6118 Wallowing Way, Colorado Springs, CO 80925

This property is available on a rent-to-own basis. CALL NOW 720-219-4874 cats are OK - purrr dogs are OK - wooof house w/d hookups no smoking attached garage Nice 3 bedroom, 3 bath, with 2 car garage home, Rent To Own only. Not just for rent. Available now, rent $1605 , $23,500 or more down payment needed Fireplace, fenced yard, pet ok, has stove, refrigerator, and dishwasher. No bank qualifying. Rent-to-Own or Lease-to-Own (also called a Lease Purchase): How does the rent-to-own process work? Rent TO OWN definition: A rent-to-own home, which is more commonly referred to as a "lease option" or "lease purchase" by real estate agents, is a home that is offered for rent directly by the property owner. The owner provides the lease and purchase terms that lets the buyer move-in without needing a bank loan up front. * Buyer pays the Seller a down payment (usually 5% to 10%) because the buyer wants to purchase the property in the future and needs a house to live in now (instead of just renting again). *This down payment money is a small amount compared to the price of the home. * Buyer and Seller agree on a purchase price. * During the term of the rental period, the Buyer agrees to lease the property from the Seller for a predetermined rental amount. * The term of the lease purchase agreement is negotiable, but the common length is generally from 6 months to 2 years, during which time the Buyer applies for bank financing and pays the Seller in full. * The down payment may or may not apply toward the purchase price. * Buyers are responsible for maintaining the property and paying all expenses associated with its upkeep during the rental period because they are preparing to be the new owners. * If conditions change for the Buyers they are NOT obligated to buy the property at the end of the lease option period. However, their deposit is forfeited. * The lease-purchase offers home ownership opportunities to consumers who can't qualify for a loan at this time, but may be able to qualify in the future. *During the option period, the buyers have the opportunity to rebuild their credit and accumulate savings while living in the house.