These Down Payment & Mortgage Fundamentals Just for You via @homebidz

5 Simple Steps in the Rent to Own Process

Potential homebuyers are nearly always excited to get into a rent to own contract. Before you start, you need to have an understanding of how the rent to own process really works. Here is a breakdown of the details in 5 steps that are easy to follow.

1. Find a home

Explore homes with a rent to own option, or ask sellers if they would consider it. Read tips in: Can you find a rent to own opportunity at an open house?

2. Negotiate

Once you've found the house you would like to move into and someday purchase, it's time to discuss option fee, monthly rent, rent credit, duration, locked-in price, and terms. Make sure that what works for the seller will work for you

3. Create a contract

This is the legal document that will be defining your unique rent to own process. Make sure to have an attorney or other specialist look over the final documents, and that what you agreed upon during negotiation is thoroughly described.

4. Discover financing options

Research how, when, with whom, and the amount of funding you will be needing. Make certain that you will be able to come up with the money you need when the duration of your rent to own contract is up. Do this before you sign anything. Once you do, you're sin the grasp of the agreement. Just make sure you're ready before you make the final move.

5. Move-in

Sign your contract under the authority of a Notary Public representative whose services fall under your state guidelines, then start moving in!  

Conclusion

Finding a rent to own property is the perfect middle ground for some engaged in the home buying process. When buying a home there is a plethora of creative options for those who may have delicate financial situations. Is rent to own right for you?

Latest Posts

The Art of Changing Realtors When You Need to via @homebidz

The Art of Changing Realtors When You Need to

First Time Home Buyers Click Here Finding a realtor can be kind of like dating. There are a ton of them, each with their own set of pros and cons, different areas of expertise, etc. So, when you start forming a...
Loans, Fees, and the Real Cost of Owning Your Home via @homebidz

Loans, Fees, and the Real Cost of Owning Your Home

Need a Home Loan? We know this may come as a shock, but that home that’s for sale for $350,000 will actually end up costing about $575,000 over time. How? Between the interest rates, insurance, property tax, and...
Rent to Own vs. Traditional Mortgages via @homebidz

Rent to Own vs. Traditional Mortgages

Need an FHA Loan? It’s no secret that most people seek out rent-to-own home options over traditional mortgages because of credit issues: either their credit is fair or poor or simply just unestablished. Depending...
Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need to...
Taking the First Step on Your Rent to Own Journey via @homebidz

Taking the First Step on Your Rent to Own Journey

Looking for Rent to Own? When considering a rent to own journey, there certainly are a couple different choices. Each requires the rental property itself, two authorized documents, and then -- sometimes -- an...
Simple Ways to Save for Your Down Payment via @homebidz

Simple Ways to Save for Your Down Payment

Need Family Support? There are a lot of different ways to purchase a home. You can get creative and try owner-financing, or even buying a home at an auction. For the majority of us though, we’re still using banks and...

Categories