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Bronx, NY 10465
I'm NOT an attorney BUT usually I get a lease and sales contract together.....I require the buyer to put down a NON-REFUNDABLE fee ($3,000 to $5,000). If they purchase the home, it's a CREDIT towards the cost of the home (check with the mortgage company to see how it can be applied) and if the buyers decide NOT to buy that home, seller keeps the fee (the fee is split between the seller and myself towards the commission....the balance of the commission is paid when close so the seller and I are compensated either way).
In the contract they do a home inspection BEFORE they move in and small repairs are paid/done by the buyer with sellers written approval. We get a PRE-APPROVAL from a mortgage company indicating what needs to be done for FINAL APPROVAL.
The lease/contract is treated as a lease if non-payment occurs....As long as the buyer does what they are suppose to do, it's a WIN-WIN.
Call me at 757.287.1433 or e-mail me at email@example.com for more details........
Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.
The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.
The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.
It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.
Saving money for a down payment? Well, heck, you can do that on your own.
If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.
With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.
Find a way to save up on your own; not with Rent To Own.
Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.
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