Rent to Own Homes in Mccormick
McCormick is located in the western portion of South Carolina, approximately 40 miles north of Augusta, Georgia. This small town, nestled among the lush woodlands of the Sumter National Forest, serves as the county seat of McCormick County. According to the United States Census Bureau, the population of McCormick approaches 2,500 residents.The below results are primarily rent to own homes in :
McCormick is located in the western portion of South Carolina, approximately 40 miles north of Augusta, Georgia. This small town, nestled among the lush woodlands of the Sumter National Forest, serves as the county seat of McCormick County. According to the United States Census Bureau, the population of McCormick approaches 2,500 residents.The below results are primarily rent to own homes in :
McCormick was named in honor of Cyrus McCormick, a famous inventor of industrial farm equipment. In 1760, more than a decade before McCormick's establishment, early inhabitants of the region went to battle with native Cherokee Indians at Long Cane. Following this battle, Fort Charlotte was constructed by British settlers to protect the area. Fort Charlotte was among the first forts taken by Americans during the Revolutionary War. McCormick is a small town with an intricate history. Residents can choose from a long list of historical landmarks to visit, which includes the McCormick County Courthouse, McCormick Train Station, Joseph Jennings Dorn House, Dorn's Flour and Grist Mill, and Dorn Gold Mine. Sumter National Forest spreads across McCormick County, offering a preserved setting for outdoor recreation. Residents can fish, hike, camp, participate in paddle sports or take in a bit of United States history in a breathtaking woodland atmosphere.
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
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
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.