Home Buying in Montclair>Question Details

Nette, Home Buyer in Montclair, NJ

Are there any rent to own properties in Madison, Chatham, or Montclair?

Asked by Nette, Montclair, NJ Sat Jun 9, 2012

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Carl Witzig’s answer
Just for kicks and because I have some time before dinner today, I took my own advice. I googled rent- to-own. I found a site that wants me to register to provide info. It features a Bloomfield house photo at $529,000, that is not on the market, as a come-on. and then this text:
"Rent-to-own homes can be purchased using a Lease Option. This means the buyer rents the home for a set period of time, sets aside a portion of monthly rent payments during this time, and then has an option to purchase the home later, using the accumulated savings toward the down payment. Rent-To-Own properties offer home ownership opportunities to those who have poor credit or can't afford the down payment. It gives buyers time to rebuild their credit and accumulate purchase credits while living in the house."
It also has FSBO houses shown, with owner financing offered. This would usually be at higher loan rates, considerably higher rates at times, and with conditions not seen in traditional contracts. So be careful and have an attorney along side to protect your interests, as always.
0 votes Thank Flag Link Sun Sep 2, 2012
In addition to echoing Jeanne Fenwick's advice below, I offer this:
Rent to own is usually offered to buyers/tenants who have no ability to buy now due to credit issues. Often the property might be desperately looking to for a buyer, meaning in less than move-in condition. In the towns you mention, these seldom if ever exist. You might Google "rent to own" and look for anecdotes from people who have experiences. And then be careful if you proceed. Lastly, such "opportunities" are more common in Florida and elsewhere where builders use rent-to-own as a marketing strategy, again when buyers cannot obtain market rate loans.
0 votes Thank Flag Link Sun Sep 2, 2012
Yes, there are a number of rentals with the option to purchase.

I urge you to please consider the established community of North Caldwell, NJ. Just 17 miles from mid town Manhattan, the township provides exceptional education, recreation, community and saftey. Ranking Top 20 within the state; the Borough of North Caldwell provides Public Pre K to 6th grade schooling with a regional 7th to 12th grade middle/high school which ranked 16 in the state.

Please visit my website http://www.judithamorimdias.com and contact me directly (973-444-5643). There are a number of resident families which work in Manhattan and live in the North Caldwell community. With a number of nearby Midtown direct express buses and trains, local residents attest to the quality, happiness, privacy and comfort in their selection of home in North Caldwell, NJ.

Kind regards,

Judith Amorim Dias
NJ Licensed Real Estate Agent

Prudential New Jersey Properties
50 E. Mt. Pleasant Avenue, Livingston, NJ 07039 &
14 Forest Avenue, Caldwell, NJ 07006

Mobile: 973-444-5643
WEB: http://www.JudithAmorimDias.com
Email: Judith.Dias@PrudentialNewJersey.com
0 votes Thank Flag Link Sun Aug 26, 2012
Hi Nette, I don't see many rent to own scenarios play out - there are rental opportunities but they are going fast. Particularly in a busy market and in communities that are in demand - and I would count Madison, Chatham and Montclair among them - sellers would be hesitant to set a price today for a future sale. Perhaps they would be more willing in a depreciating market, but then I would advice you against it.

My recommendation is to focus on finding a rental that suits your needs, and then from there, save up to become a buyer.

Here to assist in any way.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Sun Jun 10, 2012
Yes! Buzz me up and let's take a look.
http://jonathancitron.yourkwagent.com
0 votes Thank Flag Link Sun Jun 10, 2012
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