Browse Rent To Own Homes in Pensacola, FL
Are you looking for a rent to own house in Pensacola? 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 Pensacola area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Pensacola, Florida
Browse the following featured properties in the Pensacola, Florida area, or click the link on this page to get access to the complete listings for Pensacola 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.
Pensacola 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 Pensacola, Florida
If you’re thinking about moving to Florida and purchasing a rent to buy home, then one of the best areas you might consider is Pensacola.
Famous world-wide for the racing events that come every year, Pensacola is a great small city that allows you the convenience of world-class attractions mixed with an everyday town feel.
Perhaps the best feature about Pensacola, Florida, however, isn’t the sunny weather or city atmosphere, but the fact that houses in this area are relatively affordable compared to those in the rest of the state.
Since Pensacola is popular but not as prestigious as some of the other Florida beach communities, you’ll find attractive real estate prices, but at a level that is likely to hold their value. Even in the darkest days of the 2008 crash, housing prices in Pensacola dropped significantly less than those in many other parts of the state. That’s an indicator that this city is poised to survive any recession, and protect your real estate investment, regardless of whether you’re looking for a home to purchase for yourself or as an investor looking to rent out to possible tenants.
Another great aspect of the Pensacola, FL real estate market is the availability of homes that offer attractive financing options for prospective buyers. There are a number of houses that are available on lease option or rent to own terms, making this a great buyer’s market.
Rent to own houses and lease option contracts are a great form of financing that isn’t available to the large majority of homebuyers, who look only at homes financed with traditional bank-backed mortgages. This means that as a buyer you can often find great deals that have less competition from people looking at the property.
The seller is providing all or part of the financing involved in the deal, and often times the buyer can move into the home (or find tenants to move in) with only a small down payment, which pales in comparison to the current requirements that mortgage lenders are looking for.
To find these listings, you need to sign up for a comprehensive service, which you can find online. Believe it or not, most local realtors do NOT know about the wide variety of housing options available, since they’re limited to showing you the properties on which they have the potential to earn a commission.
By signing up with an online rent to own home listing service, you’ll be able to search for and find properties in your area that fit your specific criteria, and can save thousands of dollars in purchasing fees and commissions when you avoid working with a real estate agent.
Click the link on this page to get started.