Rent to Own Homes In Minnesota

Check out information on buying and selling a home on contract for deed in Minnesota:

1. How to find Minnesota Contract for Deed Homes

2. Tips for buying a Minnesota Home On Contract for Deed

3. Selling A Home On Contract for Deed In Minnesota

 

If you are not able to buy a home by getting a mortgage, and perhaps you don’t have the down payment to buy a MN home on contract for deed, then you may be thinking about “buying” a rent to own home in Minnesota.

Rent To Own Homes In Minnesota

When you find a home available “Rent To Own” you are basically renting the home out until you can get the credit/down payment for the purchase.  Often you have had financial challenges that will prevent you from getting a loan for a couple of years.

The owner who offers a rent to own home to you will normally want you to sign a lease, and attached some sort of purchase agreement or price agreement for a future purchase to the lease.  Also they will probably request a little bit larger deposit then when your renting.  Often part or all of the deposit will be NON refundable.

The owner wants someone who is willing to commit to buying the home at a future date and the deposit acts as good faith toward doing so.

When the real estate market is rebounding and the prices are going up like they are now, then a rent to own home in Minnesota can be a good option for both buyers and sellers.  When the market crashed a few years ago a rent to own that was executed a couple years before the crash, probably did not work out.  Because the seller needed a certain price for the home to sell at and the home probably did not end up being worth the value.  Now as prices are rising its more likely that a rent to own sale in Minnesota can work out for everyone.

How to Find Minnesota Rent To Own Homes

One way to find rent to own homes are looking for homes that are both for sale and for rent in the MLS/IDX searches for your area.  Often working with an experienced leasing agent or Realtor will help.

Another way is to look through craigslist or other classified adds.  Always be careful of online scams.  Meet the owner before you give a deposit and probably have an attorney or Realtor review the paperwork before finalizing any contract.

For more details on finding Rent To Own Homes in Minnesota contact Chuck Carstensen at RE/MAX Results by filling out the information below.

 
Call (612) 290-3809

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