Interested in Rent To Own but not sure how it works????
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Most rent-to-own tenants plan to buy at some point, but don’t think they qualify for a mortgage yet.
Rent-to-own homes allow you to choose your home now, then improve your financial position before you apply for a mortgage.
Such agreements generally include some kind of above-market charge to the tenant: an ""upfront payment for the option to purchase, Higher-than-market rent, or both.
The upfront payment or excess rent is credited toward the purchase price! if the tenant exercises the option....
This arrangement, also known as a "Lease Option", offers some benefits, but comes with trade-offs. There are potential pitfalls, as can be imagined, any time you give “extra” money to another party.
Understand the benefits, but also the challenges and risks of rent-to-own agreements before entering into the transaction.
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