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Lease Options may be last option

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Mortgage and Lending with liberty one

Now 100% loans, or ‘majority financing‘ is a very limited option,

buyers and sellers have to be creative to get real estate transaction closed.

There are 2 strategies that may work;

The Lease-option and the Lease Purchase.

A common name you may here these referred to is "Rent-to-Own" .

Lease option - "contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance"

This is a way you can save for a down payment and decide if the home or condo is a place you would like to live.

I have to recommend that you do not attempt this without the advice of an experienced attorney and/or real estate professional.

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