They felt like homeowners. They paid the property taxes. They insured the structure. They spent $5,000 replacing a water heater that blew out in the dead of winter. To the neighborhood, it was the "Elias and Sarah House."
That’s how they ended up on the porch of Arthur Vance, a retired clockmaker who had owned the Maple Street house for forty years. The Handshake and the Paperwork buying a home on contract
The deal was simple on the surface: Elias and Sarah would pay Arthur a $15,000 down payment—every cent of their savings—and then pay him $1,800 a month for seven years. This included a 6% interest rate, which was higher than the banks, but for them, it was the only game in town. They felt like homeowners
