Browse Rent To Own Homes in Charleston, WV
Are you looking for a rent to own house in Charleston? 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 Charleston area.
Click the link below to access the listings!
Featured Rent To Buy Houses in Charleston, West Virginia
Browse the following featured properties in the Charleston, West Virginia area, or click here to get access to the complete listings for Charleston rent to own houses.
- Nearest School: Horace Mann Middle School
- Nearest Grocery: Barakh Grocery Store
- Nearest Restaurant: Pita Pit
- Nearest School: Montrose Elementary School
- Nearest Grocery: Nitro Supermarket
- Nearest Restaurant: Grazianio’s
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.
Charleston 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 Charleston, West Virginia
In a traditional house purchase, a sale will occur in close proximity based on the acceptance of the offer. Since the majority of the buyers do not have this type of money available to pay cash for the home, a mortgage is typically used in order to finance such a purchase. The buyer will need to be able to come up with a percentage based on the purchase-price known as a down payment and proceeds to pay back the lender in regular-installments till the balance is settled.
However, the qualifications related to this type of mortgage mean that the person needs a good credit-score as well as enough money to cover the down-payment. However, there is an alternative for those buyers that are unable to meet up with these qualifications known as a rent-to-own agreement in Charleston West Virginia. When a buyer enters into a rent-to-own agreement, they are agreeing to the fact that the home will be rented for a period of time before they are able to exercise the option to buy this property before or when the lease-expires.
The Fundamentals Of A Rent To Own Contract
When it comes to rent-to-own agreements, the potential buyer can take occupation of the home immediately, with the option to work on the improvement of their current credit score as well as save up the money needed for a down payment. While the majority of states have their own rules and regulations, and the fact that not all rent-to-own contracts are the same. The agreement usually consists of a person who will rent the property over a set time limit usually between a year to three years, after which this individual will have the choice to buy the home. There are certain conditions and terms that will need to be met once the rental period is up.
In the rent-to-own contracts, potential buyers are required to pay the seller a non-refundable, one-time fee known as a ìmoney optionî or an ìoption consideration.î This offers the buyer a choice to buy the home into the future. It is of importance to know that a few of these contracts offer the potential buyer a ìrightî but not an ìobligationî to buy once the lease has expired. When the wording states ìlease purchaseî and does not include the word ìoptionî, the buyer can be obligated legally to buy the home once their lease expires.
Zipcodes: 25301, 25302, 25303, 25304, 25305, 25306, 25307, 25308, 25309, 25310, 25311, 25312, 25313, 25314, 25315, 25316, 25317, 25318, 25319, 25320, 25321, 25322, 25323, 25324, 25325, 25326, 25327, 25328, 25329, 25330, 25331, 25332, 25333, 25334, 25335, 25336, 25337, 25338, 25339, 25350, 25356, 25357, 25358, 25359, 25360, 25361, 25362, 25363, 25364, 25365, 25375, 25385, 25387, 25389, 25392, 25396