a lease-option ...
(not to be confused with a lease-purchase- which is different we will talk at a later time).
Simply put, (please speak with your real estate agent and/or attorney), you would rent your home to a buyer who would deposit monthly rents and apply a portion or all of rental payments to the down payment of the property.
of course, it depends on the rent, however, in many cases, in about 6 months, the tenant would have 5% or so and would then may qualify for the loan.
There are other important issues, such as lease agreement, purchase contract and option contract that are necessary, so again please please speak with your real estate agent and/or attorney.
again, you have to be willing to rent your home. However, you can still accept back-up offers during the term of the option, should the tenant not exercise his right to purchase.
Just another idea to help sellers do just that, Sell your Home!
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