Tips for Finding Rent to Own Homes!

by GuestPoster on July 3, 2010

Most sellers would prefer to sell their home via the traditional method.  This allows them to close on the home and walk away.  Unfortunately, thanks to the real estate market collapse and credit crunch, selling a home quickly has become much more difficult.  Because of this, more and more sellers are willing to consider offering their homes for rent to own.

If you are searching for a rent to own home, there are several things that you should understand.  First, if a home is in a highly desirable area, chances are that the home owner may be more interested in waiting on a buyer that qualifies for a mortgage.  It can be difficult to find a newer home that does not need any work that is readily available for rent to own.

A good way to find sellers that would consider a rent to own agreement is to look for homes that have been on the market for quite some times.  Homes will usually stay on the market for an extended time because they are either in an undesirable location or the owner is seeking a price that is more than what the market will bear.  Because the market is calling for greatly reduced prices, you may be able to give the seller what they want in two or three years when the market has had a chance to recover.

If you are trying to find a rent to own home on your own, you should understand that it can take some sales ability on your part.  The truth is that most home owners have never considered offering their home for rent to own.  Many have no idea how rent to own homes even work, so it will be up to you to explain the ins and outs of rent to own agreements.  It certainly does not hurt to ask – the worst thing that can happen is that they say no and you move on to the next home owner.  If going through the negotiation process yourself is daunting, you can always consider hiring a third party that specializes in rent to own transactions. They may be able to strike a better deal on your behalf because they are skilled in pitching the rent to own idea and can answer any questions that potential sellers might have.  Renting to own can be a great alternative for buyers and sellers in the current market!

Previous post:

Next post: