Helena Talbot's blog - Should You Rent To Own?

If you have been wanting to buy a house but the large down payments and the new strict lending policies have been keeping you from qualifying for a mortgage, then perhaps you should consider a rent to own option.  A rent to own option is great for first time homebuyers who don't have the equity from the sale of a home to put down on another home.

Here are some tips to using the rent to own option of buying a home.

Find a seller who is willing to offer a rent to own option.   Market conditions are a key factor in finding someone who is willing to offer a lease-option deal.  Ask the seller if you could apply the rent towards the purchase of the house.  This will help you save money for the down payment of that home and give you time to strengthen your credit if need be.   If you find a seller that has been having a hard time selling their home, they may consider this option as it benefits them as well.  This is how it works:

• You (the renter) agree to rent the house for a pre-determined timeframe
• You may be required to pay an upfront consideration fee
• You may be required to pay a higher monthly rent
• A portion of your monthly rent will go into a fund that will be used later as a down payment
• You will usually be able to lock in the price of the home at the onset of the deal with the option to purchase the home at that price on or before the lease is up

There are many benefits of a lease with option to buy; however, there are many risks as well.  For example:  if the option to purchase is not exercised, you will forfeit all of the money you have invested.

If you decide to pursue a lease with option to buy deal, you should consult a real estate attorney to make recommendations and to thoroughly review the contracts to ensure financial protection and security.  A lease-option makes good sense, especially for first time homebuyers.  A lease-option will help you reach your dream of homeownership more quickly than having to follow traditional methods of obtaining a conventional loan.

Talk to your realtor about helping you find a seller that is willing to offer a lease-option purchase.  Your realtor has extensive knowledge and will be more than happy to help you through the entire process every step of the way.  The next thing you know you will be relaxing in your new home!

Ispecialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.

For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.