Is Doing a Rent to Own a Good Idea 
in Utah?

When is rent to own a good idea 
and when is it better to just rent or purchase in Utah?

Is Rent to Own or Lease Option (Lease with Option to Purchase) a good idea in Utah? Is it legit? How do I know I won't get scammed? When is it better to do a lease option rather than a traditional purchase? You'll get the answer to these questions and more!

Is rent to own legit? Rent to own is totally legal. It is how the rent to own deal is structured that gets people into trouble sometimes. It is always a good to have an agent work for you and help you write up a contract that protects you as the buyer/tenant. If you choose not to have a real estate agent work for you, you can always hire a lawyer to help you with a contract, although a lawyer may be pricier than a real estate and they can't help you search for homes. It is actually free to hire a buyer's real estate agent although they may sometimes charge you a broker's fee (which goes to the broker, not the agent). The real estate agent gets their commission from the seller.

How do I know I won't get scammed? It is always best to get a real estate agent to represent you when doing a rent to own contract. But, if you can't get a good agent who knows how to do a rent to own, at the very minimum, set up the rent payments through a loan processing company. The company will pay any underlying mortgage, track payments and rent credit, etc. This will ensure there is a paper trail of all payments. You will also want to set up an account with a title company and run title on the subject property. Last thing you want to do is purchase a rent to own and realize the sellers don't actually own the property. If you have a good real estate agent working for you, they will take care of all of these details for you!

When is it better to do a lease option rather than a traditional purchase? It depends on your current circumstances and on the current housing market as well. What are your circumstances? Is your credit not allowing for you to qualify for traditional financing? Are you going through a divorce and you don't want to purchase anything before the divorce is finalized? Do you not make enough money but have a settlement coming? Are you showing more debt than is allowed for a loan but have sufficient funds to carry the loan? Is the housing market on a downturn and loans are hard to come by or interest rates are really high? If you're in any of these situations, it may be worthwhile to speak to a real estate agent about doing a lease option.

A few advantages of doing a rent to own include:

1. Less Closing Costs

2. Quicker Move In

3. No Credit Check

4. Home Does Not Show Up As Debt

5. Lock Down Purchase Price

6. Gain Monthly Equity

A few disadvantages of doing a rent to own include:

1. Home Not in Your Name so No Tax Advantages

2. Gain Less Equity Than Traditional Purchase

3. Higher Monthly Payments than Traditional Purchase

4. Non-refundable Down Payment (often higher than a traditional purchase depending on loan product)

5. Less Inventory to Choose From

If you want help with purchasing a rent to own or a lease option in Utah, we are here to help!

https://rent2ownutahhomes.com/pages/3552/How-Rent-to-Own-Works

Brokerage Services Provided by Integra Realty

 

What is a "Good Credit" Score for a Mortgage?

Can you have bad credit and still buy a house in Utah?

Do you have bad credit? Can you still have bad credit and buy a home in Utah? Well, the answer to this question is, "it depends". This all depends on what your credit score is, your credit history, how much down payment you have, amount of reserves you have in your bank account and which lender you use.

opploans.com

nerdwallet.com

According to the two charts above, bad credit and good credit can mean very different score ranges. So which is right? In the end, it doesn't matter if your credit is "good or bad" as these views can differ depending on whom you talk to. What matters is what your "middle" score is. What is a middle score? When you get your credit score, you're actually getting three scores from three different bureaus. The middle score is the score that is between the highest and the lowest. For example, if your credit scores are 640, 620 and 580, your middle score would be 620. Minimum credit score requirements for loans can vary depending on what loan product you're needing and which lender you're using.

Federally insured loans start at a credit score of 500 and go up from there. Now a 500 credit score is by no means "good", but loans can be done. Lenders that are willing to go down to a 500 credit score (500-579) are hard to come by and require a 10% down payment requirement. If you have a 580 credit score, only a 3.5% down payment is required. Most down payment assistance programs start at 620 and can go up from there.

Different lenders can help you qualify for different loan programs. So if you are having a problem saving for a down payment and will need down payment assistance, it is best to work on your credit to and raise that score. 

We can help you with credit repair and we will credit you back up to 6 months worth of credit repair when you close on your home. That's up to $633 back that can be used towards closing costs. So if you want to buy a home with bad credit or a bankruptcy in Utah, let us know! We will help you find a solution that best suits your needs. Follow this link to read about our no obligation credit repair program. https://rent2ownutahhomes.com/Credit-Restoration-Credit-Builder

Brokerage Services Provided by Integra Realty

 Utah has a strong economy!
Another good reason to move to Utah!

