GEYSER RESEDA, CA 91335

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Description

Rent-to-own homes can be purchased using a Lease Option. This means the buyer rents the home for a set period of time, sets aside a portion of monthly rent payments during this time, and then has an option to purchase the home later, using the accumulated savings toward the down payment. Rent-To-Own properties offer home ownership opportunities to those who have poor credit or can't afford the down payment. It gives buyers time to rebuild their credit and accumulate purchase credits while living in the house.

The owner/broker to finance the loan (installment sale). 10% down payment. 5.50% interest rate. No PMI. No loan fee. Loan amortized over 25 years with a balloon payment due in five years. If your buyer does not have 10% down payment then consider writing up a lease with option to buy offer. Use three CAR forms (residential lease agreement + option to buy agreement + residential purchase agreement) as they all work in conjunction with each other. The option to buy agreement would allow your buyer one-year to save up for his down payment and to still lock in the sales price. The property is 3 + 1.75 + den. Central air conditioning. Swimming pool. Two car garage. RV access. Separate room for washer and dryer. The property is in need of minor repairs. Lot size 60' x 101'. Slab foundation. The property is located near Victory Blvd and Yolanda.