About cyndybuys

Cyndy and Tom Dumire are experienced 22+ year real estate investors. They have mastered how to buy real estate without using any of their money and mentored students for over 12 years. They have built their business, partnered and trained many students to become very successful so they can give up their job! Cyndy and Tom started by studying Ron's system 15 years ago and built their business becoming experts in the ACTS program, subject to, wholesaling, lease options and purchasing homes with their “out of the box” methods. Cyndy is also a marketing guru and it always on the cutting edge developing new methods on buying and selling properties. They will show you what to say, how to say it, how to get a deal and then get a check. Are you looking to fire your boss or go to the next level? It is time to take the challenge and make your first deal. Investors love to work with Cyndy and Tom because they will give you the confidence, guide you how to write contacts and get the checks!

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Rent To Own Real Estate In Quakertown and Surrounding Areas – What If I Have Bad Credit Or No Credit?

Looking for rent-to-own real estate in Quakertown and Surrounding Areas?

The good news is – with rent-to-own, you can still live in a great, permanent home even if you have bad credit or no credit.

Rent to own real estate in Quakertown and Surrounding Areas is quickly becoming a popular way to get into the house of your dreams even if your credit isn’t perfect right now. We’ll show you how it works in this blog post…

Renting and owning are the two most common methods of acquiring accommodation: With renting, you pay (usually monthly) and it’s short term… you don’t actually OWN anything. With owning, you pay back a mortgage loan and it’s long term… you actually OWN your house. There are advantages to both, and disadvantages too.

There’s a third option, which is great for people with bad credit or no credit: If you’re renting right now and want to own your own home, you might feel that you are prohibited because of your credit but rent to own real estate in Quakertown and Surrounding Areas PA is the solution.

By renting to own, you move into a house, pay rent for a period of time, and then purchase that house at the end of the rental period.

Have questions about rent to own real estate in Quakertown and Surrounding Areas? We can help. Click here to fill out the form or give us a call at 610-200-5544

Here’s How To Rent To Own in Quakertown and Surrounding Areas (Even With Bad Credit)

By renting the house first, you get into your permanent dwelling in a credit-friendly way. Sometimes (depending on the situation), some of your rental payment may go toward the down payment or some other benefit – this varies from one property owner to the next.

While you rent, you have time to work on your credit: you’ve got a permanent address and you can work toward improving your credit.

As the rental agreement draws near the end, you use your good credit to apply for a mortgage from a bank, and then you own the house.

The details may vary from one property owner to the next but these are the general concepts involved with rent to own real estate in Quakertown and Surrounding Areas.

There are really great benefits to you: You get into your permanent “dream home” sooner, even though you may not have the credit or down payment right away. And then you have a permanent address that you can use to help you improve your credit, with enough time to really turn your credit around and get a bank loan.

If you’re renting right now and want to own your home someday, rent to own might be the right choice for you.

Want to see what we have available for rent to own real estate in Quakertown and Surrounding Areas? Click here to fill out the form or call us at 610-200-5544

Pros and Cons of Rent to Own Housing In Quakertown and Surrounding Areas

Home Ownership Trends Are Shifting… Keep Reading To Find Out How They Might Make Owning A Home In Quakertown and Surrounding Areas Even Easier…

Credit-score-based mortgages… they were once the primary way of buying a house… but these traditional methods of purchasing a home are becoming less common than in decades past. The American Dream is shifting and the concept of home ownership (while still strong) is evolving…

As banks become tighter with their loan approval process, and as Americans are still digging out of the recession (and possibly any credit problems they may have fell into during the recession), many are turning to alternative means of purchasing a home

… perhaps because they don’t have the credit, maybe because they don’t trust banks anymore, or even because they are learning that there are other ways to buy.

Renting apartments and houses has increased dramatically in recent years… and renting-to-own a house (or Lease Option as many people call it) has become a popular way for families to buy a local Quakertown and Surrounding Areas PA house directly from a seller (after a rental period that usually lasts 12-24 months), without the stringent qualification process offered by banks.

