Yes. However, it may not be as easy as you think. When purchasing a home through a traditional bank or mortgage lender, they will require a number of items to be checked off. This includes a credit check, pay stubs, tax returns, bank statements. The bank does this to make sure a buyer can afford a monthly mortgage without over extending their budget. But, sometimes a buyer does not qualify because of credit, income, or other reasons!
Another possible option is what many buyers refer to as Rent-To-Own. This is also referred to as a lease option. Although it seems like a good option for the buyer, many sellers in the Talladega area are not open to this. The main reason is the same reason the bank did not qualify the buyer. This would put the seller at risk of having someone live in their property, not purchase the home, then have to prepare the home again to attempt to sell. So what can you do to try to convince a seller to allow you to Rent-To-Own?
While you can make a generous offer to a seller to offer you a Rent-To-Own Opportunity, be prepared that the seller will not approve. It's too much risk for the seller and it puts a large amount of your money on the line.
Another possible option is what many buyers refer to as Rent-To-Own. This is also referred to as a lease option. Although it seems like a good option for the buyer, many sellers in the Talladega area are not open to this. The main reason is the same reason the bank did not qualify the buyer. This would put the seller at risk of having someone live in their property, not purchase the home, then have to prepare the home again to attempt to sell. So what can you do to try to convince a seller to allow you to Rent-To-Own?
- You can offer a down payment of 8-10% of the purchase price.
- You can offer to pay more per month in rent.
- You can verify to the seller that you are working with a bank lender or a credit repair service to improve
your credit.
While you can make a generous offer to a seller to offer you a Rent-To-Own Opportunity, be prepared that the seller will not approve. It's too much risk for the seller and it puts a large amount of your money on the line.