Browse Rent To Own Homes in Chesapeake, VA
Are you looking for a rent to own house in Chesapeake? 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 Chesapeake area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Chesapeake, Virginia
Browse the following featured properties in the Chesapeake, Virginia area, or click here to get access to the complete listings for Chesapeake rent to own houses.
- Nearest School: Truitt Intermediate
- Nearest Grocery: Sam’s Stop N Shop Inc
- Nearest Restaurant: Mak’s Restaurant
- Nearest School: Edwin W. Chittum Elem.
- Nearest Grocery: Bj’s Wholesale Club
- Nearest Restaurant: Logan Rayes Key West Grill
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.
Chesapeake Lease Purchase Homes and Houses: 23320, 23321, 23322, 23323
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!
Click here to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Chesapeake, Virginia 23324, 23325, 23326, 23327, 23328
If you have bad credit or do not have a large down payment and the money for closing costs, you may want to consider purchasing a rent to own home in Chesapeake, Virginia. However, if you are like most people, you probably do not know how to find the best rent to own homes. Continue reading to learn how to locate great deals in the Chesapeake area.
The classified ads are a great place to find rent to own houses. Look at the for sale by owner listings in your local paper and contact the owners of the properties you are interested in to see if they would be willing to offer owner financing. Many times the owner may be willing to rent to own if the house has set on the market for an extended period of time.
Word of Mouth
You would be surprised at how much information you can find by simply letting others know that you are looking for a rent to own home in the Chesapeake, Virginia area. Let people go to work for you! Tell your friends, family and post the information to your social media accounts to help you find the best owner financed homes.
The internet is chock full of information that can help you find rent to own homes. There are numerous websites that specialize in rent to own homes throughout America, including the Chesapeake, Virginia area. Do an internet search of rent to own homes in Chesapeake, Virginia to find the best homes for sale by owners in the area. When you do the web search, you will find companies that specialize in owner financed homes. Peruse these sites to find homes in your price range that are rent to own.
If a rental has set empty for quite some time, the owner may be willing to offer owner financing. If you know of a property that has set empty for awhile or you see a home that looks deserted, visit the courthouse to find the owner information. Then, contact the owner to see if they would be interested in financing the home themselves.
As you can see, there are several ways to find rent to own homes in Chesapeake, Virginia. Let your friends and family know you are looking to buy, post it on social media websites, peruse the internet and newspapers for listings and contact landlords to help you find the best deals on owner financed homes.