Lease/Purchase

•Sellers generally get market value at today's prices and relief from paying a mortgage on a vacant property.


•Although the lease payments may exceed market rent, the buyer is building a down payment and banking that the property will appreciate beyond the agreed upon purchase price.


•Buyers generally make a small down payment, with little or no qualifying, making a lease purchase an attractive way to ease into the benefits of home ownership.


•Buyers also receive a forced savings plan since part of the lease payment is credited toward the purchase price at the end of the lease option agreement.


•If the buyer defaults, sellers do not refund any portion of the lease payments nor the option money and may retain the right to sue for specific performance.

It was their idea...they need a year to save up the cash for a down payment on the home...i'm cool with it I think...it'll allow us to gain some more equity on the home while getting our mortage paid for a year.

we've had trouble selling our home for some reason. we live in a great area...our neighborhood is still under development which is probably hurting us the most.