Charlotte’s real estate market is like many markets across the nation consisting of too many vacant properties. Charlotte’s real estate market will need to fill these vacancies before it begin to see any increase in property values.
The truth is that when properly designed and executed, rent to own programs present a winning scenario for both homeowner and potential buyer. And in the long run Charlotte’s local real estate market.
3 Situations Where Renting to Own In Charlotte Can Help
1. Down payment- Many of Charlotte’s rent to own buyers have solid income but don’t have the down payment required for traditional financing.
2. Credit- Charlotte’s tenant-buyer may not have enough established credit or may have damaged credit.
3. Income-Another common problem for Charlotte’s tenant –buyer is being self employed or receiving commission. Documenting these types of income is very difficult with the new banking guidelines.
There are more circumstances that rent to own would benefit the Charlotte housing market. These are 3 of the most common.
Renting To Own In Charlotte Can Offer Solutions
In each of the 3 cases above, rent to own offers an excellent solution. The program is setup to ensure tenant-buyer can have the initial down payment plus monthly rent credits needed at the end of their rent to own term. In the case of credit problems or income concerns, the rent to own term will give the tenant-buyer the time they need to establish or repair their credit as well as give them time to get the necessary documentation to show a steady track record of income. In each of the scenario a fairly designed rent to own program will put the tenant-buyer in a strong position to qualify for traditional financing by the end of their rent to own term.
The Charlotte housing market will benefit from fewer houses sitting vacant.
For more information on the Charlotte real estate market visit our website “Charlotte Homes and Market News”. To join our tenant-buyer rent to own list visit our website “Wilson Investment Properties Sells”.
Ceno Wilson/Managing partner Wilson Real Estate Investment, LLC.