The rent to own scenario can work out for both the buyer and the seller

Over the years the real estate market has created some useful and unique financing techniques, one of which is rent to own or lease options.  While rent-to-own has been around for a long time, today it is helping many nervous sellers get a deal done.  In essence the rent to own scenario is a type of 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 portion of each month’s 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.

For more information on Rent to Own/Lease Options

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