Encore Realty

Rent to Own
Protect yourself.
1. Find a realtor that can handle the rent to own process and below steps.
2. Have an attorney review the rent and lease option paper work.
3. Set up an escrow or trust account. (This insures payments go directly to bank.)
4. Work on fixing your credit with a credit repair company.
5. Work with a mortgage broker or banker to map out future financing.
6. Save all returned checks from which you made rent payments.
7. Don’t procrastinate. Set up the plan and work it immediately.
What is rent to own anyway? How does it work? A rent to own is also known as lease option, lease purchase, lease to own, or contract terms. Typically when someone can’t sell a home for what they owe they will look at other options. Rent to own is a great option if implemented correctly.
Here’s an example of how a lease option would work:
Price of home: $130,000
Down payment: $5k minimum (plus first & last month’s rent/security)
Monthly payment: $900 a month minimum
Term of agreement: 2 years (time frame to refinance or purchase with loan.)
There are many different ways to do real estate and there are many ways to write up agreements. Depending on the size of a home, price, location, etc., would determine
What the above example would be. Obviously if you had a $500,000 dollar house the payment wouldn’t be $900 a month.
This is a great way to purchase a home and sell a home in a down turning market or when a seller just doesn’t want to sell outright immediately. The problem with lease options or other contract terms is that the buyer isn’t always protected properly.

Name*

Email*

Phone*

House Price

Down Payment

Square Feet

Bedrooms

Bathrooms

* Required Information

Name*
Email*
Phone*
House Price
Down Payment
Square Feet
Bedrooms
Bathrooms
	* Required Information