After having a house listed for sale for over a year and dropping the price to rock bottom the seller finally agreed to offer a Lease-Purchase as one of the purchase alternatives. A couple who had experienced financial problems several years ago which had hurt their credit made an offer immediately. They had loved the house but had not been able to obtain a mortgage even though they had a 20% downpayment. Their credit should be clear by the end of the lease term but since the seller already did a background check he is prepared to do owner financing if there is a problem. The buyers put down 15% and each month a portion of their monthly payment is credited toward the purchase price. The money down and credited portion are not refundable so the buyers are not apt to walk away.
There are so many people who have lost their home for one reason or another. If that reason was not their fault, like those who lost their job, they deserve a chance once they are working again. If you or someone you know is trying to sell a house or condo and it has been on the market for awhile without any offers, consider a Lease-Purchace.