Monday, February 27, 2012

The Promise and Peril of Renting to Own

An article from the Pittsburgh Post-Gazette runs through the ups and downs of renting-to-own real property.  The story chronicles the attempt of the Heckter family to purchase a small home in the Pittsburgh suburbs: 

The couple signed a contract in August to buy the three-bedroom home and a detached two-bedroom rental house on the same property for $31,000. What they say they didn't understand at the time was that they would have to make a $16,000 balloon payment on Aug. 1, 2013.

With no credit history, no disposable income, a 1-year-old daughter and another child on the way, Matthew, 22, and his wife, Christine, 21, are beginning to feel they've gotten in over their heads.

Steve Clowney

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