The rent-to-own scenario can work out for both the buyer and the seller in Phoenix AZ.
The Phoenix AZ real estate market has led to some creative financing techniques, one of which is a rent to own scenario. While rent-to-own has been around for a long time, today it is helping many nervous Phoenix AZ sellers get a deal done. In essence the rent-to-own scenario is seller financing. It is important to work the specifics out in a rent-to-own situation.
Items that need to be addressed are:
- What percentage of the rent that goes toward the down payment?
- Which party pays for major repairs to the home?
- Which party takes care of the basic upkeep of the property?
- What happens to the down payment money if the buyer changes his mind?
A typical Phoenix AZ rent-to-own scenario takes a portion of each month's rent to put toward a down payment on the Phoenix AZ home. As soon as the down payment money is collected, then the potential Phoenix AZ buyer can qualify for a mortgage. The seller then has to cover his bases so that he is not out any money if the buyer changes his mind. If planned accurately and followed through diligently the rent-to-own scenario can work out well for everyone.
Gina McKinley, a Phoenix AZ real estate agent, is familiar with the rent-to-own scenario in Arizona. Gina McKinley would be happy to answer any questions you may have or connect you with the appropriate Phoenix AZ real estate buyers or sellers. Gina McKinley can be contacted at (480) 355-8645 or by email.
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