Rent to Own Homes in Wytheville
Wytheville has always been an important crossroads. When it was established in 1792, it... Read More
Wytheville has always been an important crossroads. When it was established in 1792, it was located at the intersection of the important Ingles Ferry and Peppers Ferry trails. Today, it sits at the junction of I-77 and I-81, keeping Wytheville at the forefront of regional travel while still maintaining its old colonial spirit.The below results are primarily rent to own homes in :
Wytheville has always been an important crossroads. When it was established in 1792, it... Read More
Wytheville has always been an important crossroads. When it was established in 1792, it was located at the intersection of the important Ingles Ferry and Peppers Ferry trails. Today, it sits at the junction of I-77 and I-81, keeping Wytheville at the forefront of regional travel while still maintaining its old colonial spirit.The below results are primarily rent to own homes in :
That colonial charm is evident throughout the extensive Wytheville Historic District. Located at the center of town, Wytheville Historic District is the essence of beautiful, old Virginia. It boasts 245 homes and commercial buildings that date back to the 1830s and 1840s, including the birthplace of Edith Bolling Wilson, United States President Woodrow Wilson’s wife. While Wytheville is a historic town, it is also a modern town with all of the amenities, services and jobs locals need. As the county seat of Wythe County, Wytheville is home to many county administrative offices, including Wythe County Circuit Court, Wythe County Parks and Recreation and Wythe County Sheriff’s Office.The county itself is historic, too, named for the first signer of the Declaration of Independence for Virginia, George Wythe. Wytheville was chosen as the county seat in 1790. In addition to many historic structures and modern government offices, Wytheville is rich in agricultural and industrial production. Some of its most prominent local products include livestock, cotton textiles, pharmaceuticals, plastics, electrical equipment and automotive equipment. Top Wytheville employers include Wytheville Community College, Wythe County Public Schools, Pepsico Blue Ridge Gatorade, Mt. Rogers Health District, Wythe County Community Hospital and Somic America.
Buying vs. Rent to Own Homes
The difference between buying a home and signing up for a lease-option depends on your timeframe and how much money you spend on buying the house.
When you buy a house outright, you pay for the fair market value of the home plus interest and other fees charged by your financial lender, if you have one. You buy the property today and immediately start building equity in it.
However, when you rent to own, you won’t own the home until you close on the property, which could be as far as three years from today. You’ll also pay rent monthly, and you don’t get that money back.
There are some fees that you pay for rent to own that you’ll get back as a credit towards the price of your home, like option fees and rent credits. These count as equity on the home, but they’re not on the scale of equity you would build with a mortgage. Therefore, these don’t add anything on to the price you pay for the home the way that rent does.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
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.
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