Rent To Buy New Jersey Homes

October 22, 2008 at 7:30 pm Leave a comment

In the market to purchase a new home in New Jersey? Have you considered a rent to buy?

If you have poor credit, it can help start to get your credit rating back up. With rent to buy homes, you are renting the property at first. While you are paying an extra $300.00 to $400.00 per month along with the rental price, the extra money is put into an escrow account. At the end of the year, there will be enough funds in this account for closing costs. Keep this in mind when you are trying to establish property value.

Considering a rent to buy home isn’t a bad thing to do. Consider:

  • You do not have to get approved for a mortgage
  • You can live in the house and apply money towards a mortgage closing
  • You can establish a track record of the monthly payments

The only problem with rent to buy homes… being able to come up with that extra $300.00 or $400.00 dollars a month! There are a lot of sellers of property that are willing to go with the rent to buy because they will know if you can afford to keep up with the payments.

Beware, though, that if you are not able to make the escrow payments, the owner you are renting-to-own from gets to keep all the money you put into the escrow account AND the money put towards the rent.

The main idea behind a rent to buy is an arrangement that allows the buyer some time on getting a mortgage, and also lets them get the house right away. If the house of your dreams is up for sale as a rent to buy, it is a great idea.

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Entry filed under: Home Appraisal, Home Values, Real Estate Evaluation. Tags: , , , , .

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