Your next DREAM HOME

​​Rent to Own

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how does rent to own work rent to own real estate tampa bay area rentals rent to own

Step One: The Rent to Own Application/ How Does Rent to Own Work

The first step is to apply for the program. To begin the application process, first review the qualification requirements here on this website. Once you have done that, then complete the pre-qualification application which will let us know if you are a good candidate for the program. If you are, we will ask you to complete the full application including background and credit checks which costs $75 and covers all potential residents 18-years old and above.

Your full application is processed within 1-2 days. If approved, the group will notify you of the maximum rent amount that you qualify for.

Step Two: The Tampa Bay Area Home Search

You will meet with Geno-RE/MAX Realty Unlimited and begin your home search! Of course, you have the things you want in a home and the investor has some minimum requirements as well. Once we find the home you want, Geno will submit the home for approval. Included with the property submittal is a “renovation checklist” that you will complete and details what, if any, repairs or upgrades you would like done to the home. Home approval generally takes less than 8-business hours and once you sign off on the rent amount, we will prepare to submit an offer to the seller.
how does rent to own work rent to own real estate tampa bay area rentals rent to own
Step Three: The Home Purchase

Geno will work closely with our investor to negotiate the cash purchase of the home that you selected. This is where patience comes in. The seller may take our first offer or may chose to negotiate which could take several days. Once a purchase price is agreed upon between the buyer and seller, our investor will ask you to sign the lease, right to purchase agreement, and ask for the first month’s rent and security deposit. The first month’s rent and deposit will be placed in escrow until closing and will be returned to you in the event the sale is not finalized.

Step Four: The Closing & Move In

Once closing has occurred, the investor will take a few days to get the home “move in ready” which will include fixing anything noted on the home inspection along with any items you requested on your renovation checklist. Typically, this can take anywhere from 10-days to several weeks depending on the extent of the work that needs to be done.

Conventional Purchases-

​How Does Rent To Own Work

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