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Argyle Park : Real Estate Advice

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Wed Feb 16, 2011
Vashon El Amin answered:
Hello Adriannza, I'm glad that you are using Trulia to ask a much needed question. However, There is no way for any link to be posted along with your question. Can you please repost your question & provide the address including zipcode? I will be glad to answer any question to the best of my knowledge.

However there are two different types of ways to purchase a "rent to own". One is called a Lease/purchase option: when the current homeowner let's you rent the home for a specified amount of months until you can re-establish your credit and/or income and obtain traditional financing at the asking price of date. The second is called a Land Installment contract where the Homeowner carries the loan for the entire amount of years while you pay down the loan. This Land Installment method the Homeowner retains Title to property until ALL payments are made. Both methods may, however, carry large downpayments depending on the Homeowner and the asking price. Even with these methods PLEASE consult an attorney. You'll still be signing legally binding contract(s).

I hope this helps you out Adriannza.

Thank You
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