Browse Rent To Own Homes in Virginia Beach, VA
Are you looking for a rent to own house in Virginia Beach? 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 Virginia Beach area.
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Featured Rent To Buy Houses in Virginia Beach, Virginia
Browse the following featured properties in the Virginia Beach, Virginia area, or click here to get access to the complete listings for Virginia Beach rent to own houses.
- Nearest School: Adult Learning Ctr.
- Nearest Grocery: Euro
- Nearest Restaurant: Sweetwater Cuisine
- Nearest School: East Beach Montessori School
- Nearest Grocery: Great Valu Supermarkets
- Nearest Restaurant: Ships Cabin Restaurant
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.
Virginia Beach Lease Purchase Homes and Houses: 23450, 23451, 23452, 23453, 23454, 23454, 23455, 23456, 23457, 23458, 23459
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 Virginia Beach, Virginia 23460, 23461, 23462, 23463, 23464, 23465, 23466, 23467, 23471, 23479
When it comes to purchasing a home in Virginia Beach, VA, you should consider a rent to own home. These homes often require a smaller down payment, less closing costs and a more intimate sell. Instead of dealing with lenders, you will be dealing directly with the homeowner. Continue reading to learn the benefits of rent to own versus traditional real estate purchases.
A rent to own home in Virginia Beach, Virginia allows you to purchase a home directly from a homeowner. Because of this, many of the costs associated with a home loan can be avoided. For example, unless you want one, you do not need a survey or an appraisal. A survey is used to mark the corners of the property. An appraisal is used to determine if the value of the home is in line with other homes in the area.
Whether you are purchasing a home using traditional financing or owner financing, you should have a home inspection done. A home inspection checks out the house for any potential problems. The home inspector will inspect the roofing system, the plumbing system, the electrical system and the structure of the home. If issues are found during the inspection, you can ask the seller to lower the purchase price or have the problems corrected before you purchase the home.
Another inspection that needs to be done is a termite inspection. This inspection checks for active and inactive termite infestations. Termites eat the wood withing the home’s structure. When this happens, they can weaken the structure. If termites are present or have been present, damage to the structure can occur.
A title search should be completed on the property before closing. The title search searches the ownership records in the courthouse to ensure that no one else has ownership of the property. It will also determine if there are any back taxes or lawsuits that would prevent the owner from giving you a free and clear title to the property.
Although there are many benefits of purchasing a rent to own home in Virginia Beach, Virginia, there are several things that you must do to protect yourself. This includes having the home inspected for termite damage, having a home inspection done and getting a title search completed. Each of these items helps protect you when you are purchasing an owner financed home.