Although they may be eager, some prospective homebuyers just aren’t in the right position to buy their first home. The problem could be a lack of down payment, too much debt, or less than perfect credit, sometimes home buyers just have to wait and work on improving their situations. In this case, a rent-to-own or lease-to-own option can sometimes help. American Property Buyers offers rental home options and we can help sellers rent out their homes.
Your agent at American Property Buyers will discuss the terms available for rent-to-own buyers, but generally, the two parties sign a contract in which the renter is bound to the property for a specified period of time. Typically, the home owner offers an agreement for renters to pay an above-market rent. This allows renters the option to buy the property towards the end of the contract, with the excess amount credited toward a down payment. The contract provides a price for the purchase of the home upon the end of the leasing period.
This option provides prospective buyers an opportunity to settle into a home they want to buy sooner. They continue to save for a down payment, improve their credit score, or just work on improving their overall financial outlook.
For those who have already moved into a new home, but haven’t managed to sell their first home, renting can be a great way to avoid paying two mortgages and you might even be able to make a profit. In addition, there are added benefits at tax time. Landlords gain tax advantages along with regular mortgage interest and taxes deductions.
Staff at American Home Buyers can help both sides devise an agreement and address any issue. All lease agreements should include the time the length of the lease rent and rent credit for down payment; what will happen with the credit if the renter opts out at the end of the contract; who will pay for taxes, insurance and repairs.
"I was very pleased with American Property Buyers, it was a very delightful experience and I will refer them to others"
"Leah was helpful, informative, and honest in our dealings with her. Her follow-up was timely and she helped ensure the deal went smoothly. I look forward to working with her in the future."
"I recently had the opportunity to work with Leah on the acquisition of the above-referenced property. I have purchased several properties this year, and hands down this transaction was the easiest. Leah was very professional and responsive in dealing with questions and issues. I strongly recommend using Leah as an agent for potential buyers and sellers and look forward to working with her again on future real estate transactions."
My experience with Leah Dinsmore and American Property Buyers was excellent! American Property Buyers is a well-rounded, proficient group that displays teamwork. I would definitely recommend American Property Buyers to anyone in real estate.