There are many pros and cons of rent to own housing in Quakertown and Surrounding Areas PA, which we will outline in this article.

Remember to read each detail of any contract that you sign, and consult with a financial advisor or rent-to-own expert if you have any questions, or if any part of the process is confusing to you.

Pros of Rent to Own Housing in Quakertown and Surrounding Areas PA —  Why It Can Be A Better Option

Easier Qualification

The largest hurdle to home ownership is usually qualifying for a loan for the house.

Lenders have become more and more stringent with income and asset requirements to approve a loan since the recession, and with the current state of the economy, many Americans just cannot meet these unrealistic expectations. In a rent-to-own situation, the seller can determine the guidelines of approving the contract, and is often much more reasonable than traditional banks.

And this means that usually there’s a much lower upfront payment to get into the house… and you don’t have to go through the complex process of qualifying for a bank loan.

Time to Improve Your Credit

As you’re renting to own a home, you have an opportunity (usually 1-5 years) to rebuild your credit rating so you can get a home loan to buy that house at the end of the rent to own / lease option agreement.

While working on your credit, you’ll have the opportunity to live in your future home, and when the term has ended, you’ll have saved both a down payment and hopefully increased your credit rating to get a traditional mortgage from a bank.

Cons of Rent to Own Housing – Some Drawbacks

Rent Can be More Costly

In a rent-to-own situation, including here in Quakertown and Surrounding Areas and all around PA, the seller can charge more for monthly rental since it comes with the option to purchase the house. If a buyer is unable to purchase the home at the end of the term, they will have spent more to live in a home without the benefit of purchasing it.

So you need to be sure that you’re serious about potentially purchasing this house at the end of the rent to own agreement… otherwise you’d be better off just renting a house through the normal rental channels.

Lease Cancellation

Buyers must beware the risks involved with lease cancellation, eviction, and other factors when considering a rent-to-own home. If a buyer is late on payments or breaks the lease in any way, the option to purchase the home may be lost, and they will have forfeited all fees and additional rent they’ve paid for the ability to purchase at the end of the term.

So same goes here as in the first drawback… if you’re wanting to rent to own the house… be serious about it and use this as an opportunity to improve your credit and earn your way into a great house you’d love to own.

For many Quakertown and Surrounding Areas PA residents who can’t get a traditional bank loan to buy a house, the Pros and Cons of Rent to Own Housing In Quakertown and Surrounding Areas are clear cut.

If you don’t have the credit or don’t have a huge down payment… but want to experience the feeling of “ownership” while you work on purchasing that house… looking for great rent to own houses in Quakertown and Surrounding Areas may be the preferable choice.

If you’re not fully committed to improving your financial situation, your credit, etc… doing a rent to own may not be the right fit.

Rent to own is an attractive option for many Americans. By knowing what you’re getting into, you have a prime opportunity to buy your dream home without meeting the often unrealistic standards set by traditional mortgage lenders.

Have Questions On How Our Local Rent To Own Program Works?

If you have questions about the rent to own / lease option process works… we’re here for ya!

Just click the link below to see our available properties… or connect with us by calling us at 610-200-5544 or through our contact page on this website.

Have Questions? Call us today at 610-200-5544 or shoot us an email here <<

Or, See our available Quakertown and Surrounding Areas area rent to own houses here <<

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Homes For Rent By Owner In Quakertown and Surrounding Areas – Rent-To-Own Step-By-Step

Learn more about homes for rent by owner in Quakertown and Surrounding Areas

… And discover whether renting-to-own the right step for you. Find out how it works here…

If you’re looking into homes for rent by owner in Quakertown and Surrounding Areas, you’re probably thinking about renting… but have you thought about renting to OWN? In this blog post, we’ll share the step-by-step method to walk you through how it all works so you can decide if it’s right for you…

If you’re thinking about renting a home, you’re likely focused on finding a place to rent that you can call your own… but often, renters would love to move up from a rental property into a home that they own, they just might not be able to afford it.

