Browse Rent To Own Homes in Petersburg, VA
Are you looking for a rent to own house in Petersburg? 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 Petersburg area.
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Featured Rent To Buy Houses in Petersburg, Virginia
Browse the following featured properties in the Petersburg, Virginia area, or click here to get access to the complete listings for Petersburg rent to own houses.
- Nearest School: Saint Joseph
- Nearest Grocery: South Adams Super Market
- Nearest Restaurant: Canton Restaurant
- Nearest School: Colonial Heights Middle School
- Nearest Grocery: Southpark Slip-In
- Nearest Restaurant: Crocker’s Spot
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.
Petersburg Lease Purchase Homes and Houses: 23803, 23804
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 Petersburg, Virginia 23805, 23806
On the banks of the Appomattox River there is a picturesque town located in Dinwiddie County named Petersburg Virginia. The town was the place during the Civil War that the Yankees used as a base when plotting how to overthrow the Confederate Capital of Richmond.
Petersburg is a hub for travel too, as 3 major interstates cross each other as the town is in the middle of where every one else is going. Amtrak passes through the town as well as movement on the river with riverboat traffic.
If you are looking to rent a home, Petersburg is a haven for renters and rent to own prospects as well as full time buyers. Virginia is well known for its easy, laid back lifestyle, and that you will find in Petersburg. With a host of family style casual restaurants, with that upscale feel, you’ll be right at home in Petersburg.
The Petersburg National Battlefield Park is a replica of an actual Civil War battlefield where people can learn firsthand about the history of the war. The walk through history a mindfull memory of just how close this country came to being split up.
If you are thinking of a rent-to-own opportunity to get into a home in Petersburg, you will find plenty of choices, all in great settings and comfortably a part of the Petersburg scene.
In a rent-to-own arrangement, the rent that is being charged is a good 25 percent or more over what a normal rent would be. The excess amount is then held in escrow and at the end of the rental period, say in two to five years, the excess money is used as a down payment for a mortgage of 20 to 30 years.
In this type of arrangement, the buyer can build up the down payment, and then get into a home that is a known piece of real estate property. It is an ideal way to purchase a house, but in some arrangements, the buyer can bail out early if that is what he or she decides to do.
In other words, everything is very flexible on both sides until the deal is set in stone at the end of the rental period. If a buyer’s credit is a bit on the tarnished side, and whose isn’t in this current economy, then the rent payments can be a little higher. If the deal works, do it.