In today's economic climate, a stable work environment is crucial. When moving and buying a home in Utah, one wants to be sure they are making a sound investment!

Utah currently ranks #2 in the country's economic rankings (source https://www.usnews.com/news/best-states/rankings/economy).

Jobs range from medical sales to warehouse jobs so there's something for every skill level. According to an article in KSL, there are 3 workers for every 4 jobs available in Utah. In June of 2019, there were 81,333 jobs available and 57,071 workers to fill those positions.

If you're looking for a job or are looking to relocate to Utah for find work, be confident you are making a good decision. With the overall housing and economic scene stable and rising in Utah, you can rest assure you'll be making a sound investment for you and your family.

To find out more about relocating or moving to Utah, visit our website at https://rent2ownutahhomes.com/Relocating.

Brokerage Services Provided by Integra Realty

 

Our Local Honoring our
Heroes Program in Utah:
Hospitality workers can qualify for our local homes 
for heroes program!

As a result of the current pandemic, we appreciate our essential workers now more than ever. One of the true unsung heroes are our hospitality workers. They work every holiday and are there serving us, taking time away from their families and loved ones to do so. Especially during today's pandemic, these workers work tirelessly to make sure we are taken care of. We want to give back to you!

All local hospitality workers automatically qualify for our Honoring our Heroes Program. This means all bartenders, servers, cocktail servers, chefs, hotel workers, etc. qualify for 20% of our commission back at closing when purchasing through us, which can be used towards closing costs. We will also give you 25% off of our listing fee as well when purchasing a home.

Thank you hospitality workers for all that you do. We hope we can find a home for you, some of our true local heroes in Utah.

https://renttoownlasvegashomes.com/Heroes

Brokerage Services Provided by Integra Realty

 

Selling your home during the holidays,
Is it a good time to sell your home in Utah?

Are you needing to sell your home but have decided to wait due to the holidays? Is the holidays a bad time to sell a home? It may not be a bad time to sell after all! We'll tell you why...

The holidays are a special time for friends and family to gather and reflect on the year and spend quality time with one another. Most people are not thinking of selling their homes. This is both good and bad, good because most people don't want to sell during the holidays and bad for the same reason.

Why is it good to list your home when most people aren't thinking of selling? In short, the answer is inventory. Many people take their homes off market during the holidays or postpone showing until after the holidays are over. If most people aren't wanting to sell during the holidays, that means there's not a lot of homes on market. Yet there will always be those people who have to buy due moving for a job, etc. When the pickings are slim, the prices go up. Simple supply and demand. As long as your home is priced right for the market, your home should sell quickly and for a great price. Selling during the holidays may be good for another reason, having to buy during the holidays.

Most people who sell during the holidays do so only because they have to. Let's face it, the holidays are about friends and family, not having to get your home in show ready condition to constantly host strangers for showings. So this means the people who list their homes on market during the holidays are usually motivated sellers, meaning you can oftentimes score a deal. The key is to find the right seller, and we can help!

Whether you need to sell during the holidays or any time of year, we will get your home sold fast and for top dollar! Plus, save 25% off our listing fee when you also purchase a home through us!

Bonus: If you list your home with us before the year is over, we will also credit you back 20% of our commission when you sell and purchase a home through us. This credit can be used towards closing costs.  Your listing will include:

• Full service brokerage with years of experience in real estate negotiations

• Professional photos including drone, staging & sirtual staging (where needed)

• Proven marketing strategy to get you top dollar for your home

• Paid social media marketing and featured on all major real estate sites including Zillow, Realtor.com and KSL.com

• Instantly accessed by thousands of real estate professionals

• Under contract in 30 days or we'll GIVE you *$1,500!

• Save 25% off listing your home when you also purchase a home through us!

• As part of Team Zen's Honoring Our Heros Program, if you're a Firefighter, EMS, Law Enforcement, Military, Healthcare Professional, Government Worker, Non-profit, or Teacher, we will also GIVE you 20% of OUR Commission at closing when you purchase a home through us!

Contact us to sell your home in Utah!

https://rent2ownutahhomes.com/Selling

Brokerage Services Provided by Integra Realty

 

 What makes us different than 
other rent to own companies in Utah?

Is rent to own legit?

