Some people are renters, some people are buyers, and some fall right in between! On this week’s installment of Ask A Pro, our Real Estate pro Karlton Utter, Senior Director of Learning Technologies and Solutions at Better Homes and Gardens® Real Estate, explains how to begin the process of finding a rent-to-own home!
Q: My husband and I are looking for a rent to own home. How do we get started with the process?
A: Great question Nija. Your first step should be to contact a local real estate professional in the area that can help guide you to locally listed rent to own opportunities. There are typically not a lot of them available since most investors would like to hold their investment and most folks looking to sell want to cash out and move on. You will also want to contact a financial representative to provide a credit check and walk you through the prequalification and mortgage process for this type of purchase. Each rent to own situation is different. Before renting a rent to own property, you will definitely want to know what percentage, if any, of the rent is going towards the purchase price.