Mortgage FAQ: How Do I Buy a Home that I'm Renting?
"THE OWNER OF THE HOME THAT I’M RENTING HAS DECIDED TO SELL AND I’M VERY INTERESTED IN BUYING THE HOME. HOW DO I GO ABOUT DOING THAT? DO I NEED TO HIRE A REAL ESTATE AGENT?"
If you want to buy the home, you should approach it like you would any real estate transaction, which includes hiring a real estate agent. The process of buying a home that you’re currently renting may seem simpler than a “normal” home purchase, but problems can arise and having an experienced agent is a necessity. Although you may have the inside track on buying the home—especially if you’ve been a good tenant—that doesn’t mean you should take shortcuts in the homebuying process.
You’ll need to interview and hire your agent, make sure your credit is in good shape, get pre-approved for a loan, and take all of the other necessary steps prior to making an offer. If the owner hasn’t put the house on the market yet, now is the time to let them know that you’re definitely interested in buying it. It may also be a good idea to talk to the owner (or have your agent contact them) and emphasize your strengths as a tenant, such as how you’ve paid the rent on time each month, how you’ve helped to maintain the property, etc. Talking to the owner may be particularly helpful if you’ve mainly had contact with just the landlord or property manager rather than the owner of the property.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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