Solving The Problem Of Foreclosure

1011 Words5 Pages
In today’s economy, prices for everything, especially homes, have sky rocketed and with this in mind, the opportunity to rent-to-own is sought after as not only the most popular option, but more often the best option. Rent-to-own is negotiated through contract so that the renter can eventually complete his or her payments and eventually claim the house as their own property. With other various ways to pay for a home, many potential home owners will most commonly find themselves confused and may have multiple questions regarding what payment option is the best for them. Like everything in life, rent-to-own has its pros as well as its cons. It is up to both the Buyer and the Seller to properly negotiate so that the pros outweigh the cons and…show more content…
However in comparison to the Lease Purchase also known as rent-to-own, The Lease option contrasts greatly because while it allows the buyer to choose to purchase the home or not, the Lease Purchase requires the buyer by contract to eventually purchase the home with an extended closing date. Depending on one’s financial situation, either one of these payment plans can work to your favor. The only factor to consider is whether or not you wish to either pay for a home and own it if the opportunity presents itself, or pay for a home you are guaranteed to buy with the approval of the seller. Even with proper planning and keeping up with payments on a regular bases, there are still a couple of disadvantages one can face when purchasing a home, such as being unable to get the financing they will need. If such event is to occur, any deposits he or she makes up front that point will be lost. As for the seller, if he or she is unable to close the sale, it will most likely be renegotiated or, for the convenience of the buyer be terminated. As a buyer, it is not only important for them to find a seller is not just looking to make enough to cover mortgage as well as other expenses, but also see to it that they don’t make the buyer feel that they can’t afford the home they are paying for, otherwise they will be unable to make any future payments. And with this in mind, Even if the buyer is the one who loses more, the seller will
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