Archive for the ‘Rent-to-own’ tag
Getting a Rent to Own Home? Avoid These Mistakes!
Most people make mistakes when they get rent to own homes. Here are some common mistakes and what you can do to avoid them.
Not Having a Professional Handle it for You
There are many variables in a rent to own contract and the language can have serious implications. Most people do not realize how complicated that it can be and because of this, they fail to protect themselves. It is always a good idea
Rent To Own Homes
to let someone who handles rent to own transactions help guide you through the process. Do not make the mistake of thinking that just because someone has a real estate license that they understand how rent to own homes work! The reality is that most real estate professionals have handled only a couple of rent to own transactions in their entire career.
Not Getting a Home Warranty
Most home rent to own contracts place the burden of home maintenance on the tenant buyer. While state laws will ultimately hold the home owner responsible for major issues, there are many things (like air conditioning!) that may not fall under these laws. As such, you need to make sure that you get a home warranty to protect yourself. If anything should happen to the home, you just call the home warranty company and they will cover the expense minus a small deducible. The last thing you want to do is eat up your down payment and reserves repairing the home and then not have the funds that you will need to close.
Not Starting on Credit Repair Immediately
While many places claim to provide fast credit repair, the reality is that for most people who have been declined a loan, improving their credit is going to take some time. Starting credit repair immediately will greatly improve your chances of success.