That’s where rent-to-own comes in. With renting, you pay for a place to live for as long as your rental agreement lasts. But with rent to own, you rent a home for a while and then you buy it out-right so that you own it… and you can even do this with bad credit!

Let’s start with the benefits of why renters love it…

1. You can get into a house even if you have bad credit
2. You don’t need a huge down payment
3. You can live in your permanent dream home sooner, even if you can’t afford to buy it just yet

It’s no wonder why people love rent to own!

If you want to learn more about whether rent to own is right for you, click here and fill out the form to talk to one of our experts, or call us on at 610-200-5544

Here’s How It Works To Get Into Homes For Rent By Owner In Quakertown and Surrounding Areas On A Rent-To-Own Basis

First, find homes for rent by owner in Quakertown and Surrounding Areas.

Second, inquire about whether any of their houses are rent to own.

Third, review the available homes and choose one that you’d like to buy someday.

Fourth, sign the agreement, which means you’ll rent the house for a period of time (often a couple of years) with the purpose of buying it later.

Fifth, work on your credit score to improve your credit during that time.

Sixth, when your rental agreement draws to a close, use your improved credit score to apply for a mortgage from a bank and then purchase the house from the owner.

Yes, it really is that simple and it’s a great way for renters to become home owners.

Want to see what we have available in terms of homes for rent by owner in Quakertown and Surrounding Areas that are available on a rent-to-own basis? Click here to get in touch (just fill out the form) or call us at 610-200-5544

The Costs of Rent to Own Housing – For the Quakertown and Surrounding Areas Area

Owning a home — it’s part of the American Dream!

Home ownership gives a sense of freedom, security, and permanence.

Americans dream of growing up, finding a home, and starting a family; they dream of owning their own piece of land and proudly knowing “it’s mine.” Millions of families want a nice home, a white picket fence, a place to rest after a hard day of work, and a place to raise their families.

It’s no wonder that pioneers and settlers came to America to escape the over-crowded rental slums of the Old World and to tame and claim their piece of this vast land. Even today, newcomers to America are attracted here in part because of the opportunities for a better future — which includes owning their own home.

The American Dream Is Changing…

While home ownership continues to be a high priority among many Americans, the American Dream is evolving. There’s still plenty of land and places to live, but it’s evolving for other reasons:

  • There’s the growing number of Americans with credit problems — perhaps due to debt or poor choices or difficult circumstances or even just low paying jobs.
  • There’s the growing number of banks that reject loan applications because they don’t meet the bank’s tightening loan requirements.
  • There’s a trending increase in the number of lower-paying jobs, while higher-paying jobs are vanishing or being outsourced overseas.
  • And the economy is on shaky ground, with one recession barely over and another one threatening to strike.

Although these might not be ideal circumstances, this is the reality we live with. As a result, two things are happening:

  1. House buyers are trying to find creative ways to acquire a home to live in, even if their credit isn’t at the level that a bank is looking for.
  2. House sellers are trying to find creative ways to sell their house because there aren’t as many buyers.

This creativity has led to a new opportunity for people to buy houses even when they may not be able to apply for traditional loans. And that’s how the American Dream is evolving: people still want to own homes (and can!) but there are new ways of buying those homes…

Rent to Own Housing in Quakertown and Surrounding Areas and Other Areas

In a traditional house purchase: the buyer goes to a bank, pays a down payment, and gets a mortgage loan for the remainder of the amount owed on the house they’re buying.

In a rent to own agreement: the buyer who may not have perfect credit works directly with the house seller — to rent a house for a period of time while they build up their credit so they can quality for a mortgage loan.

This works well for everyone!

  • For the seller, it gives them access to more potential buyers.
  • More importantly, for the buyers, it creates a new way to get into a house sooner — a permanent address in the house you’re likely going to buy, a sense of ownership before you even own the house, and an opportunity to work on your credit.
  • Banks love it because it means more people can qualify for loans, too!

