Are you hoping you’ll own my home in Houston, Texas, by the end of this year even though you don’t really know where the money will come from? Well, then today must be your lucky day because We Buy Fast Houston Houses has the perfect solution for you.
Rent to own my home in Houston, Texas
Also known as the lease-to-own agreement, the rent-to-own option kind of works like a car lease. The contract states that the renter will rent my home from the owner and pay rental fees for living there. After a given time period, usually three years or more, the renter can buy my house at an agreed upon price. The purchase price should be agreed at the closing table when the contact is being signed.
Depending on the laws and guidelines, part of the rent being paid each month can go towards the down payment. We Buy Fast Houston Houses would advise you to reach out to a real estate attorney who understands how the housing market and what to look for when closing deals in Texas.
How the rent-to-own contract works in Houston, Texas
No item should be left unchecked in this agreement. Both the homebuyer and seller’s draw up should be clear. If you’re the buyers and you still feel like you’ve not completely understood what you’re about to sign, reach out to We Buy Fast Houston Houses for assistance. We won’t charge you any fee for consultation. Also, make sure you ask the seller all the questions that you might have before signing that dotted line.
The financial parts of the lease-to-own contract
Before we even talk about anything else, we should be clear on one thing; it is the seller who sets the monthly rent and the buying price for my home in Houston, Texas. Not the buyer.
The monthly rent
The buying price for my house in Houston, Texas, will be its retail value in today’s market. The monthly rent in a rent to own agreement won’t be the same as the rent of a similar property in the neighborhood. It will be slightly higher because you’ll be locking down the house. Hence, making it impossible for other potential buyers to make offers.
The purchase price
The good thing about the rent to own option is the fact that you’ll never have to worry about spikes in property values affecting your purchase price. Once that agreement is signed, everything is locked, including the price. The downside is, should the property values drop, you’ll still have to buy my home at that agreed upon price.
The option fee
As the buyer, there’s one more fee that you’ll have to settle before you move into my house in Houston, Texas. We Buy Fast Houston Houses often calls it The Option fee, and it varies depending on who you’ll be working with, and how much the property is worth.
This rent to own/ lease option is a good option if you have a poor credit score or if you can’t secure financing due to other reasons. Call We Buy Fast Houston Houses and learn more about it.