Browse Rent To Own Homes in Wilmington, NC
Are you looking for a rent to own house in Wilmington? 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 Wilmington area.
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Featured Rent To Buy Houses in Wilmington, North Carolina
Browse the following featured properties in the Wilmington, North Carolina area, or click the link on this page to get access to the complete listings for Wilmington 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.
Wilmington 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 Wilmington, North Carolina
There’s no denying that owning a home is never an easy proposition, and with the rising cost of house prices, more and more people each year are being priced out of the market entirely ñ making it incredibly difficult for first-time buyers to even get their foot in the door.
However, a fantastic way to purchase a home these days is to use a rent to own deal ñ because you will get all of the advantages associated with renting, but with the added benefit of owning the home once the payments have been completed.
Of course, these offers are highly advantageous, and as such, they are greatly desired. So where can you find these rent to own deals in any great quantity? Well, taking a look at the properties in Wilmington NC is a great place to begin, and you’ll find many outstanding deals in this area which will make you eager to move here in no time at all.
There are several properties in the region of $300,000 which give you four bedrooms, three bedrooms, and wonderful locations in general. However, it’s also possible to purchase smaller homes in the region of $200,000, and you will be surprised by how much you can get for this price when you are using a rent to own deal.
Obviously, it’s important to perform plenty of due diligence first ñ and you need to thoroughly inspect the property before you commit to a rent to own deal.
It’s also wise to have a real estate agent and attorney check over the contracts and help you with the overall negotiation process because this will ensure your interests are protected throughout the negotiation stage.
It’s also wise to ensure there is an exit clause, which specifies exactly what will happen if you decide not to ultimately buy the property at the end of the lease. Of course, it can be hard to say whether you still want to live in the same location in 10, 20, or 30 year’s time ñ so making sure this clause is in place is often to your advantage.
Finally, you also need to negotiate a fair sales price which gives you generous terms and ensures you aren’t missing out by taking a rent to own deal as compared to your other options.
But overall, it’s clear to see that using a rent to own deal is a great opportunity for many people ñ and the Wilmington NC area will give you plenty of homes to consider.