Rent to Own Homes in Pharr
The city of Pharr lies in the southern reaches of Texas, east of McAllen and south of Edinburg. A small portion of the Pharr city limits stretches south to the Rio Grande, where the Pharr–Reynosa International Bridge connects the United States and Mexico. According to the United States Census Bureau, the population of Pharr approaches 80,000 residents.The below results are primarily rent to own homes in :
The city of Pharr lies in the southern reaches of Texas, east of McAllen and south of Edinburg. A small portion of the Pharr city limits stretches south to the Rio Grande, where the Pharr–Reynosa International Bridge connects the United States and Mexico. According to the United States Census Bureau, the population of Pharr approaches 80,000 residents.The below results are primarily rent to own homes in :
Pharr was named to recognize Henry N. Pharr, an early sugar planter and businessman who owned land in the area that we now know as Pharr. Henry N. Pharr had aspirations to develop a sugarcane plantation on this south Texas land, however, poor soil conditions prevented this from becoming a reality. Pharr is an independent city, with a full range of government services. The Pharr City Hall, Texas Department of Transportation's Pharr District Office and Pharr Post Office ensure that local government operations are carried out efficiently. Children living in Pharr are primarily served by the Pharr-San Juan-Alamo Independent School District. Small sections of the city are assigned to the Hidalgo Independent School District and the Valley View Independent School District. The Pharr Public Library offers a selection of children's programs and computer classes, free or for a nominal fee, to residents.
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
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
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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