Rent to Own Homes in Wildomar
Wildomar is a growing city in southern California that is positioned approximately 60 miles east of Huntington Beach, 40 miles east of San Clemente and 40 miles northeast of Oceanside. This location allows residents to reach multiple beach towns on the Pacific coast in less than one hour, and Los Angeles is about one hour to the northwest. San Diego is about 70 miles to the south. The Wildomar area is also less than a 90-minute drive from the Mexico border.The below results are primarily rent to own homes in :
Wildomar is a growing city in southern California that is positioned approximately 60 miles east of Huntington Beach, 40 miles east of San Clemente and 40 miles northeast of Oceanside. This location allows residents to reach multiple beach towns on the Pacific coast in less than one hour, and Los Angeles is about one hour to the northwest. San Diego is about 70 miles to the south. The Wildomar area is also less than a 90-minute drive from the Mexico border.The below results are primarily rent to own homes in :
The City of Wildomar was first established after the Topeka and Santa Fe Railroad was extended through the area. Lake Elsinore, then known as La Laguna, was the big attraction for the first settlers. The town was first mapped out in 1885 by a group of investors, and the city was incorporated in 2008. There were more than 10,000 people residing within town limits in 1990, and the population grew to more than 36,000 by 2017. Today, Wildomar is home to Inland Valley Medical Center and the Wildomar Cemetery District. Residents are served by the Lake Elsinore Unified School District, which includes the Sycamore Academy of Science and Cultural Arts. This public school system includes a few elementary schools, one middle school and two high schools.
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
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
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.
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