Below are a few tips to consider when searching the many rent to own listings.
Often it's easier to find a house if you know which of the following listing types you want to search: rent to own, for sale by owner, foreclosures, etc. (If you're not sure which of these listings is right for you: Click here.)
Knowing your desired location will also help narrow down your search, but utilizing the “Advanced Search” tool can help you find the exact properties that fit your needs. The Advanced Search Tool allows you to search by basic dimensions of a home: number of bedrooms, bathrooms, square feet, lot size, and the year the home was built. Additionally, you can search by property type and SmartZip Scores. (SmartZip Scores are derived from HomeScores and InvestorScores and reflect the value of living or investing in a particular house.)
Lastly, Advanced Search allows listings to be filtered by the number of days it has been on the site, listings that have pictures, or homes that are simply “hot deals.”
After choosing a listing to review, a Rent-to-Own (RTO) Toolbox will be in the right column of the listing’s page. Within this RTO Toolbox, a RTO Wizard is featured.
This tool will help walk you through the process of renting a lease option home.
The Wizard includes a calculator to determine the estimated rent as well as the payment credit earned during a rent period or option fee.
This tool will help walk you through the process of renting a lease option home. The Wizard includes a calculator to determine the estimated rent as well as the payment credit earned during a rent period or option fee.
The calculator will also display how much rent will be paid in the rental period and how much of the payment will be available to purchase the home at the end of the rental period.
Next the Wizard will provide the contact information of the seller. Not sure what to say to the seller when reaching out to him or her? Don’t worry. The RTO Wizard provides a sample phone script to help guide you in what to say or what to ask a seller. Forgot pen and paper when getting details from the seller? No sweat! Fill in notes and details in the “Call Outcome” column of the Wizard. All this will be saved and summarized in the third step of the Wizard.
The third step in the Wizard summarizes all the home research completed. The Summary will display all the listing information you gathered so you can easily decide if a particular home is right for you. All you have to do is click “Next Steps” if the property fits your rent-to-own or lease option home requirements.
Don't forget the rest of the resources available in your listing subscription. Use the Mortgage calculators, Buyer’s Guides, and Rent to Own Resources to manage your credit, answer F.A.Q. questions, and obtain sample RTO contracts. All these features will help you find a rental home that best fits your needs.
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