It depends on the situation of the home owners. If they have another place to live and might not receive what they want for price on their property, they may decide to rent it out to offset some of their mortgage payments until the market rebounds. It also might depend on what type of are you live in. In 62221, there is a college and it is close to Scott Air Force Base. This creates turnover in the market for those that will only be living in the area for a short period of time.
There are options to lease with the option to buy. It is called a Lease Purchase. Over a set amount of time while paying rent, your rent money will be credited when you purchase the home.... more
If the home was on the market before and didn't sell and it was going through foreclosure it was a short sale and many short sales never sell and end up being foreclosed on. They usually don't sell because there is more than one lien on the property or something like that. If the current owners can't sell their home before it goes to auction and no one buys it at the auction then the bank that was foreclosing becomes the legal owner. If Freddie Mac purchased the original loan as an investment from the bank that was used to buy the house that was being foreclosed on then they are now the legal owners so they will list the home for sale usually with a local real estate agent.... more
It is always your decision to counter offer. It is important to know that once you make a counter offer, the potential buyer is no longer under any contract to purchase your house and can walk away.... more
Ah a bit of correction to other agents in Illinois... Written counter offers do not modify an unsigned contract. There is no contract unless contract signed by all parties. I read M Jo's other question under profile, and it appears that the seller here was trying to lower the co-op payout and part of the counteroffer. That is not right for the seller to do and this question is misleading respondents to be not put into that context. Advertised MLS compensation is not subject to negotiation.... more