Browse Rent To Own Homes in Sarasota, FL
Are you looking for a rent to own house in Sarasota? 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 Sarasota area.
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Featured Rent To Buy Houses in Sarasota, Florida
Browse the following featured properties in the Sarasota, Florida area, or click the link on this page to get access to the complete listings for Sarasota 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.
Sarasota 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 Sarasota, Florida
If you’re looking to buy a home in Saratoa, Florida, then you’ve chosen one of the most desirable small cities in country.
Sarasota is a wonderful little community that has a small town feel just outside of one of Florida’s larger metropolitan regions. This provides you all of the benefits of living in a cozy town, while giving you access to the highlights of the greater Tampa area, including world class sports teams, music and arts, dining, and of course a healthy and diverse job market.
Sarasota is also nice because it has great weather year round. While the winter can be hit or miss on any given week, the temperature rarely drops below 50, and most days you’ll be able to enjoy sunshine around the bay and Gulf of Mexico.
Since this is such a desirable location, however, it means that there is a lot of competition for houses, and many of Sarasota’s homes are dreamy estates reserved for the ultra-wealthy. While these grandiose homes may line the coast, there are also a number of more affordable houses, condos, and apartments available throughout the city, that are still only a few minutes driving from the beach!
For many Floridians, the best way to purchase these properties, which easily fall above the median home prices for the US as a whole, is to work with alternative financing, such as seller financing.
While this type of home financing can take a number of different forms, one of the most common is that of rent to own or lease option homes. Under a rent to own home agreement, you’ll be able to move into the property before you actually buy it, and will then begin to accumulate your ownership share over time.
This is perfect if you don’t have a large downpayment ready to buy the property, since the seller retains the house as collateral against you paying your monthly payments. It also means you don’t have to worry about qualifying for a bank-backed mortgage until you’ve earned up the necessary amount in the house itself.
This rent to buy method allows many people the opportunity to purchase homes who otherwise wouldn’t be able to afford them, or allows people to purchase a larger home than they might be able to purchase if they were to work exclusively with a bank. Some of the best deals I’ve seen actually combine this type of seller financing for a portion of the home, while negotiating bank financing for the remainder, providing a win-win that gets the buyer into their house quickly and easily, with a payment plan they can afford over time.
To access the latest rent to buy home listings, sign up for an online database that has complete Sarasota, FL rent to own houses included. These properties often aren’t listed by local realtors, so the online services are almost always the best way to find them!
Click the link above to get started.