Rent to Own Homes in Irvington
Located less than 20 miles south of Mobile, Irvington is an unincorporated community in the southwestern corner of Alabama. This location is less than 10 miles north of Bayou La Batre and the Gulf of Mexico. Mobile Bay is less than 10 miles to the east, and Biloxi, Mississippi, is about 45 miles to the west. The community falls just south of U.S. Route 90 and is about 15 miles south of Interstate 10. The area’s biggest claim to fame is the Mobile International Speedway.The below results are primarily rent to own homes in :
Located less than 20 miles south of Mobile, Irvington is an unincorporated community in the southwestern corner of Alabama. This location is less than 10 miles north of Bayou La Batre and the Gulf of Mexico. Mobile Bay is less than 10 miles to the east, and Biloxi, Mississippi, is about 45 miles to the west. The community falls just south of U.S. Route 90 and is about 15 miles south of Interstate 10. The area’s biggest claim to fame is the Mobile International Speedway.The below results are primarily rent to own homes in :
This region of Alabama started out as a farming community heavily invested in the lucrative Tung oil business. There are some small businesses offering jobs in the community today, but many residents take the 20-minute commute to Mobile for additional employment opportunities. Some of the biggest Mobile industries are steel, maritime and aerospace manufacturing. Non-manufacturing employers include the Mobile County Public School System, University of South Alabama, Infirmary Health Systems and Providence Hospital. There are now more than 11,000 people residing within the Irvington community. Students are served by the Mobile County Public School System, which includes Dixon Elementary School. It’s common for buyers to pay well under $200,000 for homes with three or four bedrooms, and many residents appreciate the reasonable cost of living in this area of Alabama.
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
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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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