Rent to Own Homes in Ripley
The small town of Ripley is settled in Tippah County on the northern edge of Mississippi. Ripley's population sits at around 5.4 thousand people, and the median income of residents sits at around $25.7 thousand. The city is known as the home to William Clark Falkner, who was the great-grandfather of famous authors William Faulkner and John Faulkner.The below results are primarily rent to own homes in :
The small town of Ripley is settled in Tippah County on the northern edge of Mississippi. Ripley's population sits at around 5.4 thousand people, and the median income of residents sits at around $25.7 thousand. The city is known as the home to William Clark Falkner, who was the great-grandfather of famous authors William Faulkner and John Faulkner.The below results are primarily rent to own homes in :
The South Tippah School District oversees education in Ripley's five schools. There are three self-named schools in the town--Ripley Elementary School, Ripley Middle School, and Ripley High School--as well as two other elementary schools named Blue Mountain School and Pine Grove School. Mississippi law allows students to attend any of the schools within the district regardless of where the family lives. This allows parents to move their children away from lower performance schools in an attempt to improve their education. Listed on the National Register of Historic Places is the Ripley Historic District located in the central region of the city. Ripley was founded in 1837, and there are over 284 buildings and companies in the district which date sometime between the 1840s and mid-1950s. The central figure of the district is the Tippah County Courthouse, built in 1928. Homes in the district are in the Tudor Revival or bungalow style dating primarily between 1910 and 1940.
Buying vs. Rent to Own Homes
Rent to own gives you anywhere between a few months and three years time to prepare for buying a home. It’s more costly than buying outright because you’ll be paying rent to the owner instead of building equity by paying off the mortgage; but, it’s much better than renting because you have the option to buy and stop the rent payment process whenever you’re ready.
Lease-options help set you up for a home purchase in the not-so-distant future.
That’s not to say that because you aren’t ready to buy you should rent to own. If you need more than three years before you’re ready to purchase a home, you shouldn’t rent to own. Instead, you should wait until you’re at least less than three years away from qualifying to buy a home before signing your lease-option because, if the lease term ends and you’re not ready to buy, you’ll lose the money you invested in an option fee and any other money you’ve negotiated from the seller.
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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