What is Rent to Own?
In a nutshell, Rent to Own is when you (the tenant) has an Option to Purchase from the owner (the landlord) for a pre-determined purchase price during a specific time of the term (usually 3 years).
How Does The Process Work?
1. Get Pre-Approved. The first step is getting us your documents for us to give you a pre-approval amount. This amount is a reflection of either your income today or if you are self employed, the income you will be claiming in the future. We can work with bruised and bad credit, past bankruptcies and proposals.
2. Meet with an Agent. Your agent will get your “wish list”. How many bedrooms? How much parking? Fenced in yard for the kids or pets, proximity to schools etc.
3. Search for a Property. You will begin searching for the home of your choice. At this point $1000 is collected. This is part of your option down payment.
4. Put in an Offer. Once you have found the home of your choice, we will find an investor (who will be your future landlord) to purchase the home for you. There will be a home inspection at their expense, and you of course are welcome to attend.
5. Sign Agreements. During the 5 day conditional period you and your landlord will be signing the Lease and Option agreements. At this time, the remainder of the option down payment will be collected.
6. Move in. On your move in date, you will meet your landlord at the property. You will submit first and last months rent, and they will give you the keys to your new home!
Do You Qualify?
Do you have a minimum household income of $75,000?
Do you have a minimum 3 months at your current job?
Do you have a down payment of approximately 3% of the purchase price?
Are you willing to look for a home that is not in a rural location?
Are the homes you are looking at maintenance free and swimming pool free?