Browse Rent To Own Homes in Winchester, Virginia
Are you looking for a rent to own house in Winchester? 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 Winchester area.
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Featured Rent To Buy Houses in Winchester, Virginia
Browse the following featured properties in the Winchester, Virginia area, or click here to get access to the complete listings for Winchester rent to own houses.
- Nearest School: John Handley High School
- Nearest Grocery: Sharp Shopper Inc
- Nearest Restaurant: Wok Zone
- Nearest School: Daniel Morgan Middle School
- Nearest Grocery: Bo’s Xpress
- Nearest Restaurant: Winchester Country Club
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.
Winchester Lease Purchase Homes and Houses: 22601, 22602
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 Winchester, Virginia 22603, 22604
There may not be a more beautiful setting that a newer home that is set back in the trees in a beautiful area of the Shenandoah Valley. Winchester Virginia is one of those places that you see on magazine covers, but could never be a place that you could live. Or could you?
The town certainly has that down home, small town feel, but with all of the big city amenities. Great shopping, terrific schools, a thriving economy and plenty of things to do. It is difficult to find any take-aways, but perhaps if you spent 80 or 90 years there you could find some.
The unemployment rate of only 4.4% makes for a stable environment with few people leaving town for greener pastures, because this looks like it is the greener pasture. Even so there are plenty of homes that can be rented or leased, if you are not ready to buy, and there are even opportunities where there is the possibility of renting to buy.
That is a very interesting proposition and there are as many ways to structure that setup as there are the number of grasses on a green lawn. It certainly does have a nice sound to it, and for someone who is just a little short of cash, it just might be the right option.
Typically when people buy a house, the sales contract calls for a certain amount of money as a down payment, to show stability, and then there will be monthly payments on a 15, 20 or a 30 year mortgage.
Essentially, in a rent to own setup, you pay a larger monthly payment for rent for a certain period of time, say for three years. Then the excess that you have been paying over and above the rental amount, is used toward the down payment and you are on a mortgage from then on.
This is a great way to buy a house, and terms can be structured to fit the needs of both the buyer and the seller, so that when they work out the deal, it is set to go.
A rent-to-own deal is a more common way to sell a house than many people realize, and it is sometimes less complicated as it is more between individuals as opposed between the buyer and the bank or mortgage company. It seems so much more friendly that way.