A Lease to Own Home as an Answer to a Personal Financial Crisis

As the economy and the housing market continue to flounder, people are scrambling for ways in which to buy a home or sell a home, and to do either of these in the most absolute adverse market conditions.

Buyers have seen their credit take a hit from employment issues, credit card and loan issues, along with many other market factors that work counter to the solid position a buyer needs to be in in order to outright purchase a home. On the other side of the table, Sellers have watched the equity in their homes drop rapidly, and have been held as virtual hostages as they are unable to sell due to poor conditions in the market.

Optimally, a seller would want to sell outright to a buyer, however, the current market has opened up a new window of opportunity for buyers and sellers, and it is called a Lease to Own (also known as a Rent to Own). In this arrangement, the seller would be immediately freed from making mortgage payments, since a qualified tenant/buyer would be in the home, and they would be making the payments, doing repairs, and treating the home as if it were their own already. At a specified time in the future, the buyers have the right, but not the obligation, to exercise their option to purchase the home at a set purchase price.

As there are many FSBOs listed on the market, very few sellers are taking advantage of this arrangement, and are basically choosing pain over comfort. Choosing to offer your home as a Lease to Own will open additional doors to buyers who may not be able to buy your home right now, but might be able to do so 12-24 months down the road. The more options that you offer, the smarter you are playing it in this market.

Have your agent work for you and have them draw up the proper paperwork. If going it alone, consult with your attorney.

This solution could be just what you were looking for to get back in the game.

Article Source: http://casinoarticles.us

Name: Rob Company: HomeRun Homes The Premier Website for Rent to Own Homes Website: www.Lease2Buy.com

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