Rent To Own Frequently Asked Questions
- Are rent to own homes real?
Yes, rent to own homes are a real opportunity for people who need help with or time to save up a down payment. Rent to own also gives tenants time to build their credit to qualify for a mortgage.
- Do I need a realtor to rent to own?
No, you do not need a realtor to rent to own. In fact, most realtors are not willing to work with clients looking to rent to own because they do not make a lot of commission.
- How do you rent to own a home?
To rent to own a home, first, find a seller who is willing to sign a lease-option for his or her property. Begin your lease with option to purchase by paying an option payment and rent the property at a small premium. You have the option purchase the home at any point throughout the lease. The premium and option payment will be credited to your down payment.
- How does rent to own work with bad credit?
It’s easier to make rent to own work with bad credit than it is to make a mortgage work. Your credit can be bad when you rent to own. Rent to own can be the key for someone with bad credit to own a home.
- Is rent to own safe?
Rent to own is safe. It has its risks, but so long as you are aware of them, they are completely avoidable.
- What is a seller-financed loan?
A seller-financed loan means the owner is offering the property for sale and directly providing financing for it. Buyers avoid needing a bank loan for move in. It is easier to get a seller-financed loan on bad credit than it is to get a bank mortgage. Especially, if you’re securing it after renting to own the property from the seller and making your payments consistently on time throughout the lease. Interest payments may be higher on a seller-financed loan.
- Can you rent to own with a previous eviction?
Yes, you can rent to own with a previous eviction. There are no specific requirements to rent to own. Therefore, you can rent to own a home with a previous eviction. However, although there are no qualifications to rent to own, each individual seller may have his or her own criteria for deciding on tenants. He or she might deny you because of a previous eviction.
- Who benefits from rent to own?
Both the buyer and the seller can benefit from rent to own. The buyer benefits from property appreciation, time, mortgage rates and flexibility, The seller benefits from a committed and incentivized buyer, steady cash flow and a way out of a slow market.
- When should you rent to own?
You should rent to own when you
(1) have a credit score or are close to having a credit score that will qualify you for a mortgage,
(2) need to start saving up for a down payment and/or
(3) have found a home that you would like to purchase but would like to live in for a little while as a test drive.
Many people use their rent to own lease to finish building up their credit and saving up for a down payment.
- Who is the best rent to own resource in Atlanta, Georgia?
Based in Henry County Georgia, Lesley Affordable Homes is greater Atlanta’s best resource for finding, renting and selling mobile homes. Lesley Affordable Homes has become known for fair dealings. Through honesty and trust, Lesley Affordable homes has built a quality community of tenants, clients and affordably home inventory. Lesley Affordable Homes is a complete mobile home solution.
We are dedicated to a community and a world that provides a “win/win” for all.
Our desire is to help people who are looking to sell their mobile home, rent to own a mobile home or to find a mobile to live in.