Rent to Own Homes in Mendon
Buying vs. Rent to Own Homes
There are a few situations in which rent to own makes sense when you have the option to purchase. A good situation to rent to own is when you’re not sure about a home you’re looking at buying, and you want to test it out for a bit before making a final decision. This way, you have less money on the line if you change your mind.
Renting to own is also a good option if you’re close to qualifying for financing, but you need a little bit more time to get there.
Renting to own doesn’t trap you in a lease like normal renting does – you can buy the home whenever you’re ready. That’s why it’s the good option if you almost have a large enough down payment, if your credit score is close to where you need it to be or if you just need a little more time at your job to build your job history. It also works when you’re waiting for your old home to sell so that you have the cash to purchase your new home.
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
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.