Browse Rent To Own Homes in Sumter, SC
Are you looking for a rent to own house in Sumter? 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 Sumter area.
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Featured Rent To Buy Houses in Sumter, South Carolina
Browse the following featured properties in the Sumter, South Carolina area, or click the link on this page to get access to the complete listings for Sumter 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.
Sumter 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 Sumter, South Carolina
Buying a new home is something that many people desire. When it comes to the process, however, there are a couple different ways that people go about it. You may choose to do the traditional process and go through a lender, apply for a mortgage loan, and become a home owner that way. Another option is choosing rent to own homes in Sumter SC. No matter which way you go, there are some things you should do as you shop for the home of your dreams.
First of all, you will want to discover what amount you are able to pay for a new home. When you do this, you can go about a few different ways. You can consider the amount you are paying now and think about if that amount is comfortable for you. Another choice is to try an affordability calculator that you can find online. You put in your financial information and then it will calculate the amount you can afford. This information should only be used as a guideline and it doesn’t mean you have to spend this much if you don’t feel comfortable.
After that, you should start looking for rent to own homes in Sumter SC. There are a few different ways you can do this and it will depend on your preferences. You can put the word out to friends and family and let them know that you are interested in renting to own a new home. They can keep their ears and eyes out and let you know if they find anything you may be interested in. You can contact a real estate agent and find out if they are able to help you find the type of home you are looking for. You can also take your search online. Many times you can search real estate sites, classified sites, and do various searches to find options that fit your needs.
Also, you will want to have a good idea about what you want. For instance, what size of a house is necessary? What features would you like? What other things are you looking for in a house? If you have a good idea about the things you want, you can narrow your search to help you find the best choice.
In conclusion, buying a new home is an exciting venture that is full of opportunities.