October, 2019 | Face to Face Realty

Rent-To-Own a Home

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How Does Rent-To-Own Work?

Simply Put: A Rent-To-Own agreement allows a person to purchase a home even if they may have bad credit.

What Do You Need To Get Started?

First, you need to find a Realtor that will give you a list of homes that are available for Rent-To-Own. You can find a Realtor Here.

Second, you will need a down payment. Sometimes the down payment can be a percent of the sales price. For example, if you want to purchase a home for $100,000 you may have to bring 1% ($1,000) to the closing table.

Maintenance and Repairs

Unlike a typical rental, when you Rent-To-Own, repairs and maintenance are your responsibility. Leaky toilets and broken A/C units are all your responsibility.

Benefits of Rent-To-Owning

Using the Rent-To-Own option allows you time to work on your credit and/or save up for down payment. That way you can qualify for a traditional mortgage. Once you qualify for the traditional mortgage, you will not have to negotiate the price because those terms would already be agreed upon with the current owner.

If you are interested in Rent-To-Owning, it is important to find a real estate professional that will assist you throughout the process. It will save you a lot of time and headaches to work with an agent that knows what he/she is doing.

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