Rent-to-own and lease purchases are not the norms in home buying. On average, about 1 out of 5 to 1 out of 30 rent-to-own offers will be accepted, depending on the property type. The agreement could be the best way to lock in your dream home before you are ready to pull the trigger. You should look at it the same way you would pursue a purchase with traditional finance. Cover all the inspections and check the title, for example.
A rent-to-own agreement ( R2O) can be an excellent option if you’re an aspiring homeowner but aren’t quite ready to pursue traditional financing. These R2O agreements allow you to get your finances in order, improve your credit score, and save money for a down payment while “locking in” the house or condo you really want. In addition, if the option money and/or a percentage of the rent goes toward the purchase price, which they often do, you also get to build some equity, according to Investopia. #r2o #Renttoown
The lease option is an excellent way to move an investment property like a loft that does not always qualify with traditional lenders. For example, a motivated seller can help a buyer who needs time to build equity, which helps smooth over formal loan requirements for a more significant down payment. It’s a win-win in this situation. Rent to own, has it worked for you? COMMENT
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Copyright © This free information is provided courtesy of L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. – EAC22062202KT – We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.