Don't Get Caught With a House You Can't Sell - Offer Rent To Own Terms

You've just bought the home of your dreams, signed the contract and packed the moving van and you're all set, right? Not if you haven't sold your current place first. So you place it on the market and you wait. And wait. And wait. Buyers come along, but they don't have enough cash saved up for a down payment, or their credit rating isn't good enough. How will you ever sell this property?

For many, the rent-to-own property may be the best option. Likewise called a lease-to-own property, the method works similar to a automobile lease: Renters pay a certain sum each month to live in the house, and at the end of a set point generally within 5 years they have the choice to buy the house. Each month of rent they pay is income for the seller, while a percentage of it goes toward a down payment on finally purchasing the home.

­­Both renters and sellers need to be very clear about the contract they mark up before they agree to this arrangement. Renting to own has advantages and disadvantages for both parties. Sellers who have already bought a new house will have relief from paying two mortgage payments at once, and in a slow housing market with many properties for sale, this may be their best option. Buyers who can't yet afford a home may be able to get one more quickly.

Visit www.DIYRentToBuyHouses.com.au to read how Dallas & Kerrie Kelso can show anyone how to setup their own Rent To Own deal without involving the overpriced Rent To Own Investor middleman.

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