Profile picture for jasminsilva1111

Are there any houses that are rent to own available?

Are there any houses on the southeast part of town in mineral wells that are rent to own that the payments are between $400-$500?
Im renting at the moment and need a new house asap
thanks
  • November 17 2013 - Mineral Wells
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Answers (3)

Profile picture for MicahHarper
Amanda is correct that the laws have changed, and the state has made it very clear that they do not like executory contracts (contract for deed, rent to own, etc).  Any lease with an option to purchase should not be for longer than 1 year, and should be very clear whether any portion of the rent is applied to the purchase or not.

BE VERY CAREFUL if you decide to purchase an owner financed property that the owner does in fact own it without a mortgage.  Many "owner finance" listings are actually wrap around mortgage scenarios which are very dangerous for the buyer.  Get title insurance, get an appraisal, get a survey and treat it just like a regular bank would for your protection.
  • November 20 2013
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Profile picture for amandathomas
Hi Jasmin,

Texas laws have changed what we formerly knew as 'rent to own'. Your options for non-traditional financing methods are to do a straight lease with the option to purchase at the end of your lease term (which involves securing your own financing) OR purchasing using seller financing. Wetdawgs is correct to advise that using seller financing typically bears a hefty downpayment, and often, disadvantageous financing terms. This is something to be very cautious about, and to understand that seller's who offer seller financing also have a qualification process that prospective buyers must complete.

I have done a quick search and found 1 match in Millsap that is offering seller financing. I was not able to find any leases with purchase option available within a 10 mile radius of Mineral Wells; however there is 1 straight lease home available in budget, in town.

Please reach out via my profile if you would like details about these 2 options.
  • November 17 2013
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Profile picture for wetdawgs
Rent to own will require a substantial down payment plus higher rent.  

If you are interesting in owning, rent in a traditional fashion while getting ready to buy.
  • November 17 2013
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