Due to the tightening of conditions required to obtain a mortgage loan following the recent financial crisis, the rent-to-own contract and contract for deed sales for residential real estate have become increasingly popular among potential home buyers and sellers. In this study, after analyzing the embedded options in the contracts, I use option-theoretic methods to develop models for valuing both contracts for deed sale and rent-to-own contracts, which can be used to determine equilibrium monthly payments and the equilibrium down payment.

中文翻译：

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住宅房地产中传统抵押融资的替代方案：先租后买和契约销售合同

由于最近金融危机后获得抵押贷款所需的条件收紧，住宅房地产的先租后买合同和契约销售合同越来越受到潜在购房者和卖家的欢迎。在这项研究中，在分析了合同中的嵌入期权之后，我使用期权理论方法开发了对契约销售合同和租赁自有合同进行估值的模型，该模型可用于确定均衡每月支付和均衡下降支付。