Different Home Sales Types You can find on iRentToOwn.com

We started iRentToOwn.com by focusing on rent-to-own transactions, but to meet the demands of our customers, we now also include several other types of homes for sale. When searching, you can narrow your search to just rent-to-own homes or you can broaden your search to include all the other types of homes. The following list includes the types of home sales we offer, along with an explanation of how the transaction type.

Bank Foreclosure: You’re probably (unfortunately) familiar with hearing all about bank foreclosures over the past few years. These are homes where the lender (in this case a bank) has repossessed a home from the home owner, most likely due to missing payments. Once the repossession is final, the bank usually puts the house on the market; bank foreclosures are sometimes called REO foreclosures.

Pre-foreclosure: This is a home on its way to foreclosure, but that is not yet officially a foreclosure. Because the foreclosure process can take several months, there are some home owners that will be able to “catch up” on payments and avoid foreclosure.

Short Sale: This is a sale agreed on by the current home owner and his or her bank. The “short” in short sale refers to the fact the bank is willing to accept a sale amount for less than the outstanding mortgage. Short sales are fairly common today given the downturn in the economy.

HUD or Government Foreclosure: Similar to a “bank foreclosure” but involves a mortgage that is backed by the government; most commonly an FHA or VA loan.

Auctions: Refers to a home that is slated to go on sale at a public auction, usually after the completion of a foreclosure. This is often a live, in-person auction where a representative from the bank will set a minimum price (the “reserve price”) a house can be sold for, and people will bid against each other trying to hit the minimum reserve price and purchase the home.

Owner-Financing / FSBO (For Sale By Owner) Refers to a home that is being sold by its owner, usually without representation by any other party; in some cases, the owner has mentioned in his/her listing that he/she is willing to negotiate financing terms. We don’t know for sure that a rent-to-own transaction can be arranged for these homes, but we do know the owner is willing to discuss financing options.

Learn more about the negotiation, offer and final agreement >
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