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How Does a Rent to Own Home or Lease Work?

How Does a Rent to Own Home or Lease Work?

If you’re looking at homes you may find work come across a “rent to own” home or as a seller you might be interested in this type of option but are not sure how it works or how to go about buying or selling your home in this fashion.

Rent to own homes are properties in which a buyer is permitted to rent a home for a specified amount of time with the option of purchasing that home during that timeframe. The price, along with the contract is also settled before the rental lease begins. If the buyer chooses not to buy the property, the property and any rent credits collected will go back to the seller. Unfortunately, the seller will then need to consider trying to resell the home to someone else.

Related: Simple Steps to Buying a Home

These situations were great for buyers that may not be ready financially to take on a mortgage or that are rebuilding their credit and cannot qualify for a mortgage just yet. These also work well when the housing market isn’t performing as well as it should be.  Many sellers will turn toward the rent to own option. This is a unique offering from the seller if the buyer is hard-pressed to find a home elsewhere or even a mortgage. If the seller doesn’t need to actually get rid of the home, they really don’t have a lot to lose at this point. If the buyer decides that they are not interested in buying the home at the end of the leasing. The seller will get the home back and will have received all of the monthly rental payments that the buyer had been making.

[More: How to improve your credit score in order to buy a house]

Depending on the housing market and the demand, most rental payments will cover housing expenses such as a mortgage, property taxes, insurance and maintenance. If the buyer decides to purchase the home, all of the rental payments made thus far will go towards the down payment or purchase of the home itself. The seller can either keep these funds in a separate account rolling them over to the buyer or deduct the rental payments from the cost of the home at this point.How Does a Rent to Own Home or Lease Work?

Here are some important factors to consider when choosing a rent to own property.

There has to be an original agreement on the purchase price. Both the buyer and seller need to come up with a final price that they both agree upon. The terms are final and usually cannot be changed once the lease begins.

This option also eliminates the option for other buyers. The rent to own buyer will pay an “option fee”, which is negotiable and gives the buyer the option to purchase the home at a later time. This fee also prevents the seller from renting the home or selling the property to anyone else.

Once the final price is agreed upon and fees are paid, it is at this time that the tenant occupies the home. Generally, rent to own homes have terms of about three years, which gives the buyer a substantial amount of time to get their financing in order and fulfill the terms of the agreement.

Each month, the buyer will pay the rent, which goes toward a credit to be applied towards the purchase price of the home. If the buyer decides not to sell, that credit will stay with the seller and not be returned to the buyer. If the buyer does not follow through, the stand to lose thousands of dollars by not making the purchase but, this is not necessarily a bad thing. Situations change, things come up and perhaps this is not where the buyer actually wants to live permanently. This is really no different than making a rental payment each month except that the seller will now need to either reprint the home or put the home back on the market.

There are a lot of benefits for both the buyer and the seller in a rent to own option. The buyer’s credit will often be less of a deciding factor when qualifying for the purchase and their down payment may be smaller depending on what the seller will agree to. Sellers can also benefit because they are earning monthly cash if they don’t need to sell the home right away. Another perk for the seller is not the buyer will likely take better care of the home knowing that they may eventually own it themselves.

[More: Which is better? Renting or Buying?]

There are three parts to a rent to own agreement: the rental agreement, which outlines the terms associated with the tendency, the option agreement, which identifies the period by which the buyer has time to consider purchasing the home, and the sale contract, which identifies the term of sale and purchase price.

If you’re considering a rent to own option it’s also a good idea to speak to a real estate broker or agent that specializes in not only buying and selling real estate the property management as well. We can help you facilitate the transaction, talk about the pros and cons for your situation and help you execute the terms for a rent to own option. – More: A Real Estate Agent who is also a property manager

Whether you are a buyer or seller, if you have questions on rent to own properties in Clermont, Winter Garden or Minneola or surrounding communities in Orlando Florida contact me today.

Posted in: Sellers Tagged: clermont florida, lease to own option, property management, rent to own

Home Prices in Orlando Dropped in August

Home Prices in Orlando Dropped in August

Prices in the core Orlando market took their expected seasonal drop last month. They dropped from a middle of the road $170,950 back in July to $165,000 in August. These prices are according to Orlando Regional Realtor Association’s report.Home Prices in Orlando Dropped in August

It’s typical for prices to drop at the end of summer, but this decline is partly being attributed to the result of large amounts of distress properties selling last month that furthered the depressing of the region’s median price.

The amount of foreclosures has been increasing as well as auctions of foreclosed properties. Orlando foreclosures have increased by a third of the amount they were this time last year. They have increased more than 20 percent from July.

Last month year over year prices in the core Orlando market increased 26 percent for short sales, 9 percent for foreclosures and only 5.5 percent for normal sales. Overall home prices were up 6.4 percent year over year. This is only a fraction of the year over year increases that Orlando buyers and sellers realized last year, which was 24 percent.

2,449 houses sold last month, which is down from both a month ago as well as a year ago.

Homes are currently spending an average of 68 days on the market.

There is concern that the future holds a potential of becoming a buyers market as inventory increases.

Under contract homes last month, consisted of 34 percent shorts sales, 42 percent normal properties and 24 percent bank owned properties.

Want to know more about the Orlando and Clermont real estate market? Please check out the following articles:

– Winter Garden Village Has a New Owner

– Curb Appeal Check List to Sell That House!

