Browse Rent To Own Homes in Salem, VA
Are you looking for a rent to own house in Salem? 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 Salem area.
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Featured Rent To Buy Houses in Salem, Virginia
Browse the following featured properties in the Salem, Virginia area, or click here to get access to the complete listings for Salem rent to own houses.
- Nearest School: Salem Montessori School Inc
- Nearest Grocery: Wilco Hess
- Nearest Restaurant: Bobbi-Jo’s Pancake House
- Nearest School: G. W. Carver Elem.
- Nearest Grocery: Stop In Food Stores
- Nearest Restaurant: Veggies To Go
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.
Salem Lease Purchase Homes and Houses: 24153
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 Salem, Virginia
Do you love the city of Salem, Virginia, and wish to make it your permanent residence? Perhaps you already live there and are ready to settle down into a home of your own. Either way, buying a home will allow you the opportunity to grow a garden, paint the walls any color you like and all of the other perks of owning rather than renting a place to live.
However, you may have issues regarding home financing. In this case, you can start looking for opportunities that will let you rent to own. With these types of arrangements, the money you pay each month will be applied toward the purchase cost of the home rather than going down the drain. It is an excellent way to buy a home though there are differences that you should realize.
Almost always, the homes that you will find that are open to this type of arrangement are usually privately owned and not placed on the market with a major real estate agent. This means that you may have to search a bit more to find them and you will not have the assistance of a realtor to get through the process.
Fortunately, there are standard forms that are often used to create these arrangements and if you are not sure about anything in the offer, you can always hire someone specifically regarding the documents. In fact, if neither of you has experience with rent to own homes, it may be a wise choice to have it drafted by a professional. This way you can be sure that things will go the way that you plan.
There are things that you will have to be sure are covered by the contract, such as what will happen if the current owner passes away. This is one example of why you should never rely on a word of mouth agreement alone. There are heartbreaking stories of people who were in such an arrangement and when the person passed away, their relatives refused to acknowledge the plan. However, they cannot do that if you have the legal documentation needed to support your claims to the home.
Don’t waste any more of your hard earned dollars paying rent that you will never see again. Find a way to rent to own your home instead and your monthly expense will really pay off!