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Rent To Own Homes Good For All
Rent to Own homes are becoming increasingly popular in today's real estate market. Also known as lease option, rent to buy, lease purchase as well as a score of other terms, rent to own real estate is proving a popular alternative to both buyers and sellers alike. Why has this alternative become so popular? The answer is two fold...
First is a sluggish if not nearly dead real estate market and secondly is the current turmoil in the mortgage industry which unfortunately is likely to have some enduring long term effect. Because of these related causes, sellers are finding it increasingly difficult to sell even the finest of homes while many buyers are experiencing considerable difficulty securing the financing required to purchase the home of their dreams. How does Rent to Own help? For sellers, the rent to own alternative frequently provides a means by which to aquire quality, serious minded and dedicated buyers willing to maintain the property to the highest standard (as it will eventually be their own) while alleviating the costs and overhead involved in home ownership and or landlord/tenant relations. For buyers this alternative often provides the opportunity to move into the home of their dreams with the promise of future ownership while avoiding the immediate issues of credit, financing, large down payments and closing costs. In a nutshell, Rent to Own can represent a true win/win situation.
The seller secures a buyer for his property regardless of market conditions while the buyer secures his investment by aquiring a property at today's prices, gaining equity over the term of the option, avoiding immediate financing turmoil and typically moving in for far less than the up front costs of buying. For more information see the website below....
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Contributor's Note
I, the author of this intel am a licensed real estate broker and have considerable experience with both the buying and selling sides of real estate rent to own and lease options.
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