Find Rent To Buy Homes in Manassas, VA
Are you looking for a rent to own house in Manassas? 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 Manassas area.
Featured Rent To Buy Houses in Manassas, Virginia
Browse the following featured properties in the Manassas, Virginia area, or click here to get access to the complete listings for Manassas rent to own houses.
- Nearest School: Richard C. Haydon Elem.
- Nearest Grocery: Southland Corp Market 2585
- Nearest Restaurant: Kim’s Deli
- Nearest School: Grace Children’s Learning Center
- Nearest Grocery: Mecsck Inc
- Nearest Restaurant: Rgn Subs
See the full listing and browse other Manassas, VA rent to own properties.
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.
Manassas Lease Purchase Homes and Houses: 20109, 20110, 20112
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.