Leasing To Buy Is Not Guaranteed

Tenants who attempt to buy a rental home on a lease to purchase option may not end up buying the home in the end. There are several more variables then just finding a home and leaving low percent of the final purchase price and paying the rent for the year. After the rent to buy lease is up, tenants will still need to be able to secure a home loan from a bank. If the tenant can’t manage to clean up their bad credit during the lease, prove and document wages, or simply have a lack of income, they still may have a lot of trouble securing a loan. If the tenant is unable to get a loan after the lease to purchase agreement expires you also run the risk of losing the option consideration money, left on the property. Carefully consider all the options before doing a lease to purchase option.