Macomb County Rentals
Are you looking to rent a house or condo in Macomb County, Michigan? Tell us what you're looking for along with the price range and we'll have someone get back to you.
Curious how Rent with Option works? Read this for more details.
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Rent with Option
Rent options vary depending on the seller/landlord. But you must first have a landlord that wants to rent and also wants to sell. Typically the renter is one who would like to buy, but has some credit or employment issues, that prevent them from buying right now.
Once you have a tenant and landlord in agreement we can simply draft a purchase agreement that specifically outlines - the sales price of the home, the amount of the "option fee", usually 1% - 5% of the sales price, the term of the lease option, usually under 2 years and the amount of "rent credit", this depends on what fair market rent is in the area.
Now a few things you should find out. What is the home really worth today and is the market going up or down. What will "your" house payment be when you actually buy and will you qualify for that amount. Also how much over fair market rent will the landlord charge and where that money will be held. A few other items should be addressed - who will do repairs and can you make "major" improvements.
Keep in mind if you can not get approved for a mortgage at the end of the option agreement or you decide not to buy the home - you may lose the Option Fee and the extra rent.
Today, many sellers who can not sell their homes are offering rent with option. However, you need to make sure the seller is current on their mortgage payments, that they are not in foreclosure and that they can financially handle the mortgage if the rent is less than their payment.
If you have more questions about rent with option feel free to contact us. Please use the back button if you were directed here from another page.
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