Rent to Own Leads to Home Ownership2018-08-29T21:54:20+00:00

Welcome to the New Path for Home Ownership

Rent to Own Homes

Are you close to being able to buy a home but aren’t quite there? Did you just move to San Antonio and aren’t sure where you want to live? Do you need to rent right now, but really want to buy a home in a couple years? A lease with a right to purchase may be right for you. You can apply to the lease to own home partners program with through me Realtor Ray McCurty.

If you’re approved I will help you find the home you want in the home program. My home partners will buy the house and rent it to you and you will have three years of rent certainty with only a one-year financial commitment on the lease. Most importantly you can purchase the home you selected from the program at a price establish when you entered the right to purchase agreement, in accordance with the terms of the agreement. This is an exciting opportunity for prospective homeowners 

How Rent to Own Works

PROSPECTIVE RESIDENTS WHO MIGHT BE RIGHT FOR THE PROGRAM

• First-time homebuyers 
• Potential homeowners who recently relocated to San Antonio and are unsure which neighborhood to live in. 
• Potential homeowners who cannot obtain a mortgage
 
The dream of owning a home can be a reality with a Rent to Own Purchase program. Stop dreaming about homeownership and start living! 

Addressed issues in the rent to own agreement are as follows:

1. Down payment:

There may be an earnest money deposit required. This is money held by a title company & kept in escrow until the option to buy is exercised.

2. Purchase price:

The purchase price is set according to today’s market, not in the future when the option to buy is exercised.

3. Legal title:

The tenant becomes a purchaser only upon exercise of the option to buy. This means the title will remain in the owner’s name until the landlord-tenant relationship ceases and the option becomes an absolute and binding contract of sale.

Rent to Own FAQs

There’s so many upfront costs involved when you’re purchasing a home. Before you’ve even made a down payment, you’re already out $1,400 at a minimum. The down payment can be quite a large percentage of the loan, which can quickly send your costs spiraling out of control. There is a great alternative to buying a home upfront – Rent To Own homes in San Antonio, TX.

Rent to own is even a option for people with a poor credit rating, and people with no credit. These are renters who want to buy and may be in a position to do so after a period of time. Owners, landlords, and property managers like the rent to buy option as it tends to attract better tenants. As the tenants will have the option to buy the property, they are more invested in the property, and are more likely to take better care of it.

Rent to own could be the best choice for you if you really want to own your own home, or if you have just moved to the San Antonio area, and you aren’t quite sure where you want to live. Realtor Ray McCurty can help you find your dream home to rent, and after a period of time, you can purchase your home at a set price.

How Does Rent To Own Work?

When you’re looking for rent to own homes in San Antonio, TX, you begin by talking to realtor Ray McCurty. This will help to determine if rent to own is the best option for you.

  • Ray McCurty will work with you to find a qualified home that suits your style, needs and preferences.
  • Once the right home has been found Ray’s purchase partners will buy the home.
  • When the offer on the home has been accepted by the seller, you will sign a one year lease, which you can renew, and you will also sign a Right to Purchase Agreement. The Right to Purchase Agreement will set out the price of the home, and other details.
  • You can purchase the property at any point during your tenancy at the price set out in the Right to Purchase Agreement. If you change your mind, you can choose not to renew your lease, and walk away without any penalties.

Rent To Own Agreement

Not every agreement is the same, and the rules vary from state to state, but for rent to own homes in San Antonio, TX, these are some of the standard rules of an agreement.

In some cases the rent to own agreement may need an earnest money deposit. This money will be held by a title company in escrow until the tenant buys the property.

The agreement will also establish the price of the property, however, this price will be based on the market at the time of the agreement, not the future market at the time of purchase. It will also specify the time period for purchase, usually between one and three years.

The agreement will set out the rent for the lease. This may seem higher than the average rent for the area, however, a portion of the rent will go towards the purchase of the home at the end of the lease.

The agreement will also clarify that the title of the property will belong to the owner until the tenant opts to buy the home, which ends the landlord-tenant relationship. As the landlord still owns the property, they are responsible for any homeowners association fees, taxes, and insurance, and they may also choose to cover these cost and the cost of any repair work. Tenants should still find a renter’s insurance policy.

The tenant is usually responsible for maintaining the property. You should make sure that you are very clear on what the contents of the rent to own agreement set out. Always seek help from a reputable realtor.

Why Choose Rent To Own As A Tenant?

  • Rent to own homes in San Antonio, TX, can be the lifesaving option you need. If you have found your dream home, but you don’t have the means to buy it, rent to own will give you time. You can use the time to improve your credit score, or save money while building home equity.
  • Rent to own also means that you can move relatively quickly, without committing yourself to a long term mortgage. It’s a great option if you need to move for work, or if you just want to be in a better neighborhood or school district.
  • Rent to own can even be an option for people with poor credit, or previous foreclosures. These can prevent you from getting a traditional mortgage, but they do not necessarily prevent you from rent to own.
  • Rent to own tenants may need to pay a higher than average rent, but a portion of this is set aside as a down payment. It is returned at the end of the lease agreement towards the purchase of the home.

Why Do Landlords Choose Rent To Own Tenants?

Landlords of rent to own home in San Antonio, TX, will offer a rent to own option because it benefits the tenants, and themselves. Firstly, they will get a steady rental income from the property for an agreed period, rather than having an empty home on the market.

Another reason is because rent to own tenants tend to be much more invested in the property than regular tenants. Rent to own tenants are intending to buy the home at the end of the agreed period. This means that they are more likely to take more care of the home. In fact, depending on what was set out in the agreement, the tenant may be responsible for any maintenance and repairs.

Who Can Rent To Own in San Antonio, TX?

Rent to own may be suitable for first-time buyers, people with credit problems, people who need more time for mortgage financing, and people who have recently moved but don’t know which neighborhood they want to live in.

If you’re looking for homes in rent to own programs, then call us today for expert advice, guidance, and a beautiful dream home.

Featured Rentals 

There are benefits for both sides in this type of transaction. The homeowner continues to receive rental income and gets to have the income tax deductions as long as they own the home. For the buyers, who will be the ones doing the rent to own home program they get more time to qualify for mortgage financing and depending on the agreement, receive a portion of the money paid as rent reflected toward the home sales price. Not to mention the joy of knowing soon the home will be theirs.

If interested in this type of alternative home ownership, please contact me so we can discuss it further. I will be happy to answer any questions you have about a rent to own home program and will be able to help you throughout the process.

Rent to Own

Upfront Costs To Buying a Home

Only an example with the minimums:

  • $500 earnest money
  • $100 Option Fee
  • $400 home inspection and termite fee
  • $400 appraisal fee
  • The down payment amount varies from 0% if going with a VA or USDA home loan with a minimum 3.5% of the house price for a FHA loan and 5% for the conventional loan.
Rent to Own

Upfront Costs To Buying a Home

Only an example with the minimums:

  • $500 earnest money
  • $100 Option Fee 
  • $400 home inspection/termite fee
  • $400 appraisal fee
  • The down payment amount varies from 0% if going with a VA or USDA home loan with a minimum 3.5% of the house price for a FHA loan and 5% for the conventional loan.

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