How Seller Finance or Rent To Own Las Vegas Homes Works
Rent to Own (also called a Lease Option, Seller Finance or Owner Will Carry) is perfect for people who want to stop throwing their money away on rent, month after month, and instead want to start building equity in their new home immediately.
You first pay a nonrefundable Down Payment or Option Fee that will be applied to the final purchase price of the home. Your option fee entitles you to be able to purchase the home at any time throughout the option period (usually 12-36 months) at the lowest market price we can negotiate on your behalf.
Throughout the term, you’ll be buying or leasing at a negotiated rate. This rate is typically determined by the balance of the purchase price after deducting the down payment and are typically higher than traditional purchase mortgage rates. Since you’re purchasing the home, most sellers have few concerns over pets or how you want to spruce up the home. Unlike a regular lease though, you become responsible for any house maintenance.
Why Our Clients Succeed
We set our clients up for success by taking extra steps to protect all parties and ensure buyers are in a position to finance at the end of the term.
- We qualify buyers for a lease option or seller finance home just like we would qualify for a traditional purchase by having buyers speak to a lender to determine a purchase price. At the end of the day, buyers will need qualify for a loan and it only benefits all parties match the buyers capabilities.
- All payments are processed through a third party escrow company, which ensures any mortgage is paid before the seller receives any money
- Buyers lock down the purchase price of the home. In an appreciating housing market, this can mean the home may be worth more (depending on current market appreciation) than at the beginning of your term. Buyers can capture that appreciation during the term