Just imagine: if you’re someone who wants to own a home but you can’t get a traditional bank mortgage right now, you might have thought that living in a permanent home was years away. Well it doesn’t have to be: you can get into your permanent home now, enjoy the sense of ownership right away, PLUS you’ll have a stable address (which can help to contribute to a higher credit score).

Want to see what houses we have available for rent to own in Quakertown and Surrounding Areas? Click here and enter your information and we’ll show you what’s available.

What are the Costs of Rent to Own Housing in Quakertown and Surrounding Areas?

In a rent to own agreement, a buyer would move into a home, paying rent, and building credit towards a down payment to ultimately purchase the home. This is a valuable option for families who may not have the necessary credit score to get a traditional mortgage.

The price varies widely, depending on a number of factors, and each rent to own arrangement will be governed by the details described in the agreement. But in general, this is what you’d be looking at…

First, you’ll pay a regular rental amount (just as you would if you were renting anywhere). This amount goes towards the rent and upkeep of the property, just like a regular rental.

Second, the costs of rent to own housing in Quakertown and Surrounding Areas may be higher in some areas… but for a very good reason. In some cases, rent to own rental amounts may be slightly higher versus rental rates you get elsewhere, and this is influenced by a few things — such as the neighborhood the house is in, the condition of the property, the length of the rental period before purchase, etc.

As well, there’s the lease option portion of the agreement, which allows you to buy the house at the end of the rental term. This is built into the cost of rent and, in some cases, a portion of your monthly rent will be applied to a down payment on the home. (Check with the landlord because this is not always the case).

Example: You rent a house for $1,000 even though other houses in the area rent for $900. This extra $100, though, is applied to your down payment and accumulates month by month for 3 years until you are ready to purchase the house.

Important: these vary from one rent to own seller to the next, so make sure you talk to the seller about how the costs of rent to own housing in Quakertown and Surrounding Areas when you’re looking to buy.

While it’s possible that in some cases you may pay slightly more to rent to own a home each month, the savings in the long term could be significant. This is because many sellers will set a predetermined price on the house, locking in protection against housing market fluctuations.

Example: You’ve agreed to rent-to-own a home for three years, before exercising your option to purchase. You come to an agreement with the seller on a price at the end of that term of $200,000. Let’s say that at the end of your rental term, the housing market becomes extremely competitive and surrounding homes are selling for $300,000. As a buyer, you’ll be saving $100,000 on the cost of your new home simply by renting to own and locking in the price.

Rent to own — it’s a great new way that families are getting their own piece of the American Dream even when circumstances have prevented them from doing so in the past.

Want to learn more about our rent to own program or find out what the costs for rent to own housing in Quakertown and Surrounding Areas are? Click here now and enter your information or call us at 610-200-5544 and we’ll be happy to walk you through our process.

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Things To Look For When Renting To Own A Home In Quakertown and Surrounding Areas PA

Renting to own a home in Quakertown and Surrounding Areas, or any city for that matter, isn’t a new concept… but the whole process of “renting to own a house” is a process that most people have questions about.

Well, you’re in the right place!

This article will walk you through what to look for if you’re looking for Quakertown and Surrounding Areas rent to own houses.

1. Find The House You Want To Live In Long-Term… Not Just Rent

A lot of people who are deciding whether they should just rent or “rent to own” look at the whole rent to own / lease option process in the wrong way. Don’t look at it like you’re looking for a house to rent for a little bit.  Of course, you should find a house that is one you’d love to live in for a longer period of time (no less than 5 years).

Why?

Because with rental houses, you know it’s a temporary thing… so you’ll settle for a house that is less than ideal.

But since you’re really looking to get a house to live in for years and years with a rent to own… it should be one that you can see your family in for years.

Yes, you’re renting a “rent to own” house… but you should choose a house you’d be glad to live in for years just in case you do exercise the purchase option at the end of the lease term.