Rent to own and seller financing in Utah! Many have heard of it and a lot of people don't really know how it works. Is it legit? What makes our company different than other companies? Let's start with our company. We are different than other rent to own companies and here's why!

1. We are licensed real estate agents and not just a company on the web looking to make money off of selling you a list. So many people call me, thankful they were able to speak to someone who seems "legit" because everyone they've spoken to wanted money, just to see a list of a homes! We never charge for a list of homes. 

2. We pre-qualify you before sending you a list of homes and here's why. Purchasing a rent to own is very similar to purchasing a home traditionally. Just like with a traditional purchase, we need to make sure you can afford to buy the home you are renting to own. You may not be ready to purchase a home right now but you will need to qualify to purchase the home by the end of your lease term. To pre-qualify for a rent to own, we will need to know the following:

• How much home you can afford, which is determined by a lender. We have lenders we work with if you don't have one you want to use.
• How long you will need to lease for before you can qualify for traditional financing.
• How much down payment you have to put towards a home. This down payment will be applied to the purchase price but is non-refundable so you will need to be able to purchase the home by the end of your lease term or risk losing your deposit!

3. We go to work for you! Because of the lack of available rent to own homes, we actually have to convince sellers to do a rent to own. This takes a lot of work and sometimes we have to educate sellers on how a rent to own actually works.

4. We protect you. We structure the lease option contract to protect you and make sure any rent payment always pays any mortgage before the seller receives their portion.

You can trust with confidence that we will set you up to be successful for a lease option or seller financing purchase in Utah. We go above and beyond for our clients because you deserve nothing less!

https://rent2ownutahhomes.com/pages/3552/How-Rent-to-Own-Works

Brokerage Services Provided by Integra Realty

 

 What to know when relocating to Utah
Plus ways to save money when moving to Utah!

Are you moving to Utah? Utah is a diverse state with a lot of opportunity for all walks of life. We definitely recommend knowing these key five things before relocating to Utah!

 

1. Where are you going to live? Of course, this is perhaps the most obvious and important question! A lot of people don't taking into consideration the timing of everything. Are you selling a home in your current hometown? How long will it take for you to sell your home? Do you need short term living arrangements until your home sells? If so, you can do one of two things. You can either find a short term rental or possible try do to do a short term lease with option to purchase.

Option A: Short term rental - Pros. No down payment. Allows for a shorter lease with no long term commitment. Cons. Monthly payments are higher than a traditional lease, no equity gain and double move.

Option B: Short term lease with option to purchase - Pros. No double move, gain monthly equity with rent payment, prevents double move. Cons. Down payment is required, can be hard to find a home willing to do lease option. Need help? We can help! Click here to for more information!

Option C: Purchase a home or rent right away - We can help you with this third option as well! Visit our website for more information!

2. How are you going to move your belongings? There are so many options when it comes to moving your belongings and it really depends on your housing situation. 

Option A. Moving company - One of the easiest and headache free solutions is a using a moving company. They can be pricey so it is always good to price out your options. You can visit this link to see your options. 

Option B. Moving container solution - These are mobile storage or storage pods where you store your items until they are ready to be moved to the final destination. Although pricier than traditional storage and you will have to pay a delivery fee, these moving containers can save a ton of headache, especially if you have a home you are getting ready to sell. You can click here to see some great moving container options!

Option C. Move it yourself - The most cost effective moving option is to move your items yourself. You can rent a moving truck or trailer. Visit this link to see the best moving truck companies.

If you do choose to use us are you realtor, we have a wonderful complimentary concierge service that will help you coordinate the moving of your belongings. That's one less thing to worry about!

3. Where are you going to work? Are you relocating for a new job opportunity or are you just wanting to start over in a brand new state but don't have a job lined up! Well there are many sources for finding a great job opportunity in Utah. You can go to websites like indeed.com to find a great job or have a job placement service help you!

4. Where are you going to work live? There are so many things to consider when choosing your new home. What schools are the best? Which neighborhoods are the safest? Which neighborhoods have the best local bars and restaurants? Great thing about Utah is that there are so many unique neighborhoods to choose from, you'll certainly find one that you'll love!

5. What are some great reasons for moving to Utah? If you aren't quite sure if Utah is the state for you, then you're in for a surprise. There is something for everyone! Find out 5 great reasons to relocate to Utah https://rent2ownutahhomes.com/Relocating!

Brokerage Services Provided by Integra Realty