Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success. Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed.
Most realtors aren’t going to want to work with a client looking for a rent to own deal. Once you do buy, you won’t have to spend money on rent any longer. Rent to own is a good way to prepare for buying a property. Once you have financing, you can move on to Step 3. Step 2.5 is to rent the home for a maximum of three years until you are ready to continue to Step 3.ĭuring Step 2.5, you’re working on improving your credit score, building a steady job history and saving up a down payment so that you can qualify for financing.
The difference is that renting to own has an additional step between Step 2 and Step 3. That’s the basic gist of the traditional home buying process.Īll the steps of the traditional home buying process are present in the rent to own process. To buy a house, you (1) look at the homes available for purchase, (2) pick the house you want, (3) pay the seller the cost of the home and (4) you get the house.
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