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by Caterina Christakos
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By buying your home in this way, you avoid realtor fees and some other closing costs. You also put money that would have been thrown away on rent into eventually owning your own house.
They are able to avoid realtor fees and some closing costs plus they have a tenant (you) who intends to purchase their property. They can feel safe knowing that you will take better care of the home than a renter would and may even fix it up a bit since it will one day be yours.
Q How long does it take before you make a final payment?
A That depends on a number of different factors. Many people with less than perfect credit can rebuild their credit and receive a mortgage from a mortgage broker within 6 consecutive payments.
Q Why don't I just buy the house outright? If you have bad or poor credit, it may be difficult to find financing. If your payments are applied as rent credits though, it will be much easier to get a loan.
Q What if I decide not to buy the house?
A If you decide not to buy the house in the predetermined period of time, you can either renew the option, or cancel losing your initial deposit. A lease option is merely a right to buy at a certain price, within a predetermined amount of time.
Caterina Christakos is an independent real estate investor and facilitator. For more information go to: |
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