2. Terms That Fit Your Goals And Needs as A Quakertown and Surrounding Areas Home Seeker

Not all rent to own houses in Quakertown and Surrounding Areas have the same contract that goes with them. So make sure to find out the terms of the rental agreement and the terms of the purchase option as well.  Usually the monthly rent tends to be a bit higher with a rent to own agreement vs. a normal rental agreement… because you’re basically paying a premium for the ability to potentially purchase that house at a pre-determined price in the future. There’s a lot of value in that.

But with rent to own agreements you should also have some flexibility that protects you. Make sure there are no fees for not exercising the purchase option at the end of the agreement.

Also clarify with the owner of the house on who will pay for things during the rental term like…

  • Maintenance
  • Lawn care
  • Insurance
  • Repairs
  • Upgrades inside the house (new appliances, paint, etc.)

Get it all in writing who’s in charge of these kinds of things during the rental term.

3. The Value Of The Home – The Value Going Up?

One of the big benefits of a Quakertown and Surrounding Areas rent to own home is the ability to lock in a home at a set price well in advance of you having to purchase it.

With a rent to own house contract, you agree on a monthly rental rate… a term of that rental (usually 12-24 months)… and a purchase price at a future date.

Because of this the purchase price usually doesn’t come at a discount for you… but, if you buy in the right Quakertown and Surrounding Areas PA neighborhood (one that is increasing in value)… you could be earning instant equity if you decide to purchase the home at the end of your rental term.

See Our Current Quakertown and Surrounding Areas Rent
To Own Homes Below!

If you still have questions about the rent to own process just call us anytime at 610-200-5544.

And if you want to be put on our local Quakertown and Surrounding Areas Rent To Own Home List click the link below to see what’s available.

See Local Quakertown and Surrounding Areas Rent To Own Homes >>

Quakertown and Surrounding Areas PA Houses for Rent – Why rent when you can own?

If you’re looking for Quakertown and Surrounding Areas houses for rent you may want to consider your other options as a potential home owner in the Quakertown and Surrounding Areas area.

Most locals who are looking for homes to rent in Quakertown and Surrounding Areas are likely looking at renting as their only option because of things like…

– Bad credit (and can’t get a traditional bank loan to purchase a home)

– Not enough funds for a large downpayment on the Quakertown and Surrounding Areas home you want to live in

– … or you’re just used to renting and didn’t know there were other options.

How Many Quakertown and Surrounding Areas Area Renters Are Turning To Home Ownership By “Renting To Own”?

If you haven’t heard of “renting to own” a home (some call it a “lease option”), you’re not alone.

But the “rent to own” concept isn’t new.

In fact, renting to own has become really common for many things, including furniture, electronics, cars, and more.

And the rent to own concept for houses has been around for decades as well.

So What Is A “Rent To Own” Home?

You can check out more info here on our website to learn more about renting to own a Quakertown and Surrounding Areas home… but in basic terms a rent to own home is…

… Simply a home where the owner of the house allows you to rent the house, with an option at the end of the rental term to purchase the house at a price you and the owner agree upon ahead of time.

You’re not obligated to purchase the home… but the seller is obligated to sell you the home at that pre-determined price if you choose to purchase it at the end of the rental term.

So How Does A Rent To Own Program Help You Buy?

There are a few big benefits to Quakertown and Surrounding Areas rent to own home programs like ours that can help many Quakertown and Surrounding Areas area residents to become home owners.

Usually there’s something causing people to choose renting over buying.

If your credit is preventing you from getting a bank loan to buy a home, a rent to own program can give you the time and assistance to improve your credit during the rental term… so at the end of the rental term you can hopefully qualify for a bank loan and buy the home!

Or for many people the issue is the downpayment.  If you just don’t have the money you’d need to put down on the house you’d want to live in… many times you can find rent to own programs with houses in the exact neighborhoods you want to live in… with much much lower move in fees… and even sometimes guidance in helping you build up the down payment needed during the rental term in the rent to own agreement.

In the end, if you’re looking for Quakertown and Surrounding Areas houses for rent… before you go and rent another house you may want to explore our Quakertown and Surrounding Areas Rent to Own Program to see if it’s right for you.

