We have had numerous inquiries related to “rent with option to buy” lately. Many years ago, this was a possible option for buyers….but with our current economic times and housing market, you need to be extremely careful. Some owners/sellers may be in financial difficulty and could take advantage of the situtation. Do your homework!
Some potential buyers see using this option to make a purchase as a way to get around having “less than” good credit. The tenant/purchaser may still be required to qualify for a mortgage in order to meet the purchase requirements of the contract. Many buyers are under the impression that they don’t need to have “the best” credit and don’t have to put any money down. If it sounds too good to be true it usually is! Get the facts straight before you sign and seek legal help to review the agreement if necessary.
In today’s market having good credit is extremely important. In most cases the interest rate and your purchasing power are tied directly to your credit score and the amount of debt you have compared to your income. There are some lenders that will work with you to clean up your credit. It may take some time, but well worth it in the long run.
{ 0 comments… add one now }
You must log in to post a comment.