Home Buying in Galveston>Question Details

Cnos21, Renter in Galveston, TX

what are do i have to do to qualify for a rent to own property?

Asked by Cnos21, Galveston, TX Mon Feb 28, 2011

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Unfortunatley rent to own is not really an option in the state of Texas any longer. You can lease the property but none of your rental payments can be applied to the mortgage which is what most people wouldl ike to do. You have to write up a lease agreement and a sales contract at the same time and be qualified to purchase by a reputable lender. As you get closer to the closing date, then you can exercise your option to purchase. Most people end up moving out when the lease is up and aren't interested in purchasing the house they are living in. Not a good thing for renter or landlord. You may check in you local paper to see if an individual would be willing to pursue this option. Always, always check with a real estate attorney before proceeding with any lease to buy!
0 votes Thank Flag Link Thu Apr 14, 2011
There is no standard for qualifying to move in to a rent to own home. Unfortunately, this is where most families get false hope about buying a rent to own home.

The simple truth is, any homeowner can lease their home to you and give you an "option" to buy their house. That is basically what a rent to own or lease to own is. The problem is, when you move into a rent to own home you sign an option agreement that gives you a VERY specific amount of time to purchase the house.

This means that if YOU don't go out and qualify and secure a mortgage within the "option period" you will lose your right to purchase the house.

There are a few things to be aware of when using a rent to own, but if you educate yourself, you can use this strategy to secure a great deal!
0 votes Thank Flag Link Mon Feb 28, 2011
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