| The rent-to-own scenario can work out for both the Lehigh Valley Home Buyer and the Seller |
The real estate market has led to some creative financing techniques, one of which is a rent to own scenario. While rent-to-own has been around for a long time, today it is helping many nervous Lehigh Valley Home Sellers get a deal done. In essence the rent-to-own scenario is seller financing. It is important to work the specifics out in a rent-to-own situation. Items that need to be addressed are:
§ The percentage of the rent that goes toward the down payment
§ Which party pays for major repairs to the home
§ Which party takes care of the basic upkeep of the property
§ What happens to the down payment money if the buyer changes his mind
A typical rent-to-own scenario takes a percentage of each months rent to put toward a down payment on the home. As soon as the down payment money is collected and reached its goal then the potential buyer can qualify for a mortgage. The seller has to cover his bases so that he is not out if the buyer changes his mind while at the same time a buyer has to look out for his best interest as well. If planned accurately and followed through diligently the rent-to-own scenario can work out well for everyone in the valley.
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