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This 8 page paper discusses some of the legal issues that surround rent-to-own enterprises. Bibliography lists 6 sources.
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8 pages (~225 words per page)
File: D0_HVPraLaw.rtf
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that surround rent-to-own enterprises. Rent-to-Own Housing Most people who want to buy a home try to find a lender to finance a traditional mortgage, but there is such a thing
as rent-to-own housing. It can be a godsend to low-income families who still hope to realize the "American dream" of home ownership, or it can be a trap in which
unscrupulous persons take advantage of their clients, charging them horrendous rates of interest, promising them a home of their own and then failing to deliver the property. One such case,
which we can take as an example of the dangers of this practice, is that of Scott Wizig of Buffalo, New York. Over a period of several years, Wizig bought
more than 250 properties in various low-income neighborhoods in Buffalo (Heaney, 2002, p. A1). It was his avowed purpose to repair them and then re-sell them to lower income buyers;
he said he would be "a different kind of real estate investor than what the city, especially the East Side, is accustomed to" (Heaney, 2002, p. A1). However, two years
after he made his promises, he has done little to repair the properties; instead "his efforts to turn renters into buyers involve asking prices 10 times what he paid for
properties, and illegal contract provisions, according to numerous attorneys, that leave Wizigs tenants responsible for repairing his houses" (Heaney, 2002, p. A1). Wizig is typical of "the new breed of
absentee property owners who are exploiting inner-city neighborhoods" (Heaney, 2002, p. A1). They buy houses as cheaply as they can, do little or nothing to repair them (though they may
make some cosmetic improvements) and then sell them at greatly inflated prices to unsophisticated buyers (Heaney, 2002). Attorneys have now gone after Wizig, and a nonprofit group that deals with
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