We are hearing that door-to-door sales people are very aggressive in selling a package of “Rent To Own” mechanical’s for your home. They will put together a nice neat package for you. Each month you will pay a rental amount to the company with a very small portion going towards the actual purchase of the products. It all sounds like a great deal until you want to sell your home. Purchasers will not and perhaps cannot assume the rental contract of this nature. When Buyers qualify for a mortgage, it is based on mortgage amount and taxes. If the mortgage company has to factor in $150.00 rental per month, it might affect whether a buyer would be able to purchase your home.
Seniors are at risk of being taken advantage of by these sales programs.