Rent to Own Tips for Buyers

Lease or rent to own properties provide great opportunity for consumers to own a house without the need for a house loan. How does it work? 

Rent to Own Tips for Buyers
Rent to Own Tips for Buyers

An interested home buyer leases or rents the house, submit monthly payments to the original house owner, with the option to buy or own the house after the predefined payment period.

When the payment period ends, the renter may decide to buy out the house for a small lump sum payment. Nevertheless, the agreement can be made right in the beginning, before the renter starts the lease period. In this case, the owner of the property may ask the renter to submit a lump sum payment or down payment, which can be 10% or higher of the total value of the home.
Rent to own arrangements are great especially for people who cannot easily qualify for a bank loan because of their credit. If you need to work on improving your credit history and need a house to live in, then this is the perfect opportunity for you. Consider the following tips for consumers who want to buy a rent to own property:
Do extensive research. First of all, you need to decide where you want to make the home purchase. Investing in a house is a serious business so don’t forget to think about the long term possibilities when considering the State or place where you to settle down.
Find a reliable seller. Of course, it’s crucial to make sure that you are dealing with a reliable property seller. Some scammers may offer you attractive deals which are bound to get ugly once you sign up the contract. Be sure to check the credentials, reputation and track record of the home seller before signing a deal.
Understand the contract. Everything about the deal has to be written down in the contract. Carefully read and analyze each and every statement particularly with regards to the fees you submit to your seller. Make sure that you will be able to get full ownership of the house once you decide to buy it out.
For more information aboutrent to own seller financing program, please click here. Rick Otton is a pioneer in seller financing and offers consumers the chance to get the home of their dreams even without acquiring a bank loan. Check out the site to get a free instant access to an exclusive 30-minute video on the truth about bank loans or ask questions through their live chat support for free.