Rent to Own Homes in Cordova
The community of Cordova is positioned approximately 20 miles east of Memphis, but most of the area is an annexed parted of the larger city. Other areas of the community remain unannexed, so a portion of the city is an unincorporated part of Shelby County. This area is found just north of Shelby Farms Park and a short drive north of the Tennessee/Mississippi state line. This location gives residents many options for weekend trips and vacations close to home.The below results are primarily rent to own homes in :
The community of Cordova is positioned approximately 20 miles east of Memphis, but most of the area is an annexed parted of the larger city. Other areas of the community remain unannexed, so a portion of the city is an unincorporated part of Shelby County. This area is found just north of Shelby Farms Park and a short drive north of the Tennessee/Mississippi state line. This location gives residents many options for weekend trips and vacations close to home.The below results are primarily rent to own homes in :
This region of Tennessee started out as a small railroad stop and developed into a farming village. It cycled through several name changes before settling on Cordova. There are now more than 60,000 residents in the Cordova community, and it's well known as home to the popular Wolfchase Galleria shopping center and the Germantown Parkway retail complex. The community is treated as a Memphis neighborhood that is welcoming to families as well as single professionals. Students living in Cordova attend schools maintained by Shelby County Schools. There are several elementary and middle schools plus two high schools available to Cordova students. With more than 10 private schools in this region of Tennessee, there are many alternatives for students who don't want to attend public schools. Cordova is also home to the Mid-America Baptist Theological Seminary, and the community is served by the Cordova Branch Library. As of 2010, the community's median income was close to $70,000 per household or just over $80,000 per family.
Buying vs. Rent to Own Homes
Renting to own a home and buying a home both have the same end goal – you own the house you’re interested in. The difference between the two is your timeline. Buying a property is a great idea if you’re sure about the property and you have financing to purchase it today.
Lease-options are a good idea when you’re having doubts about the house or if you’re not financially ready to own the house you’re looking at. They’re a good option if you almost have a high enough credit score, a steady enough job history or a big enough down payment to qualify for financing on the home, but you need some more time to qualify. Rent to own gives you time to get your affairs in order, ability to try out a house and flexibility to close on the home when you’re ready – without having to wait for the end of a lease.
To be clear, if you can buy a house today, you should do it. If you’re looking at buying within the next three years, rent to own is a good way to start the process.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
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