Browse Rent To Own Homes in Fairmont, WV
Are you looking for a rent to own house in Fairmont? 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 Fairmont area.
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Featured Rent To Buy Houses in Fairmont, West Virginia
Browse the following featured properties in the Fairmont, West Virginia area, or click here to get access to the complete listings for Fairmont rent to own houses.
- Nearest School: East Park Elementary School
- Nearest Grocery: Colo’s Frozen Pizza
- Nearest Restaurant: Wright Dawgs
- Nearest School: Jayenne Elementary School
- Nearest Grocery: Fairmont In & Out
- Nearest Restaurant: Wings Ole
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.
Fairmont Lease Purchase Homes and Houses: 26554, 26555
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 Fairmont, West Virginia
If you are in Fairmont, WV and you are looking for a great housing option, you should consider a rent to own home. There are many great advantages to this property type, so failing to consider this option would be a bad decision. Here are some benefits that are associated with this housing choice.
Having and credit usually bars you from buying a home. This is very unfortunate since some people are in this predicament due to things that are out of their control. When you are signing a lease for a rent to own property, the terms are a bit more forgiving. In fact, there are many people with damaged credit who have had success with this type of home deal.
When you usually buy a home, you do so while taking a chance that the place you are purchasing will be to your liking. You can research the schools, crime rate and everything else about the area, but nothing will prepare you all that living in the property entails; except for experiencing the place for yourself. Renting to own means that you will have firsthand knowledge of the neighborhood before putting all of your money on the line and buying property.
The purchase price that is stated in your contract with the homeowner is locked in. This is certainly a benefit since it means that you can get the home for this price even though it may be valued higher at the time of purchase. For example, if you lock in a price of $250,000 and the home is valued at $310,000 five years later, you will save nearly $60,000.
Going through the buying process is often tedious and it can take some time for the deal to go through. In the meantime, you will not be able to live in the home you are buying. On the other hand, when you are dealing with a rent to own property, you will be allowed to move in as soon as the lease is signed.
As you can tell, there are some very nice benefits associated with rent to own homes. If you are thinking of buying property, this is definitely an option you want to take into consideration. Whether you are interested in the trial period, the opportunity to buy with iffy credit or you want to speed up the move-in process, this is the kind of deal you should certainly consider.