Renting to own isn’t for everyone… but if it’s the best fit for you this could be your chance to get out of the “rental rat race” and into a home of your own that you actually eventually own.

For more information on our local Rent To Own Home (lease option) program submit the form on the top right of this page, or give us a call anytime at 610-200-5544.

Renting An Apartment vs. Renting A House in Quakertown and Surrounding Areas

local rent to own companySo, you’re looking for a place to rent in Quakertown and Surrounding Areas?

As you’ve already seen… there are a lot of options in the Quakertown and Surrounding Areas area for housing.

All the way from apartments in Quakertown and Surrounding Areas to rental houses in Quakertown and Surrounding Areas… condos… mobile homes, and more.

But if you’re struggling to decide if you want to rent an apartment or a house… check out our tips below on the “pros and cons” of renting a local apartment vs. the pros and cons of renting a local house. (also, see our blog post on pros and cons of Rent to Own Programs for more detailed info >)

Renting A Quakertown and Surrounding Areas Apartment –

There are lots of great apartments in Quakertown and Surrounding Areas.

You’ve probably found new apartment complexes with all kinds of amenities like a swimming pool, gym, rec area, and all kinds of other perks.

And you’ve probably came across some bare bones apartments that just gave you 4 walls and not much else.

So here’s some Pros for renting local apartments:

  • Often rent is cheaper with an apartment vs. renting a house
  • Sometimes some services are included in your rent (trash, water, etc.)
  • Maintenance is 100% taken care of by the management (if you’re in a bigger complex, usually the maintenance person is on-site and can repair things quickly)
  • Sometimes there are more apartment units available than houses you want
  • Amenities are often included like rec rooms, gyms, pools, and more.
  • Sometimes you can pick up your neighbors wifi!

Here are some Cons of renting local apartments:

– You have neighbors sharing walls with you (sometimes on 3 sides of you)
– The stairs: If you get an upstairs apartment it can be a pain getting your furniture in and out
– Parking lot dings: If you’ve lived in a large apartment complex where you’re parking in a shared parking lot… you’ve likely experienced a ding or two from your neighbors on your car.
– Usually you don’t get a yard that is just for you (if you do, it’s usually very very small)

So what about renting a house in Quakertown and Surrounding Areas Houses Should You Start to Look At

In the end, I can’t say that local Quakertown and Surrounding Areas apartments are better than houses to rent or not.

It’s really down to your preference of what you want.

If you want more space and room to roam (without having to share walls with neighbors)… then renting a house will be the route you want to go.

If you’re looking for lots of options, a lower price, and extra amenities like a pool… take a look at the local apartments.

Or, a 3rd option for you is a local Quakertown and Surrounding Areas rent to own home program.

Not sure what a “rent to own” home is?

Check out this page on our website that walks you through what a rent to own home (lease option) home is.

If you’re interested in seeing the local Quakertown and Surrounding Areas rent to own homes that are available click the link below to get on the list and see available homes.

Or call us at 610-200-5544 anytime to ask us questions and see if our Quakertown and Surrounding Areas Rent To Own Program is right for you!

See Available Rent To Own Homes >>

Do I Earn Equity With A Rent To Own Agreement? – Quakertown and Surrounding Areas Rent To Own Program

rent to own processThis question comes up again and again… and honestly, the answer this question has changed in recent years based on new laws enacted that affect what a home owner can do when they’re selling their house under a rent to own agreement.

One of the big benefits of owning a house is that you (hopefully) earn equity as you make payments and pay down the mortgage.

One thing many home owners don’t take into account is that really during the first 5 years (or more) the majority of your mortgage payment to the bank is interest… and very little of your payments for the first 5 years actually goes to pay down the principal and earn you equity.

But on the flip side, the 2nd half of your mortgage is usually where the majority of your equity is earned since most of those payments go to the principal.

So how does it work with a rent to own agreement?

