Browse Rent To Own Homes in Henderson, KY
Are you looking for a rent to own house in Henderson? 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 Henderson area.
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Featured Rent To Buy Houses in Henderson, Kentucky
Browse the following featured properties in the Henderson, Kentucky area, or click the link on this page to get access to the complete listings for Henderson 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.
Henderson 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 Henderson, Kentucky
Henderson, Kentucky is an incredible place to live, work, and play. If you have been looking for a home but simply do not have the available funds for a down payment it can be rather depressing. Home ownership does not have to hard if you know the right to go about it. In fact, if you are having issues finding a home, you may want to look into a rent to own home ownership program. If you have been thinking about a rent to own home, you need to know these three important facts before you sign on the dotted line.
Know Who Actually Owns The Property
It may seem like this would be a no-brainer, but it has caused previous buyers a lot of heartache and headaches in the past. While you would assume it is the seller that owns the home, it is important to make sure that there are no liens against the property. One of the worst cases to be in is to sign for a home and down the road have to argue over who actually owns the home you are residing in.
Have A Planned Exit
Early in the stage, you may have felt that you have found the perfect home. Of course, at that time you did not know the city bus ran through the neighborhood, or the next door neighbors partied all night, or worse it was a high crime area. This is why it is vital that you have a proper exit clause stated in the contract before you sign. Typically, you will end up losing all money you have already invested in the property. However, you want to if anything else is going to happen if you happen to opt out of the agreement earlier than expected.
Consult With A Professional
While looking into a rent to own property you are going to be greeted with a lot of real estate and legal jargon. If this is an area you are unfamiliar with you should have a professional look over all contracts and documents before they are signed. It will help to keep you safe from signing into something you are not fully aware of.
A rent to won property is one of the best ways to find the perfect home even if you do not have a large down payment. It is just important that you know who owns the property, create a solid exit strategy, and have a professional in your corner.