Q: It has been almost a year since the short sale of our previous home. We don't believe we will be able to qualify for a mortgage for a while yet. Do Realtors assist buyers in finding a situation where we could rent a home for a period of time (say, a year), with the intention of purchasing it at the end of that time period? Or is that not really something Realtors do?
Sale Price – The sale price or purchase price of the house is an amount that the seller and the buyer agree upon before they enter an agreement or in some cases, after the lease expires. In the first scenario, the seller and the buyer agree upon a sale price that is at or higher than the current market price of the house. Once the contract is signed, the sale price is locked in for the rest of the lease term (usually 1-3 years). No matter if the housing prices rise or fall during that period, the sale price cannot change.
When you enter an RTO contract, you agree to rent the property for a set amount of time and purchase it once the contract term is up. There is more flexibility in this option, and you usually won't need a large down payment like you would if you were purchasing a home. Many RTO contracts have a term of one to three years. This means that after that set term is up, the tenant will purchase the property from the seller. You'll usually pay a higher rent amount because your rent will be split into two categories. The rent portion of your monthly payment will go toward the seller's mortgage payment on the home, and the rent premium portion will go into an escrow account and be used for the down payment when it comes time to purchase the property.
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