When you do a lease option / rent to own home in Quakertown and Surrounding Areas there are various types of arrangements you can choose to take… but the most common is this:

  1. You find the rent to own house you like and apply
  2. You and the rent to own house owner agree on a monthly rent, a “move in” type fee that basically pays for the privilege to have the opportunity to purchase the home late, and the price of the purchase at the end of the rental agreement if you want to buy it.
  3. You move in and pay your monthly rental payment and treat the house great (since you may be owning it someday).

In the old days of lease options / rent to own agreements, a home owner was allowed to let a portion of the monthly rental payment be applied to the purchase price as a pre-paid down payment.

This was great for everyone!

It helped the tenant buyer earn money off of the purchase each month they made a payment… and it helped the house owner sell the house more often at the end of the rent to own agreement since now the tenant had some “equity” in the deal.

But in recent years a bill was passed in Washington D.C. called the Dodd Frank Act that has placed restrictions on rent to own programs… and has limited the ability to apply rental payments to the end purchase of the home.

But There Is Still Opportunity To Earn Equity With A Rent To Own Contract

One of the great benefits of renting to own a Quakertown and Surrounding Areas house is that you get the ability to have the home seller agree to sell you the house for a price you agree upon today.

And the beauty is… if the market does really well during your rental term and the house goes up in value a lot… the seller can’t raise the price on you.

So whatever home value growth happened during your rental term over and above the sales price… that’s your equity!

Now, is there a guarantee that the value of the home will go up and you’ll earn equity?

No, but just make sure that when you’re negotiating the rent to own agreement that you really do a bit of research and see if the area the house is in has a good chance of increasing in value or not. Then base the purchase option price on that.

Before we wrap this article up… you may have the question of whether you HAVE TO buy the house at the end of the rental term.

The answer is no. If you decide you just don’t want to (or can’t) buy the house at the end of the rent to own agreement… you can just continue to rent if the owner will allow it or you can leave. You’re not bound to purchase the house. However, the seller is bound to sell you the home at the predetermined price as long as you followed the contract terms (i.e. – you didn’t miss payments, you weren’t evicted from the house because of a breach of the rental agreement, etc. etc.).

If you’re looking to get more info about our local Quakertown and Surrounding Areas Rent To Own Homes Program… simply give us a phone call at 610-200-5544 or fill out the form on this website to see our current LIST OF AVAILABLE RENT TO OWN HOMES here >>

 

Are You Required To Buy The House In A Rent To Own Home Contract? – Quakertown and Surrounding Areas Rent To Own Program

A really common question and concern from people looking at renting to own a Quakertown and Surrounding Areas house is “are you required to buy the house in a rent to own home contract ?” at the end of the rental term.

As an example…

… lets say you found a great Quakertown and Surrounding Areas rent to own home and agreed on an attractive rent to own agreement (lease option) with the seller that looked like this…
– $10k upfront
– $1,800/mo
– $200k purchase price option at the end of the 24 month rental agreement

Under that example, you have the opportunity to purchase the home for $200k within 24 months (often times you can purchase the home BEFORE the rental agreement ends with no problem).

So, Are You Required To Buy The House In A Rent To Own Home Contract / Agreement?

If the 24 months comes up and you’re just not ready to purchase the home… but you still love the home and want to live there still… just connect with the seller and see if they’re willing to offer you an extension on the rent to own contract.

Often times, if you’ve been a great renter and show a genuine intent to buy the house… the seller will work with you (it’s in everyones best interest).

If the 24 months comes up and you’re just not ready to buy and you don’t want to stay in the house… you can move out and not purchase the house… usually with no penalty.

What Happens To The Money You’ve Paid The House Owner Up To This Point?

If you choose not to buy the house, the time you spent in the home is treated just like a rental… since you didn’t exercise your option to purchase the home.

That’s the key distinction you need to be clear on with rent to own home programs.

