Browse Rent To Own Homes in Weirton, WV
Are you looking for a rent to own house in Weirton? 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 Weirton area.
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Featured Rent To Buy Houses in Weirton, West Virginia
Browse the following featured properties in the Weirton, West Virginia area, or click here to get access to the complete listings for Weirton rent to own houses.
- Nearest School: Liberty Elementary School
- Nearest Grocery: Loading Zone
- Nearest Restaurant: Cafe Bella
- Nearest School: St. Paul School
- Nearest Grocery: Marland Heights Deli & More
- Nearest Restaurant: Lickity Splits
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.
Weirton Lease Purchase Homes and Houses: 26062
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 Weirton, West Virginia
The APRO (Association of Progressive Rental Organizations) states that the ìrent-to-ownî business is an astounding $8.5 billion industry. These rent-to-own transactions first become well-known in the era of the 70s that was used for consumers to obtain household-goods such as jewelry, instruments, computers, appliances, electronics and furniture without the need to pay up the full price.
Over the past few decades the industry involving rent-to-own options have spread to other areas such as cars, storage sheds, bicycles and fine art. Today consumers are able to take advantage of a rent-to-own option in Weirton West Virginia to purchase a house. These agreement types are very different to the ones found in the stores that offer rent-to-own options.
The major difference relates to the fact that the purchaser will need a ìdown payment.î In the world of ìreal estateî this ìdown paymentî is often referred to as ìoption moneyî and is a cash amount paid from a buyer to a seller in order to obtain the right or option to purchase this home after a period of time. This money is paid upfront before the purchaser is allowed to take occupation of the home.
The buyer will be required to pay a rental on the property for the duration of the lease period. When this lease period has ended, the purchaser has the option or the right to purchase the home for a price that has been agreed on in advance. In some cases the amount can be related to the ìcurrentî market value.
If the purchaser has decided against the purchase, they may be able to leave the agreement if the word ìoptionî has been included in the contract. However, the option money or down-payment and any rental portion that has earned a credit towards the set purchase price will be lost.
When deciding to go for a rent to own option in the area of Weirton West Virginia it is always advisable that the purchaser has a full understanding on how a rent-to-own option operates and is prepared with a down payment when one of these homes comes onto the market. Due to the fact that so many potential buyers find out that they are unable to obtain a traditional mortgage, there are many buyers out there waiting for a rent-to-own option. This typically means that these houses will go fast and buyers will need to act fast.