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In order to appreciate rent to own as an option you should have a basic understanding of how it all works, so letsanswer some of the more frequently asked questions that arise, but if you are looking to purchase Nationwide Bank Foreclosures and buy foreclosed homes or Commercial Properties in Bulk (Bulk REOs), then give us a call today, we are Direct to Top tier 1 Banks in the USA, 918- 770-8777 when it comes to your property needs.
A: This lease to own option basically means that a house for rent by owner is offered to a renter that will pay a monthly premium in order to purchase the house at the end of the leases term. The premium is paid on top ofthe market rent, and the contract usually lasts between 1 and 5 years. At the end of the lease, the renter has the option to buy the home, and all the premiums that they paid go towards the equity of their home.
A: An obvious benefit is that the seller will have someone occupying the premises thereby ensuring an income generated from the property. The responsibility of maintaining the property is the occupants, and if the buyer chooses not to purchase, the seller might actually make some extra money from the arrangement.
Q: What are the benefits of this lease option for buyers?
A: The main benefit is that buyers that cant afford to purchase a home immediately can move into that homeand have the homes option, but without needing to pay a down payment or buy the house immediately. This is good for those with poor credit score, those who cant get loan approval, or those that are not able to buy a home immediately.
Families with a limited budget can improve or remedytheir poor credit score by utilizing this option, plus savingup until such time as they are approved for a loan and are then a position to make a down payment. For many families, this is the way that they are able to own their dream home while at the same time living in it even though they have yet to actually buy it.
A: There is a risk that the buyer will not purchase thehome, though this is not usually the case. It could be thatthey are not approved for the loan, or they havent been able to repair their credit score. The owner of the home will be able to keep the premium option and the rentpremiums, meaning that the renter/buyer would lose this money. There is a bit of risk for both parties.