That there are two parts to the agreement…

  1. A Rental Agreement: First first part is a normal rental agreement. You pay a monthly rent on the house for a specified term.
  2. The Option To Purchase: This is a separate agreement that gives you the option to purchase the house for an agreed upon price at a future date.

If you decide not to buy the home… you’re just deciding not to exercise your option to purchase the house… and everyone walks away looking at that past time as a rental.

Make sense?

Really it gives you as the rental tenant / buyer great flexibility in the deal. If you want to buy the home… you can at a set agreed upon price. If you choose not to… no biggie!

That about does it for this article 🙂

If You’re Looking for Quakertown and Surrounding Areas Rent To Own Houses…

… check out our Quakertown and Surrounding Areas rent to own house program on this website and see our available rent to own / lease option homes by clicking the link below.

See Available Quakertown and Surrounding Areas Rent To Own Homes >> 

 

Are Quakertown and Surrounding Areas Rent-to-Own Homes a Scam?

If you’ve spent time driving around Quakertown and Surrounding Areas PA or browsing Craigslist or other sites, you may have seen advertisements that read, “Own a home for $500/month. No credit check!”

While it seems too good to be true, local rent-to-own homes are a viable option that many Quakertown and Surrounding Areas residents are taking advantage of.

But…

Are Quakertown and Surrounding Areas Rent-to-Own Homes a Scam?

In any business there are a few hucksters who aren’t doing the right thing that give everyone else a bad name.  But renting to own / lease option homes aren’t a scam and they’re a really great way for people get on the path to home ownership if your financial situation prevents you from getting a home loan right now.  You can find hundreds of great articles online from reputable resources that back up the fact that rent to own (also called a lease option by many people) is a legitimate and great way to work your way into home ownership.

Really the rent to own process is a relatively simple concept:

  1. The buyer and seller come to an agreement on the cost of the home, the monthly rental payment, and how long the buyer will have to purchase the home.
  2. The buyer moves into the home and begins paying rent.   As this is going on, the buyer is working to rebuild his or her credit, or possibly secure financing to purchase the home using traditional means… and the buyer can feel that same sense of pride that home owners feel because they’re working toward that goal of home ownership actively.
  3. At the end of the term, the buyer has the option to buy the home at the price agreed upon in the initial agreement.

Things To Consider With Your Quakertown and Surrounding Areas Rent To Own Home / Lease Option

While rent-to-own homes in Quakertown and Surrounding Areas are a valid business venture, there are many things that buyers must consider.

Purchasing a home is one of the most complex financial decisions that Americans make every year, and renting to own is no different. There are several potential pitfalls:

  • Unlike traditional ownership, if a renter misses a payment, the entire contract *could* be voided. So make sure to read the fine print and ask the property owner what the default clause is. Any reputable real estate company, like Cyndy Sells Houses will give you this info and answer any of your questions.
  • If you decide not to purchase the home, or are unable to secure financing, any “credit” (if applicable) you may have earned will likely be lost
  • The upfront “option fee” for the rent to own agreement is usually a non-refundable fee. So be sure if you sign on the dotted line, that this home is the right one for you.
  • Unlike traditional rental agreements, in a rent-to-own situation, the renter is responsible for most repairs.

 

Some Advantages of Renting To Own A Local Quakertown and Surrounding Areas PA Home

While renting to own is not without risk (and no financial decision is risk-free), there are a ton of advantages:

  • Buyers can “check out” the neighborhood before committing to a 30-year mortgage.
  • Families can move in quickly and enroll children in the local school district.
  • Buyers with credit problems will have time to get their financial situation in order.
  • The seller has a tenant who has good reason to keep the property in shape.
  • The seller will receive monthly payments, which can cover mortgage payments.
  • The seller is exposed to a larger potential market by including those without perfect credit.

All things considered, not only is renting to own a home in Quakertown and Surrounding Areas definitely not a scam, but a legitimate option for both buyers and sellers.  If you want more information on renting to own a Quakertown and Surrounding Areas house, the process, and our available list of local Quakertown and Surrounding Areas rent to own houses / lease options, click the big link below.

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