Other Options Exist for Condo Coveter
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“On the Horizon: Owning Home” (Money Make-Over, Aug. 5) failed to take into account a very important factor for Carole Panick.
She wants to buy a condo in Santa Monica within five years. One way to speed up the process is to search for a motivated seller who will finance the purchase. It is possible to find a seller who owns the condo outright who might finance the entire purchase, or a seller who will carry back a second trust deed for 5% or 10% of the purchase price.
Failing these possibilities, the Make-Over candidate might find she can enter into a lease-purchase agreement with a seller, also known as leasing with the option to buy.
ALAN JAY WEISS
Santa Monica
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