There are many different ways to buy a home. You can buy a home the traditional way without a realtor, so the short answer to whether or not you need a realtor to buy a rent-to-own home is ‘no.’ While you don’t need one, you might want one. For starters, they can help you dig up more listings than you might be able to find yourself. Choosing to hire a realtor for that reason would be dependent on whether or not you’ve already found a home to purchase.
Even if you don’t get help from a real estate agent, you might want to hire a lawyer. Remember this is a big purchase decision, and while you might be able to handle it yourself, you need everything done legally. Again, while you don’t need a real estate agent, you might find that it would be advantageous to have an industry professional help to guide you through the process.
When I purchased my house in Richmond, it wasn’t a rent-to-own purchase, but it was an owner financed purchase. These two different methods for buying a home, condo or other type of property are often appealing to people. It was definitely a great opportunity for me because I was able to get a much lower interest rate on my mortgage than I would have been able to get myself. I was friends with the people who owner-financed my property.
When I was buying my next house, I did manage to find a rent to buy house in Raleigh, NC. This was not an easy process, since I didn’t know anyone in the area, and I did use a realtor I found on realtor.com to help me through the process.
Are you friends with some people who are about to sell their home using the rent-to-own solution? That would be ideal, but you also need to identify the reason you’re seeking out such a solution. I mentioned that the owner financed condo was advantageous for me, but there is little that is advantageous about a rent-to-own home. It does provide you with options, but you need to be in the right position for such a buying situation to be a good idea for you.
Maybe you’re not able to get a traditional mortgage. Again, that was pretty much the position that I was in myself, although I had previously had a mortgage. It was also the same position my niece was in when her and her boyfriend were looking to buy a home. They didn’t end up opting for the rent-to-own home that was across the street from her mom, but it did appear for a minute that it might be the right situation for them.
All things considered, rent-to-own home buying situations are often more complicated than people think. While this doesn’t mean they are necessarily a bad idea for you, you might actually want an expert real estate agent helping you through the process.
Learn more about seller financing on nolo.com.