Own your own property with rent-to-own. Find the right solution for your budget and lifestyle and start living the life you deserve!
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An RTO (rent-to-own) is an agreement where you commit to renting a property for a specific period of time with the option of buying it when the lease runs out. You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price.
This can be a really helpful tool for consumers who would like to get established in a home but still have to find out how to finance it.
When “rent to own” agreements are executed properly, it can give a seller the advantage to sell their home faster, and it can give a buyer an advantage by letting them move into a home they want to live in while they are working to qualify for a mortgage to purchase it.
Here is where “rent to own” can get tricky. There is no such thing as a “rent to own” program, this is simply an agreement between two parties which means that if you aren’t careful you can wind up further away from owning a home than ever.
You can find a lot of sites online trying to sell you access to databases of homes that are ready for an “RTO”. These sites actually just contain regularly listed houses for sale.
Now this seems misleading, but the truth is every house that is currently listed for sale, or is for sale by the owner, is potentially a rent-to-own lead. Typically to get an RTO a buyer is expected to reach out to dozens of sellers to try to get someone to agree to a rent to own home.
Consumers are often unaware of what they actually need to qualify for a home. RTO agreements usually have an arrangement to pay higher rent for the term of the lease. The extra money spent every month will go toward the purchase price of the home when you eventually get a mortgage and buy it. This will make so the buyer has to bring in a smaller down payment or no down payment at all.
If you don’t understand the reality of what you need to purchase your home and you are unable to qualify for a home within the agreed time, you lose all of the extra money you paid toward a down payment during the years you were renting.
There is no regulation that states the rules of an RTO. There are as many different RTO arrangements as there are people so it’s important that you have a contract that details the arrangement and affords the buyer and the seller extra protection.
When done properly, an RTO can be a great tool. Just be sure to create a contract and stick to it to avoid any issues. Also remember that if the contract is void you will not be paid back the extra rent that you have been paying.
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