Foreclosing Lender Seeks "Rent To Own" Permit From City Council To Unload Unsold New Condo Units

In Marlborough, Massachusetts, Community Advocate reports:

• The current owner of the Trinity Court Development on West Main Street, Henry Bar, appealed to the City Council Nov. 24 for a special permit to modify restrictions placed upon the condo development. Citing hardship from the current economic climate, Bar, who has yet to sell one of the condos, is requesting a special permit to allow a temporary modification to the condition stipulating owner occupancy.

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• After lowering the price twice, he said that the current sale price, which is around $299,000, is already down 25 percent from the original asking price. In an effort to get people living there, Bar would like to offer potential homeowners the option of renting to own or simply renting.

For more, see Condo developer asks for rent-to-own option.