Looking For Homes For Rent to Own? Here Are Things to Consider!
By Wendy Polisi
If you are looking for homes for rent to own, chances are you are not in a situation currently that allows you to qualify for traditional financing. Perhaps you are self employed and unable to provide the underwriters with two years tax returns that verifies your income. Even more likely is that your credit score is not strong enough to get a mortgage now that the guidelines have tightened up so much.
Whatever your reasoning, getting a rent to own home can be a great step towards a positive future. But, there are some things you should consider as you go through the process.
First - make sure you are really motivated. Statistics show that most tenant buyers who enter into rent to own contracts never actually end up purchasing the home. Most often, the reason is that they were not serious enough and therefore did not take action to immediately begin fixing their financial situation.
Let's face it - credit repair isn't a fun process. Very often, you need cash to pay off old collections and pay down credit card debt. This takes disciple and hard work and, unfortunately, most of us are more interested in pleasure today. If you doubt your resolve to correct your financial situation, then you should probably consider renting until a time in which you feel more motivation. It simply doesn't make sense to pay an upfront option fee of between 2% and 5% of the home's value if it is not going to help you in achieving your goals.
You also need to make sure that the current home owner is really serious about selling you the home and not just more interested in having a renter who is willing to pay them an upfront fee.
While most home owners do want to eventually sell, there are some who advertise their homes for rent to own simply because they like collecting option fees. They then structure the contract in a manner that does not give you the opportunity to purchase the home. Typically, this involves a very short term (less than two years) so that you do not have the opportunity to repair your credit. Alternatively, they may set the purchase price so high that you are not able to get a loan because the appraisal will not be accepted by the bank.
By making sure that everyone has the same goals, a rent to own contract can create a win-win for both the tenant buyer and the home seller.
For help finding homes for rent to own or to learn more about whether a rent to own home is right for you, please visit us at FinancetheDream.com.
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Best Ways to Find Homes for Rent or Rent to Own
By Arthur Veal
Many families are looking for alternative housing programs, things like rent to own and owner financing. Even more families are looking for just a house to rent as oppose to an apartment. Well if you have ever tried to find a rent to own house or a house offering owner financing, you might see that the task is quite challenging. You do not know which companies or sellers are reputable and you do not know how to get the most selection to look at. Here are a few tips on how you should conduct your search when looking for a good, quality, rent to own home or for renting a house in general.
Tip #1
Look for companies that offer rent to own housing not owners willing to give you a rent to own lease
Companies that offer rent to own housing are much more likely to have resources that can help you purchase the home you are renting. Many rent to own companies have connections with bank lender and in some cases have credit repair programs. An individual owner is more concerned with just selling their home and they may not have good working knowledge of what can help you to purchase the home. Owners are much more likely to leave the purchasing part to you and won't offer any help.
Tip #2
Start your search online before you drive through an area
As if you did not know,you can search areas much faster on the internet than driving and with today's gas prices, why bother? Most rent to own homes are listed online and many do not have signage on the actual property. So you won't even know that the houses are available. However, by searching online you can qualify the property and make sure you qualify for the property before ever going out. It is sure to save you some time.
Tip # 3
Search the top sites for rent to own, owner financing, or lease options
The top sites that companies and investors post to are eBay Classifieds, Craigslist, Hot pads, and rent bits. These sites have the most rent to own, owner-financing properties and will lead you to companies that specialize in these types of transactions.
Tip #4
Consider using a realtor
Some realtors work with rent to own and owner financing, especially in this tight market. Give a few realtors a call and see what they can find for you.
Using these tips, you should find a great, affordable place. Just make sure you find a program you feel works for you and the terms of your purchase are clear.
Arthur V. Veal IV is the owner of We Buy Houses Home Services, a real estate investment company. They specialize in selling houses with owner financing. They have sold hundreds of houses to deserving families that were not able to get bank loans at the time. His company boast an 83% success rate when helping their buyers refinance the house that they get owner financing on. Find out more about there programs by visiting their site at http://www.ownwithnobank.com
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How Do Rent To Own Home Contracts Work?
By Samantha A Stewart
"Rent to own" is basically a rental contract with the option to buy a home at a predetermined price after the rent-to-own period ends. A portion of the rent paid goes toward equity and also toward establishing or building credit. For a structured real estate option to be effective in Canada, a non-refundable consideration is paid to the property owner which is usually a few percentage points on the value of the home.
In exchange for this option payment, the home buyer or rent to own home buyer is given the option to buy the home at a settled on price no matter where real estate values go. Having an option does not usually mean the potential buyer is forced to buy the home, only that they have the option to buy it in the future in exchange for the option premium.
Rent to own with option to buy contracts are particularly becoming popular in Toronto, Ontario and also in neighboring Mississauga. The option part of the funds is not counted as a security deposit or towards rent, but applies to the home for the purpose of locking in the current negotiated value even if the real estate market recovers and prices go up.
Caveats include paying rent on time during the rent-to-own period as well as treating the home as a rental during this period. (ie. permission still may be required for making improvements or alterations to the home). Monthly rental amounts are typically somewhat higher in a rent to own home situation but a portion is applied toward the actual purchase of the home creating a forced savings system that helps accumulate the necessary down payment when the transaction is completed.
Many rent to own home agreements will also require minor repairs to be done by the renter/buyer as their intention is to buy the home after the rent-to-own period expires. Major repairs such as roof problems and structural issues remain with the actual home owner until the option is exercised by the new home buyer. A rent to own home program can help renters become home owners as they build equity during the rent-to-own home ownership period. This also provides a time buffer to get credit ratings in order and emerge from prior financial problems reflected on a potential buyer's credit history. It is highly recommended that properties under consideration be inspected by a qualified home inspector.
