Rent to Own Homes in Southaven

Buying a Home in Southaven

Southaven is known for its stately brick homes and nice neighborhoods. The median listing price for a Southaven home is $207,000, but the median closing price is a very affordable $125,000. With more than 300 homes on the market, houses here vary widely in size and price. Home prices rose slowly but fairly steadily over the past three years. Homes continue to sell more rapidly, too, within about a month-and-a-half of listing. If you’re serious about buying a home, be prepared to move quickly on your decision.

Buying vs. Rent to Own Homes

In a rising market like Southaven’s, renting to own offers many advantages. First, renting to own a home now allows you to lock in your home’s sale price today. So, even though you won’t be completing the sale for a couple of years, you can take advantage of today’s affordable prices. This is especially helpful if you’re not quite ready with your down payment and financing. Over the course of your rent to own contract, you can build up your financial health while paying a bit towards your home’s eventual purchase each month. Buying a home outright doesn’t give you this time and financial advantage.

Summary

Southaven, the “Top of Mississippi,” is an attractive community just 13 miles south of vibrant Memphis. Affordable homes in spacious neighborhoods are just part of the community’s appeal. The town is celebrated for its many barbecue joints and the largest collection of restaurants in Northern Mississippi. Southaven’s also popular for its professional sports teams like the NBA-affiliated Memphis Hustle and Mississippi RiverKings hockey team. Residents relish live music concerts at BankPlus Amphitheater at Snowden Grove and national youth baseball tournaments at Snowden Grove Park. For residents young and not-so-young, Southaven’s small-town neighborhoods and big-city entertainment are irresistible.

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

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.