Rent to Own Homes in Marion
Marion is a small town that sits approximately five miles northeast of Cedar Rapids in eastern Iowa. Iowa City is approximately 30 miles to the south, Waterloo is about 50 miles to the northwest and Dubuque is around 60 miles to the northeast. Residents can also reach Davenport in under two hours with additional cities close enough for long weekends and affordable vacations.The below results are primarily rent to own homes in :
Marion is a small town that sits approximately five miles northeast of Cedar Rapids in eastern Iowa. Iowa City is approximately 30 miles to the south, Waterloo is about 50 miles to the northwest and Dubuque is around 60 miles to the northeast. Residents can also reach Davenport in under two hours with additional cities close enough for long weekends and affordable vacations.The below results are primarily rent to own homes in :
The city of Marion was originally developed to serve as the county seat of Linn County. A hero of the Revolutionary War known as Francis Marion was the inspiration for the city's name, and the town was originally best known as home to the Sisters of Mercy boarding school. The school housed young boys in need of shelter and supervision but is no longer in operation. Today, there are more than 30,000 people residing within Marion city limits. Residents come together for a variety of family-friendly annual festivals, including the Swamp Fox Festival and Parade. They also have easy access to a variety of entertainment and natural attractions in this region of Iowa, including the Figge Art Museum, Putnam Museum, Iowa 80 Trucking Museum, Rock Island Arsenal Museum and the SkyBridge. In 2010, the average family size in Marion was around three people, and the average household size was around 2.5 people. Residents are served by the Marion Independent School District and the Linn-Mar Community School District.
Buying vs. Rent to Own Homes
Renting to own a home and buying a house have the same steps, just on different timetables.
When you buy a house, you either pay with cash or you make monthly payments to a mortgage or some other kind of financing option for a set time frame.
When you rent to own a home you pay an option fee, which is later credited toward the purchase of the home, and then you make monthly rent payments until you’re sure you want to buy this house and you can secure financing. Then, you do the same things you would if you were buying a house – just make sure you do it before the end of the lease term so that you don’t lose any of the money you’ve negotiated.
When you can choose between the two, buying might be the right option because your monthly payments will go towards equity in a home as opposed to someone else’s pocket. However, lease-options get you to the same place with a little more time.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
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