Who is a candidate for Rent to Own?
Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.
The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.
Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.
The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.
We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.
To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com
Thanks to Claude Diamond for some of the above!
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