Browse Rent To Own Homes in Beckley, WV
Are you looking for a rent to own house in Beckley? 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 Beckley area.
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Featured Rent To Buy Houses in Beckley, West Virginia
Browse the following featured properties in the Beckley, West Virginia area, or click here to get access to the complete listings for Beckley rent to own houses.
- Nearest School: Mountain State University Academy
- Nearest Grocery: Corner Shop
- Nearest Restaurant: Jimmies Place
- Nearest School: Stratton Elementary
- Nearest Grocery: Go Mart Inc
- Nearest Restaurant: Leisure Lanes 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.
Beckley Lease Purchase Homes and Houses
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 Beckley, West Virginia 25801, 25802
If you are thinking about a rent to own home in Beckley, West Virginia, it is important that you know what you are getting into. There are far too many people who speed through the process without giving it any thought. Here are several things that you should know before considering this type of property.
When you sign an agreement on a rent to own property, you are basically leasing the home with an option to buy. During the time period that is specified in the contract, the homeowner cannot sell the property to anyone else. With that said, if you live in the home for the time being then you decide that you would rather not make the purchase, you have that right. Do not make the mistake of believing that you are obligated to buy it.
With that said, make sure that there is a clause in the lease agreement that clearly states what will happen if you decide not to purchase. While no one can force you to purchase a home you don’t want, this does not mean that there will not be some type of penalty.
Always ask whether or not there are any liens on the property. In the event that liens are in place, you will not be able to buy the house from the current owner. Unfortunately, this is a common problem that people face when dealing with rent to own property. You do not want to have any hassles later if you buy the home and find out that the owner could not legally sign over the title to you.
One thing that many people do not realize is the importance of a fair sales price. When you sign the original agreement, the sales price you are offered is locked in. That means that you will be required to pay this amount if you decide to buy the home later. The good thing about this is the fact that the value may have risen, which means you end up with a great deal. On the flip side, if it has declined, you will pay more than it is worth.
When it comes to property deals, it is very important for you to look before you leap. Now that you are more educated about rent to own properties, you can feel more comfortable with the concept in the future.