How to Get a Rent-to-Own Home

Series Summary

Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary or fixed in location. With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. In this free video series on real estate, a Massachusetts Realtor discusses a few topics surrounding the buying, renting and selling of property. Get tips on selling and moving out of a home, and find out how to pursue a piece of land when the property is not for sale. Find out how to do a property history search, and discover the benefits of hiring a real estate agent. Even in a dragging market, understand the art of real estate with this helpful guide.

Video Transcript

"How to get a rent to own home. This is something that in a slower real estate market, we are seeing quite a bit more of. These types of situations but even in a more up market we can certainly do this as well. This can either work a couple of different ways. If you're on your own if you're not associated with a Realtor. The I would say the best thing to do is if you're looking at for sale by owner properties, give these people a call and see what they're situation is. If this is a property that's been sitting on the market for a long time, the seller is probably more likely to take part in a rent to own scenario. But this is something you'll have to do on your own if you're not working with a Realtor. If you are working with a Realtor, which i would highly suggest, when you, if this is something you're interested in, let your Realtor know and they will be able to contact the seller or the seller's representative and ask them if this is something they would be, if they would be interested in. If a property has been sitting on the market for a long time, let's say maybe a year or more, chances are this seller is probably going to want to rent it out very quickly. So if your Realtor or you can get a good market value for this place, it's probably in your best interest especially if you like the place and you want to buy it eventually to get into a rent to own scenario. As long as you're paying money for it each month as part of your rent, it can be applied to a final sale price of the house somewhere down the line. This could happen a couple different ways. If you're looking at houses and you're with your Realtor if you're looking at houses and you find a place that you like that might be a little bit more expensive than you originally hoped for and the seller is agreeable to go ahead and rent it out, then the money possibly can be put toward the final sale price. This is all something you need to work out with the seller and it might not be something that they're interested in. I would say the most important thing to do is find out how long the place has been on the market. If the place has been on the market for a very long time, the seller will probably be more likely to enter in this type of agreement with you. And that's how to get involved with a rent to own scenario."