– What to Do When Your Offer is Rejected on a Home in Clermont

 

 

Posted in: Buyers, Market Reports, Sellers Tagged: home prices, market reports, orlando prices, real estate

Winter Garden Village has a New Owner

Winter Garden Village has a New Owner

Do you live the Winter Garden area of Florida? Well then you probably shop at Winter Garden Village, West Orange County’s 161 acre signature retail development. You also may be interested to know that this retail development of Winter Garden Village now has a new owner. It’s the largest retail transaction so far for 2014 close to the tune of $251 million worth of retail investment sales in Central Florida.Winter Garden Village has a New Owner

The new owner is DDR Corp. DDR Winter Garden LLC, which is an entity related to the Beachwood, Ohio based real estate investment trust (NYSE: DDR), spent $196 million to buy the 1.1 million square foot Winter Garden Village at Fowler Groves from Cole MT Winter Garden FL LLC and Spirit MT Winter Garden FL LLC on the 19th of July as indicated by Orange County records.

Available space for lease is being marketed on the website of DDR. Since this is the biggest retail transaction so far this year, it’s a good indicator that investors are willing to spend the big bucks on Central Florida real estate such as Winter Garden, Minneola and Clermont areas near Orlando.

In addition to this, the new owner could put more capital towards improving and/or developing the property. It’s also notable that this transaction has occurred just five years after the seller, a subsidiary of Phoenix based Cole Real Estate Investment, bought the open air lifestyle center for $180.4 million from a developer known as The Sembler Co.

For more information on Orlando and surrounding areas, please check out the following links:

– What to do When Your Offer is Rejected on a Home in Clermont

– Inspections to Have on a Lake Front Home in Clermont

– The Inspection and Walk Through – What to Look For

Posted in: Buyers, Communities, Lakefront Properties, Sellers Tagged: winter garden, winter garden village

Curb Appeal Checklist to Sell that House!

Curb Appeal Checklist to Sell that House in Clermont Florida

Curb Appeal Checklist to Sell that House!It can never be over stated that curb appeal is so very important when it comes to selling your Orlando home. The majority of potential buyers will NEVER even come to your property if it’s online pictures are lacking curb appeal OR if they do happen to drive by your property, they’ll just keep on driving without a second thought of even getting out of the car if your curb appeal doesn’t do its job to lure them in and take a look around.

You must inspect the outside ground. Remove any building materials, scrap wood, discarded household items and things that simply DO NOT belong from the property. Make sure everything that is seen from the street “curb appeal” is indeed appealing. When it comes to buying homes, buyers do judge a book by its cover. Store garbage cans in the garage or otherwise out of site.

Curb Appeal Check List:

  • -Check the home from the roof line down.
  • -Is the roof free and clear from debris and moss?
  • -Are the gutters clear and hung neatly? No dry rot?
  • -Are the windows clean and free from obstructions (such as overgrown bushes or trees)?
  • -Are bushes, trees and shrubs nicely pruned?Garden
  • -Inspect the condition of the paint or siding for chips etc.
  • -Is it time to power wash the siding?
  • -Is touch up paint needed?
  • -Is the front door in good condition?
  • -Do flower beds need any attention?
  • -Are plants neatly pruned?
  • -Is the bed free and clear of weeds and cat refuse?
  • -Is the bed properly mulched?
  • -Are flowers in bloom?
  • -Keep the lawn neatly groomed.
  • -Is the lawn free from weeds?
  • -Is the lawn, sidewalks and driveway free from grass clippings?
  • -Is the lawn neatly edged?

SEE ALSO:

– How to Stage Your Empty Saw Mill Lakes Home in Clermont

– How to Stage Your Lake Front Property in Clermont

Posted in: Lakefront Properties, Sellers Tagged: clermont, curb appeal, sellers

Sell my Clermont FL Home

Sell my Clermont FL Home

Need a listing agent in Clermont Florida that not only knows the market but the buyers as well? You can’t just throw your listing on the MLS hoping potential buyers will find it.

Many discounted real estate brokerages and selling assistance programs say all you need is MLS coverage but if you really want to sell and sell quickly you need a listing agent that not only knows the market but can advertise to potential buyers. Using a Clermont Florida real estate agent that also deals with buyers means I may already have the buyer ready for your home. Because I deal with buyers and sellers I have buyers waiting for the right property. If your home meets their search criteria and budget, it’s a no-brainer; The home is sold within the first week.Sell my Clermont FL Home

Because I’ve been a real estate agent for so many years I’ve developed a sphere of influence and networking associations to contact when new listings hit the market. I may know of other agents that have buyers looking for your property and can potentially market to hundreds of other buyers agents in the area, not simply the MLS.

Also, because I deal with buyers and sellers I know what buyers are looking for and what’s currently out there. We can strategize and stage your home to far exceed anything that’s on the market today. I price your home competitively, offer more for less, and yet still provide you profit in your pocket at closing if possible.

Considering a short sale, this is one of the best alternatives to foreclosure. Rather than simply walking away, working with the lender by selling your home for less than you all owe on it can free up your burden and allow you more money and more time for what really matters. If you’ve had to deal with a hardship, job change or layoff, medical bills or any other hardship in your life, lenders can sell your home with a short sale allow you to buy again within three years as opposed to a foreclosure which is at least seven.

My proven strategy of listing, selling and closing on homes and properties in Clermont Florida can get your home listed quickly, shown the most and more offers on the table with my network of marketing and advertising avenues. Call me today for a free listing presentation or simply to find out what your Clermont home is currently worth.

Posted in: Sellers Tagged: clermont, listing agent, sell, sellers

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Contact Me

Beth Atalay, Broker/Owner
CAM Realty & Property Management
407-929-1852
Your Orlando Agent

Orlando Realtor - Beth Atalay

Beth Atalay

Broker/Owner CAM Realty & Property Management

1230 Oakley Seaver Dr.
Suite 101
Clermont, FL. 34711

407-929-1852
Your Orlando Agent

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