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Is A Lease Purchase The Best Deal For You?
Is a lease purchase the best deal for you? Lately several buyers who are looking at Charlottesville homes for sale have been asking me to find  homes that are lease purchases.  Many purchasers are having a hard time coming up with the money for a  downpayment, but they want to be able to get into a new home.  Sometimes they have a home to sell somewhere else and are not able to take on a second mortgage until that house sells;  at the same time they do not want to feel like they are just throwing away money on rent.  A rent to own situation appears to be the magic solution.
A lease purchase is set up so that a portion of the rent each month goes toward the downpayment.  In theory at the end of the year the renter will have built up enough to have the full downpayment and be able to take on a mortgage and proceed with the purchase of the home.  This all sounds great but...here comes the part that may be the "fly in the ointment". 
Only the part of the rent that is actually above fair market rent is allowed to be credited toward the ... more

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