Browse Rent To Own Homes in Murray, UT
Are you looking for a rent to own house in Murray? 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 Murray area.
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Featured Rent To Buy Houses in Murray, Utah
Browse the following featured properties in the Murray, Utah area, or click the link on this page to get access to the complete listings for Murray 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.
Murray 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 Murray, Utah
Murray, Utah, in Salt Lake county, is located 2 miles East of Taylorsville, Utah (center to center) and is 357 miles NE of Las Vegas, Nevada. The city is located in the Salt Lake City – Ogden metropolitan area. Murray shares borders with Taylorsville, Holladay, South Salt Lake and West Jordan, Utah with a total area of 9.6 square miles all of it land. Known for its central location in Salt Lake County, Murray has been called the Hub of Salt Lake County.
The city was named for territorial governor Eli Murray. Murray has a population of 48,822 100% urban.
On the other hand, Murray is home to the Intermountain Medical Center, a huge medical campus that is also Murray’s largest employer. Other main activities that constitute the economic source of the city are the commerce, management, business, finance, and engineering.
About education, Murray has seven elementaries schools, two middle schools, and one senior high school. Murray High School was used in the High School Musical movie series for the Walt Disney Company.
There are a number of recreational centers, shopping destinations such as The Valley Shopping Center and Oakwood Shopping Center. and other tourist attractions in Murray.Fort Douglas is an interesting place to visit. The fort is of historical significance and will be of interest for tourists.
Murray own several recreational places like Murray City Park ,Mick Riley Golf Course, Salt Lake County Ice Center- Ice Skating and Hockey, Jordan River Parkway, Woodstock Meadows Park, Wheeler Historic Farm, and Riverview Park.