Looking for real estate in or around Tucson, AZ?
Information is the key to effective decision making in the very complex realms of Tucson real estate practices.
If you are looking for a real estate agent that is friendly, thorough, responsive, and possesses the skills and professionalism to help you buy your home, then contact me today. I am dedicated to providing the finest service available while breaking new ground. My unique market knowledge of Tucson AZ homes (including the surrounding cities) can save you countless hours, frustrations and possibly thousands of dollars.
The goal is always to exceed your expectations by ensuring a smooth process throughout every real estate transaction. Whether you’re buying your first home or moving up to your dream home, I can make each step easier. Let me represent your best interests in buying real estate in Tucson, Arizona or the surrounding cites.
What is Rent-to-Own?
Rent-to-Own in Tucson AZ is a GREAT way to buy OR sell a house. A qualified buyer agrees to lease a property for a set period of time (typically 1 year, but sometimes as brief as 6 months or as far out as 2 years or more), and also has the right to purchase the property during the lease period for today’s price. In most cases, a portion of the monthly rent (50% in some cases) goes towards the purchase price of the house.
Who is responsible for what?
This varies from property to property, but in most cases the tenant/buyer is taking over responsibilities as a homeowner therefore maintenance and repairs are their responsibility. In some cases, major repairs that might come up will be the responsibility of the seller. Utilities (water, gas, electricity, etc.) are the responsibility of the tenant/buyer, and property taxes are the responsibility of the seller until the property is sold.
What happens if the tenant/buyer doesn’t buy?
The option agreement gives the tenant/buyer the right to purchase the property, but isn’t an obligation. If the tenant-buyer chooses not to purchase the house at the end of the lease term, there is no penalty or obligation.
However… We screen prospective tenant/buyers to make sure that they are serious about buying and are both financially capable of buying the house and are taking appropriate action to make sure they’ll be able to get the mortgage they need to buy the house. This greatly reduces the chance that the tenant/buyer will walk away at the end of the lease without buying. Our rent-to-own program is for people who are serious about owning their home in the next several months!
What does it cost to get in to a Rent-to-Own program in Tucson Arizona?
Rent to own is different than just renting, and different than buying the traditional way. Rather than requiring last months rent and a security deposit, or a hefty down payment, a non-refundable option deposit is collected and will be deducted from the purchase price. This deposit is typically less than what would be required to get a mortgage and secures your option to purchase for the term of the lease.