Frequently Asked Questions
General frequently asked questions about Jeff Rent To Own, service, and houses for rent by owner we offer on this website. Take your time and analyze all of the frequently asked questions to help you make an informed decision about houses for rent to own:
- What does Rent to Own actually mean?
- What is the Rent to Own process?
- Do appliances or furniture come with rent to own homes in Philadelphia?
- What if I have bad credit? Can I still get a house for rent by owner?
- Is there a down payment on a rent to own home?
- What are the benefits of rent to own real estate?
- What are the requirements of a rent to own contract?
- Why do we request a $100.00 conditionally refundable ‘Preferred Rent To Own Homeowner’ list fee?
Be sure to read all of the frequently asked questions. If your question is not answered here, send us an email and we will be glad to answer your question regarding rent to own houses. We will post it here to help other potential rent to own buyers as they search for homes for rent by owner information about Jeff Rent To Own if it becomes one of the most frequently asked questions.
What does Rent to Own actually mean?
This is by far one of the most frequently asked questions. In most cases, a rent to own contract is a contract on a property that works like a lease and leads to a purchase. It’s often called a lease with an option – or a lease/option agreement for short regarding houses rent to own.
The lease portion is a standard rental agreement that includes monthly rent, security deposit, and other typical terms.
The option in the contract gives you the right to purchase the property after a set time period – usually around 3 years. This gives you the ability to save money towards a down payment, repair credit, increase your income, or otherwise improve your ability to qualify for a mortgage.
Most of the time people use a traditional mortgage loan to purchase the property prior to the expiration of the option period, but there are other options if your financial situation has unique needs.
Looking for a rent by owner opportunity? Jeff Rent To Own helps lots of folks like you to purchase the home of their dreams via rent to own listings.
Fill out the form below to get started on your way to home ownership! Don’t stop here… continue to read all of the frequently asked questions to be well informed about our available real estate listings and rent to own program.
What is the Rent to Own process?
The rent to own process is actually pretty simple.
Check out our real estate for sale. Once you’ve seen one of our fantastic properties, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, Jeff Rent To Own can probably help you to own it.
After you’re approved to rent the property, just sign the lease, pay your security deposit and rent – then move on in!
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically 3 years, but in certain circumstances, we may extend your option if you need more time.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!
First step – sign up to find great properties around Philadelphia and South Jersey by joining our preferred rent to own homeowner list.
You’ll get first access to great rent-to-own homes, plus a whole lot more.
Sign up and get started now! But wait… don’t stop here, continue to read through all of the frequently asked questions.
Do appliances or furniture come with a rent-to-own home?
Most of the time, furniture isn’t included with a lease/option purchase.
Generally, the basic appliances are there – like a refrigerator, stove, oven, and sometimes extras, like a dishwasher, a washer, and a dryer. Parts of a property that are installed or attached – like the heating system and air conditioning – are definitely included.
Sometimes, we’ll offer a property that includes some furnishings. Most buyers want to bring their own stuff with them from their previous home.
There are many companies out there that provide a rent-to-own service for furniture or extra appliances, and you’ll get lots of choices on styles and types.
But be careful!
Even though rent to own real estate can be a great deal, some (not-so-honest) furniture companies will charge you huge amounts for a rent-to-own agreement. You might end up paying 2-3x more for these products than if you bought them outright.
Plus, those appliances will probably go down in value – unlike real estate, which usually goes up in value.
Of course, you want your money to be going to an asset (like your home) that will rise in value, not expensive interest payments on new furniture.
So don’t wait! Fill out the form at the bottom of this page to get started now. But first, finish reading the remainder of the frequently asked questions.
What if I have bad credit? Can I still get a rent to own home?
Yes, you can! Many people with bad credit can still get a Jeff Rent To Own home.
Every situation is different, but we specialize in helping people who have been through tough circumstances (or just made mistakes in the past) to repair their credit and get started on the path to a great financial future.
Even if your credit is bad, you can still own a property!
One of the major benefits of a rent-to-own scenario is that it gives you time to repair your credit before you purchase your home. You’ll enjoy many of the benefits of homeownership while you’re rebuilding your credit and saving money towards a down payment.
So fill out the form at the bottom of this page now and get your piece of the American dream! Read through all of the frequently asked questions for clarity.
What are the benefits of a Jeff Rent To Own home?
There are a lot of benefits of a rent to own agreement!
In the Philadelphia or South Jersey area, lots of smart people are using rent to own agreements as a way to get the home of their dreams without having to qualify for a bank loan right away.
In the past few years, banks have been very tight on their lending criteria. Most people who use a rent to own agreement want a few years to get ready to qualify.
Here are a few more reasons to use a rent-to-own agreement:
- Try before you buy! You get to live in your rented home before you actually purchase it, allowing you to make sure it’s actually your dream home. If you don’t like the house, you don’t have to complete the purchase.
- Own without great credit or a big down payment. You can start feeling like a homeowner right away while saving up and improving your credit.
- Privacy. You’re not listed as the purchaser on any public records until the closing takes place, giving you years of privacy.
- Move in fast. Since you don’t have to wait for a mortgage, you can often move in right away – and get started living a new life in the home of your dreams!
So don’t wait! Get started now by filling out the form at the bottom of this page. Be sure to continue reading the frequently asked questions for valuable information.
Is there a down payment on a rent to own home?
Not right away!
You don’t have to have a down payment until your purchase is complete (typically 3 years). However, there is usually an amount due upon move-in and execution of the option to purchase agreement.
Just like any other lease agreement in the Philadelphia area or South Jersey, there may be a security deposit and a small application fee in addition to the fee upon move-in. Of course, you’ll have to pay rent each month.
We can help you to structure the perfect scenario to meet your needs. We can help you figure out what’s best for you.
So don’t wait! Get started now by filling out the form at the bottom of this page after you finish reading the frequently asked questions entirely.
What are the requirements of a rent to own arrangement?
We know that every person, family, and situation is different.
We do our best to help you uncover creative solutions to help you own the home of your dreams.
Once you’ve had a chance to check out the house, you’ll fill out a rental application that will include detailed information on everyone living in the home.
We’ll conduct a credit check and verify the income(s) for everyone over 18 who is living in your household to confirm that you’ll be able to make your monthly payment.
People with bad credit, no credit, limited cash available, and other financial situations have all been able to lease then purchase their perfect piece of real estate.
We’ll speak with your references and previous landlords because relationships matter to us more than just scores assigned by a computer.
Why do we request a $100.00 conditionally refundable ‘Preferred Rent To Own Homeowner’ list fee?
For (3) reasons:
- It shows that you are serious about your commitment to own your own home
- The ‘Preferred Rent To Own Homeowner’ list fee gives rent to own prospects a significant advantage over prospects who are not on the list
- Streamlines our process of matching prospects with homes we obtain, by going to our preferred list FIRST, and then to our general list to match a prospect with a home, if no preferred rent to own homeowner prospect qualifies for the home
You can maintain a significant advantage over other rent to own prospects when you join the preferred rent to own homeowner list. Imagine getting your dream home and loving every minute of it!
“We hope that this list of frequently asked questions has helped you understand the process a bit more. We will continue to revise this list of frequently asked questions from time to time. Don’t forget, you can always give us a call!”
Jeff Rent To Own loves helping great folks to reach their dreams, so don’t be afraid – fill out the form below to get started after reading the frequently asked questions!