Browse Rent To Own Homes in Palm Bay, FL
Are you looking for a rent to own house in Palm Bay? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the Palm Bay area.
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Featured Rent To Buy Houses in Palm Bay, Florida
Browse the following featured properties in the Palm Bay, Florida area, or click the link on this page to get access to the complete listings for Palm Bay rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
Palm Bay Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Palm Bay, Florida
If you want to enjoy a luxurious beach-side lifestyle that’s still close to a large metropolitan region, then Palm Bay, Florida may just be the perfect fit for you.
Situated on the sunny Atlantic coast of Florida, just a few miles from Orlando, Palm Bay is a perfect place to live, regardless of whether you’re looking to retire or raise a family, or even if you just want to find a peaceful place to call home, where you can enjoy long walks on the beach and plenty of sunny poolside days throughout the year.
This city is close enough to Orlando to have everything you could possibly want or need, whether you’re looking for entertainment or business, and yet far enough out of town that you don’t have to deal with the throngs of people. At just over 100,000 residents, it’s a good mix for any personality.
In order to get a house in Palm Bay, FL, there are a number of different routes you might take. Obviously there’s the standard methods of mortgage financing, for those who have enough money to put down a full deposit on a property, and steady earnings from a job or investments to qualify for a bank-financed mortgage.
If you don’t qualify for a standard mortgage, you might also consider one of the many government agencies, such as HUD, which attempt to help individuals purchase their first home, or help with low income housing opportunities across the country.
Finally, a great but often underused option is to negotiate seller-financing with the current owner. Many people don’t realize that often-times a seller will have some flexibility in the terms of the sale, and you can easily negotiate favorable seller-financing that allows you to buy a house with little to no money down, or negotiate a lower interest rate than your credit score might allow from a bank.
This type of financing is commonly known as rent to own financing, since many times the seller will “rent out” the house to the buyer while the buyer builds up the cash needed to qualify as a downpayment.
That means you can officially purchase a home without much money down, but the payment terms are similar to what you would pay every month in rent anyway! This makes rent to buy properties a great opportunity for many homebuyers, and something most people should at least consider before looking at bank mortgages.
To learn more and start browsing rent to own home listings in Palm Bay, FL, sign up via the link on this page!