A home inspector is often on the list of professionals you're reputable rent to own home company will put you in touch with before making any decision on a particular property. A rent to own home option in Canada allows the potential home buyer to test a neighborhood and house before committing to outright purchase. Rent to own home programs are becoming more popular in places like Ontario, Canada. In the Toronto area, rent to own homes are widely available.
New Canadian legislation has made it somewhat more difficult to qualify for a mortgage in Ontario. As a result, a rent to own home program can help build the necessary credit history, rating and income to satisfy current Canadian loan requirements. Knowing the future purchase price is already fixed, a rent to own home program can also help lock in the selling price and take advantage of increasing home equity sooner. Recent changes to the laws in Ontario, Canada now make it virtually impossible to obtain a home in Canada with 0% down financing. Home owner insurance is required for all homes purchased with less than 20% down in Canada. Minimum down payments and income verification are now more stringent than prior to the global economic meltdown of 2007-2008. In Canada, there is no requirement to have to deal with banks, mortgage or finance companies when completing a rent-to-own contract.
This allows those that are just building credit or even those with bad credit to get into home ownership while establishing or rebuilding credit. Rent to own home programs may just be the right vehicle for first time home buyers. When deciding on a rent to own home program in Canada, consult with a trusted resource to help you navigate the process. Sandstone Management helps renters become home owners in Ontario, Canada.
Samantha Stewart is a Canadian business owner and resident who loves reading and writing about Canada, Canadian businesses, homes and interests. Visit http://www.sandstonemanagement.ca for further details about rent to own homes in Canada.
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Purchasing a Home Through Rent-to-Own
By Alvin Clavines
Everybody dreams of having their own family home one day. In today's economic climate, many families may need to find out options in order to obtain home ownership. For many people purchasing a home through rent-to-own may be the opportunity open to get a home they can call their home. If owning a home in a traditional way is not an option for you at the moment because of bad credit, no credit, job change or self employment, you should consider, the open opportunity for you to have your dream home, the rent-to-own option. There are several reasons why you should consider the rent-to-own option.
Purchasing a home through rent-to-own can get you in to your own home faster. This way you get in to your own home faster. It does not require you to get a mortgage right away as long as you can afford to cover the monthly option rent payments.
It allows you to have longer period to save up for the house. If you do not have a large down payment or sufficient money reserve put aside to ensure that you can afford to pay for a house that you purchase outright, then the option you have to owning your own home is to purchase it through rent-to-own. You only have to put down two to five percent of the option price down unlike the ten to thirty percent that mortgage companies are now requiring. You can pay off some of the house through your monthly rent credits from your option rent while also giving you enough time to save even more money.
This option also allows you to have time to repair any bad credit you may have. If past financial conditions have left you with a bad credit rating, it may be difficult for you to get a home loan. Rent-to-own options allow you to have time to improve your credit scores and you should be able to get your mortgage at the end of the rent-to-own term.
There is an escape clause if you have an issue with the house or the area. Another good reason to consider the rent-to-own option is that it gives you an escape clause if at the end of the rental term you do not like the house or the area, you can opt out of finally purchasing the property. However, if you do not exercise the option to purchase the home, the option down payment is non-refundable.
Your equity grows faster in a rent-to-own program. On a usual mortgage, your payment goes to interest, taxes and insurance on the first couple of years. Under the rent-to-own program you build an equity by rent option credits every month from $100 - $400 per month. Your name will not appear on the title or any public records until you exercise your option to buy as expressed in your rent-to-own agreement.
Finally, you will have peace of mind and pride of a homeowner. You will have full control of the home and can maintain and improve the home any way you want in accordance with the agreement. If you are thinking of purchasing your own house but mortgage approval problems are in the way of getting your dream house, you should definitely consider purchasing a home through rent-to-own option to move into your family dream home fast.
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Find Homes For Rent in Orange County, California
By Jackson Spindle
No matter if you are a current resident of Orange County or looking to make a change, finding homes for rent in California can be a great way to start your new life. There are some things you need to know during your search to make the most of your efforts.
As of right now there are 34 incorporated counties that make up Orange County, California. Each consists of neighborhoods and demographics that may or may not work for you. Each offers uniquely different job markets and school systems.
In the area you also have many entertainment venues to enjoy. From Disneyland, to the beach Orange County is the perfect area to call home. In the area you will always be just a moment a way from enjoying all the fun it has to offer. Plus many of the attractions give discounts to their local residents.
So where are the homes for rent in Orange County, California? Well, they are all over. Several websites such as rent.com, ocregister.com, and rentals.com provide information on homes you are able to rent in the area. Making the must of these free services can give you a powerful tool to begin your search.
You can also find agents and brokers who specialize in homes for rent in Orange County, California. Many real estate offices have begun to pick up on this trend, and are making capital off this novel idea. It may even be possible to work out a rent to own deal through these companies. This allows you to move away from a traditional loan and experience home ownership on a rental level. An agent also can easily provide you with local crime rates and education systems for your children. This could prove to be beneficial as opposed to taking on the rental hunt alone.
When considering the move you should also figure out commute times to your current place of employment. Perhaps a change of jobs is in order. Orange County offers many different headquarters of some of the best companies in the United States. It may be a good idea to research and apply with these companies. Having solid employment will be essential in securing your new home in Orange County.
Before long you will be able to move into that home of your dreams, by renting it. Begin your search today. There are many great homes for rent in Orange County, and yours could be just a phone call away.
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