

Article Source: http://www.articlesphere.com/Article/Finding-Rent-to-Own-Homes/172075

Article Submitted: 2008-12-29 | This Article has been viewed 182 times.

Comments on this Article


More "Real Estate" Related Articles

 
 

Listed below are more articles related to the above article from the "Real Estate" article category.

People interested in the above article "Finding Rent to Own Homes" are also interested in the related articles listed below:

 
Escrow is a way of keeping an amount of money safe while a legal transaction is going on. It's like having someone that both you and the buyer both trust hold on to payment for merchandise or services while the actual changing of hands takes place; in this case, the trustworthy helper is an account held by a broker. Escrow helps reduce the likelihood that either of the parties involved in the transaction will get scammed.
It's funny, the things we become blind to when we live in a home for years. It's like the longer you look at the little cracks and stains the less you actually see them. However, when you're looking to put your house on the market it's important to remember that someone with a fresh eye will definitely notice all the little flaws, no matter how subtle they seem to you.
If you're getting ready to make a real estate purchase, you may be wondering whether it's a better deal to buy new construction or an older house. There are benefits and drawbacks to both types of property, so it's important to weigh your options carefully before making an offer.
With the price of homes becoming more and more affordable, Brewer Caldwell has seen an increase in the amount of homes being sold each month. In fact some reports showed an increase in the average price of homes sold from March to April.
A less obvious benefit to mobile and prefab homes is that they’re environmentally friendly. Because they are built in a climate controlled assembly line factory environment, there is less waste generated and less building materials ruined by weather or vandalism than you would find with on-site building. Many companies also give you the option to choose more energy efficient options for your custom built home, saving you even more money in the long run.
You know that kitchens and bathrooms sell houses, but that doesn’t mean you can ignore other parts of a house when it comes to staging it to sell. One of the most neglected yet biggest selling features of a home is the garage. Many homeowners think they can simply close the garage door when they put their house on the market and hope potential buyers won’t notice the clutter or hope they will forgive the mess.
Most people only sell a small number of homes in their lifetime. With such limited experience, how do you expect to be capable of maximizing your profits from your home sale? Many sellers make the mistake of assuming that all real estate agents are the same and list with the first agent who comes along. Not taking the time to research the agent who will list your house could cost you thousands of dollars.
 
Article Directory Home All Categories Real Estate
 

Can't find what you're looking for? Try Google Search!
 
 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.
French Spanish Bulgarian Chinese (Simplified) Chinese (Traditional) Croation Czech Danish Dutch Finnish German Greek Italian Japanese Korean Norwegian Polish Portuguese Romanian Russian Serbian Slovak Swedish Arabic Hebrew Hungarian Thai Turkish English US