Rentals in Sevierville>Question Details

marilyn1270, Renter in Beech Grove, IN

Relocating to Seiverville or Gatlinburg or Cosby. We are looking for a 2 BR around 600 a month rent to buy would be great too.

Asked by marilyn1270, Beech Grove, IN Fri Mar 15, 2013

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I have a 3 bedroom 1 bath. 1350 sq ft. It is 1 block off the parkway in Sevierville. We were asking $124 but have reduced the price to $115. It has been updated, freshly painted and move in ready! It has a flat yard and is within walking distance to wal-mart and trolly stop. It is close to everything but private!
0 votes Thank Flag Link Sun Jun 23, 2013
i saw this and know it is olb but was wondering if you still had a home for rent
Flag Thu Nov 27, 2014
Good afternoon marilyn1270,

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed May 1, 2013
You should look for a Realtor in that area. There should be several Trulia Pro's that can assist if you send them an E-mail.
0 votes Thank Flag Link Tue Apr 30, 2013
Our home is for sale and is a 3 bedroom home with 3 bathrooms and in good condition. We are asking 199000, which over a 30 year mortgage is about $700ish a month. It is listed with Keller Williams if your interested
0 votes Thank Flag Link Tue Apr 30, 2013
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