Rent to Own Homes in Farmington
Just 70 miles from St. Louis, Farmington is a welcoming community in southeast Missouri. It is the seat of St. Francois County and a commercial and retail hub for the region.
Nestled in the Southeast Missouri wine country, Farmington is a scenic town that appeals to locals and visitors. Tours of Farmington vineyards, wine tastings at local wineries, golfing at Crown... Read More
Just 70 miles from St. Louis, Farmington is a welcoming community in southeast Missouri. It is the seat of St. Francois County and a commercial and retail hub for the region.
Nestled in the Southeast Missouri wine country, Farmington is a scenic town that appeals to locals and visitors. Tours of Farmington vineyards, wine tastings at local wineries, golfing at Crown Pointe and shopping at Maple Valley Mall are popular activities here.The below results are primarily rent to own homes in St. Francois County, MO:
Just 70 miles from St. Louis, Farmington is a welcoming community in southeast Missouri. It is the seat of St. Francois County and a commercial and retail hub for the region.
Nestled in the Southeast Missouri wine country, Farmington is a scenic town that appeals to locals and visitors. Tours of Farmington vineyards, wine tastings at local wineries, golfing at Crown... Read More
Just 70 miles from St. Louis, Farmington is a welcoming community in southeast Missouri. It is the seat of St. Francois County and a commercial and retail hub for the region.
Nestled in the Southeast Missouri wine country, Farmington is a scenic town that appeals to locals and visitors. Tours of Farmington vineyards, wine tastings at local wineries, golfing at Crown Pointe and shopping at Maple Valley Mall are popular activities here.The below results are primarily rent to own homes in St. Francois County, MO:
Farmington was settled by Sarah Barton Murphy and her family in the early 1800s, and family remains an important part of Farmington life. Nearly a third of all Farmington households have kids under the age of 18, and the average family size is 2.88. The town addresses the needs of these families with excellent schools. Farmington R-VII School District’s Farmington Sr. High is ranked among the best high schools in the United States.
Other important services and attractions include Farmington Water Park, a number of parks and sports fields, Farmington Civic Center and Downtown Farmington’s skate park. The city lies at the intersection of State Highway 32 and US 67, so getting around the region is convenient.
Buying a Home in Farmington?
Farmington homes are affordable with a median listing price of $135,000 and a median price per square foot of $85. With this low of a median home price, Farmington homebuyers will find many homes listed for less than $100,000. Houses are plentiful in Farmington, too, with about 230 existing homes and a handful of new homes on the market at any given time. Homes here sell within 68 to 105 days, a pace that gives house hunters plenty of time to make a decision.
Buying vs. Rent to Own Homes?
While homes in Farmington are affordable, some homebuyers with less-than-perfect credit may encounter obstacles to homeownership. Renting to own is often a solution for these homebuyers. The financial and credit requirements of renting to own are much more relaxed than the requirements of a conventional home purchase. Renting to own also allows buyers to lock in today’s low home prices even though they won’t complete the sale for a few years. Other advantages of renting own include the ability to move into the home right away.
Farmington’s idyllic wine-country location, appealing neighborhoods, low home prices and good schools are recognized around the country. The town was named the “Best Place to Raise Your Kids” by Bloomberg and one of the “Best Places to Live in Missouri” by Only in Your State. Locals don’t need to hear these rankings to appreciate their hometown though. They already know that the town’s ample recreation, city services and good employment opportunities make Farmington a stellar hometown.
Summary
Farmington’s idyllic wine-country location, appealing neighborhoods, low home prices and good schools are recognized around the country. The town was named the “Best Place to Raise Your Kids” by Bloomberg and one of the “Best Places to Live in Missouri” by Only in Your State. Locals don’t need to hear these rankings to appreciate their hometown though. They already know that the town’s ample recreation, city services and good employment opportunities make Farmington a stellar hometown.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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