So you want to buy a house. Maybe you’re looking to build equity. Maybe you’re ready to settle down and start a family. Or maybe you’re just sick of throwing money away at rent every month without building credit. Rent is expensive and it can be hard to get ahead and save for a down payment.
You may be the perfect candidate for a rent-to-own agreement. The idea behind rent-to-own housing is that the renter becomes part-owner of the house over time. Don’t hesitate– click here now to see if you qualify for a rent to own home– many people are pleasantly surprised.
Are Realtors Needed for Rent to Own Properties?
So, do you need a realtor to get into a rent ot own home? Typically, both parties agree upon an initial purchase price that is lower than the market value. This makes it an attractive alternative to renting. Many first-time homebuyers opt to rent-to-own a home instead of buying outright because they can buy a house at the end of their rental agreement with the opportunity to save enough for a down payment and build their credit to qualify for better mortgage rates.
(Click here to get a secure, quick credit check so you can know exactly where you’re at– it will really help the process along. If your credit needs help, click here to get it repaired safely and easily.)
Finding a rent-to-own home is a lot like finding any other type of home. You’ll have to do some research and interview several potential landlords to make sure that you find the best fit for you and your financial situation.
But if you’re new to rent-to-own homes, it can be tough to figure out what questions to ask during an interview, or how to tell if a landlord is reputable (or even whether there’s enough demand in your area for rent-to-own homes). That’s where a realtor can come in handy!
A real estate agent can help you find the perfect rent-to-own property for your needs and budget. They’ll work with the owner of the property and make sure everything is in order before you sign on. Your real estate agent can also help you negotiate with the owner since they know what other people are paying for similar properties in the area.
One of the biggest advantages of using a realtor is that they have access to listings that aren’t available on public sites like Zillow or Trulia. Your realtor can help you find properties that don’t have official listings yet and they can also negotiate on your behalf when it comes time to sign papers!
If you’ve made up your mind to try to get a rent to own home, click here and begin the process– you’re one step closer to your dreams of owning a home.
Realtors will also be able to advise you on how much money to put down on the home (and when), as well as what kind of incentives are available from lenders. They’ll guide you through the paperwork process so that nothing falls through the cracks—which is especially vital when dealing with lease agreements!
The downside is that a lot of realtors will not be interested in a rent to own agreement. RTO is not a heavily discussed topic in realtor training and education unless you find a realtor with an investment background. Another reason that finding an available realtor will be difficult is that they will not be paid much from a lease option agreement; even the upfront commission and fees will be relatively small and often not worth the trouble to the average real estate agent.
If you don’t consult a realtor or are unable to find one, it’s still possible to find a great rent-to-own home on your own! You’ll need to do some research on available properties and talk with potential sellers. Rent to Own Home Finder, Zillow, Craiglist, and Trulia are great resources and will provide listings where you can reach out directly to the homeowner to negotiate if they would be interested in entering a rent-to-own agreement. You will find the best deal if you look at several different options before deciding on one property.
If you are interested in owning your own home, a rent to own is a smart way to make the transition from renting. It’s a way to build credit and save money for a down payment when it comes to the end of the lease agreement. A realtor can be a very useful tool; they will be able to find otherwise unlisted properties, negotiate for better terms in the agreement with the seller, and can walk you through the steps of eventually getting approved for a mortgage. However, it may be difficult to find a realtor to work with as it’s a less discussed topic in real estate education and the commission is very small.
The bottom line is that with or without a realtor, the road to finding the perfect rent-to-own property will take leg work and research, but if this is an option you would like to consider, it can be very worth it in the long run!
