Rent To Own
Hello - do you have to get a mortgage to rent to own?
Response. The short answer is "maybe".
In cases where owners don't have mortgages there's a good chance that you can enter into a long term rent to own contract that does not require the renter to get a mortgage - ever. The advantage to the seller is that he/she can usually get a much higher price for the property while making it easier to buy.
Conversely, there are times when the agreement requires the renter to get a mortgage after a predetermined time - let's say 12 - 36 months. This allows time for renters with credit issues time to resolve them.
The main thing to keep in mind is to negotiate for the terms you want, and know that all rent to own properties are necessarily good ones to own.
A good Rent to Own deal starts with a buyer searching for the property of their choice. They either contact the seller or an investor/private lender for more information on the home.
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