Browse Rent To Own Homes in Morgantown, WV
Are you looking for a rent to own house in Morgantown? 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 Morgantown area.
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Featured Rent To Buy Houses in Morgantown, West Virginia
Browse the following featured properties in the Morgantown, West Virginia area, or click here to get access to the complete listings for Morgantown rent to own houses.
- Nearest School: St Francis De Sales Central Catholic School
- Nearest Grocery: Walmart Supercenter
- Nearest Restaurant: Heritage Room
- Nearest School: Morgantown High School
- Nearest Grocery: Dairy Mart Foods
- Nearest Restaurant: Neon Cafe
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.
Morgantown Lease Purchase Homes and Houses: 26501, 26502, 26503, 26504
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 Morgantown, West Virginia: 26505, 26506, 26507, 26508
Rent-to-own homes are growing in popularity especially since various banks are knocking back and cracking down on many applications. The reasons behind why these applications are not accepted varies but the more common ones are associated with less than perfect credit profile and not enough money to cover the deposit.
Rent-to-own homes in Morgantown West Virginia offer the cash-strapped buyers the opportunity to own a home at a lowered deposit while giving them the necessary time to fix their credit scores before they will need to apply for the traditional type of bank loan.
When buying a home in the traditional method the buyer is offered with several options on the type of house they would like to buy. Unfortunately this is not the case when looking for a rent-to-own home. The reason behind this is due to the fact that there are minimal houses available that can be owned for a deposit of $10,000 or below. This means that buyers should look at this home buy as the initial step to gain home ownership and later on use this home to progress into owning the home they desire.
This means that the buyer should be open to options and open to making compromises. Each seller that has decided to sell their home on a rent-to-own option will do so in various ways. The first aspect will be to find out about the money that is needed upfront for the deposit, what the amount will be weekly and the exact application process.
The rent-to-own homes typically go extremely fast. This is due to the fact that there are many individuals who cannot obtain a home loan from traditional lenders. When going to view a rent-to-own option the buyer should be prepared to have a holding fee that they can place down to secure their chances. It is advisable to carry a $1000 holding-fee while completing the application process.
Components that may vary will include how the water insurance and rates are paid. Certain sellers may include this amount into the weekly payments. While others may have a set weekly amount and then another bill to cover water rates and insurance. The majority of individuals prefer to pay a weekly fee opposed to a lump-sum payment at the end of every month or quarter.
The great appeal as to why rent-to-own homes work is that it offers the buyer a way to show lenders that they are able to pay this weekly amount on time.