“Is a Rent with an Option to Buy an Alternative?”
We wanted to see if we have the option to rent to own? We could put down a substantial down payment. We will be starting to pay off the debts once the withdrawal is completed but we need to move out of our apartment.
You would be surprised how many folks ask this question when they are dealing with credit challenges. Is it an option, sure but I have seen so many fall apart. Some of the reasons that happens:
1) Agreements are not drawn up by a professional.
2) Terms are sketchy and not thought out very well.
3) How much of a deposit is there going to be? What happens in case of a default by either party?
4) What happens if the seller can’t perform or the property goes into foreclosure?
5) What happens if the prospective buyer can’t get a mortgage?
6) What happens if the property doesn’t appraise?
7) What happens if there is a bad home inspection?
Unfortunately less than half the time these transactions actually get completed. As you can see there are so many reasons, the biggest is that the prospective buyer and seller are not represented.
Image courtesy StuartMiles/freedigialphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.