Rent to Own Homes in Galesburg
You’ll find Galesburg on the northern shores of the Kalamazoo River in southwestern Michigan. This small city is located just north of Interstate 94, east of the River Oaks County Park and west of Gull Creek. The Galesburg Speedway is less than two miles south of town, and Morrow Lake is less than three miles to the west. Some of the biggest attractions within city limits include Harding’s Friendly Market, Galesburg Historical Society and Grants Antique Mall.The below results are primarily rent to own homes in :
You’ll find Galesburg on the northern shores of the Kalamazoo River in southwestern Michigan. This small city is located just north of Interstate 94, east of the River Oaks County Park and west of Gull Creek. The Galesburg Speedway is less than two miles south of town, and Morrow Lake is less than three miles to the west. Some of the biggest attractions within city limits include Harding’s Friendly Market, Galesburg Historical Society and Grants Antique Mall.The below results are primarily rent to own homes in :
The city that we now refer to as Galesburg was originally called Morton. In 1861, the region was incorporated as a village. It would take another 70 years for the village to receive incorporation as a Michigan city. There were fewer than 150 people living in the area in 1870, and the population grew to more than 1,000 residents by 1940. There were more than 2,000 residents in 2010, and the population has grown slowly since. Galesburg residents are served by Galesburg-Augusta Community Schools. This public school system serves students from this city plus nearby Augusta. The elementary and high schools are in Galesburg, and the middle school is in Augusta. In 2000, the median income per Galesburg household was close to $35,000. The median income per family was over $40,000.
Buying vs. Rent to Own Homes
To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house. That’s the basic gist of the traditional home buying process.
All the steps of the traditional home buying process are present in the rent to own process. The difference is that renting to own has an additional step between Step 2 and Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.
During Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing. Once you have financing, you can move on to Step 3.
Rent to own is a good way to prepare for buying a property. Once you do buy, you won’t have to spend money on rent any longer. So, the sooner you can buy, the better.
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
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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