Rent to Own Homes in Ypsilanti
Ypsilanti is commonly known as Ypsi for short by its residents and is located in Washtenaw County, Michigan, in the southernmost part of the state. Ypsilanti's population sits at around 21 thousand people, it is known as the home of Eastern Michigan University, and its boundaries are surrounded closely by Superior Township to its north and Ypsilanti Township to its west, south, and east. The city is also in fairly close proximity to Ann Arbor (just 6 miles to the west) and is only 18 miles from Detroit.The below results are primarily rent to own homes in :
Ypsilanti is commonly known as Ypsi for short by its residents and is located in Washtenaw County, Michigan, in the southernmost part of the state. Ypsilanti's population sits at around 21 thousand people, it is known as the home of Eastern Michigan University, and its boundaries are surrounded closely by Superior Township to its north and Ypsilanti Township to its west, south, and east. The city is also in fairly close proximity to Ann Arbor (just 6 miles to the west) and is only 18 miles from Detroit.The below results are primarily rent to own homes in :
The city was named for the Greek hero Demetrios Ypsilantis, who was an integral figure during the Greek War of Independence that took place between 1821 and 1830. To further honor this historic figure, the city of Ypsilanti commissioned the Greek sculptor Christopher Nastos to create a bust of Ypsilantis, which today stands at the base of the Ypsilanti Water Tower. The Ypsilanti Water Tower is its own historic building and is a well known and easily recognizable landmark in the area. Ypsilanti's local government is made up of an elected Mayor and six council members who service on the Ypsilanti City Council. This type of government is known as a council-manager form of government, where strong central leadership (which is elected by the public) works alongside a strong managerial council to make political decisions for the community at large.
Buying vs. Rent to Own Homes
When you rent to own, you pay an option fee and rent the home for up to three years while prepping for financing approval. Then, you buy it as soon as you’re ready. When you buy a home normally, you skip to the third step of the process.
Basically, when you’re almost ready to own a home, you should consider renting to own, but when you are ready, you should go ahead and purchase it.
Rent to own gives you more time to improve your credit score or save up a greater down payment in preparation for buying a house. Ultimately, rent to own is more expensive than outright buying a property because you’re paying rent to the owner every month. However, lease-options are a much better alternative than renting a property because you’re building some equity in the home, just not as much as you will once you purchase.
Once you own a home, you will likely be making monthly payments to a mortgage. Mortgage payments are typically around the same amount as rent to own payments, but all of it – minus interest, PMI and taxes – builds equity in the property, which directly benefits you.
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
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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