If you watch the Santa Cruz real estate market, you probably know it’s finally showing a little bit of upswing, with national home sales going up by 2.4% in May. While lower mortgage rates and more affordable home prices, along with an $8,000 tax credit for first time buyers, has made selling a home easier, you may still end up holding on to that house for quite awhile. Instead of selling straight out, consider renting to own.
Called a “rent-to-own” or “lease-option,” these deals normally require paying around 5% of the overall purchase price in up-front fees. In addition, buyers are usually required to pay extra rent each month. This is a win-win situation for both the buyer and the seller.
For you as the seller, you have regular rent that goes…
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