You want to buy property in Detroit but the bank keeps denying you so in other words they keep saying no to you. Its not the best feeling in the world but you can stop the pain with what some real estate experts call rent to own homes in Detroit Michigan.
Rent to own when your low on cash in Detroit MI
It’s a great option if you are low on cash or trying to restore your credit to the top. Some lenders won’t even consider you for a loan unless your credit score is in the 600’s.
So if your serious about wanting to own a home in Detroit rent to own has many benefits of owning a house. In about 3 years you can be the proud owner of a house with good credit.
The options for rent to own homes in Detroit
Rent to own has many different meaning to the real estate industry. But making sure you know your rights with rent to own is a good idea.
- You want to talk to the owner of the house to see if they would be interest in doing a rent to own agreement.
- You want to write up a contract and have a lawyer look at it with both of you present.
- You will want to make sure the agreement makes sense for both parties.
- Make sure the agreement has terms for payment and loan term, most are about 3 years but you might be able to get 5 years depending on the seller.
Now not all homes are able to have rent to own agreement on them in Detroit so that’s why we encourage you to ask and in most cases real estate agents will work the terms out.
Rent to own isn’t for everyone in Detroit
Rent to own homes are the non conventional way to go about buying a home. It may work for you or you might want to work the conventional way and that’s okay its all up to you and what makes you the most comfortable in the home buying process.