Graffogefarms, Home Buyer in Union Bridge, MD

I need to find a lease purchase by next spring we are moving from overseas, have put an ad in craigs list.

Asked by Graffogefarms, Union Bridge, MD Wed Sep 12, 2012

Want to find something wth about 2000sq foot or more, reasonable taxes, 20 min to NYC train or so, and at 2 acres with a good shed/barn. Don't care about age of house, as long as livable. Do want to buy - within the 2 year time frame but we need a house by next spring.

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7
https://post.craigslist.org/manage/3520997512
$1883 / 2000ft² - FARMHOUSE WANTED or Colonial (Dutchess Co.)

Looking for a lease purchase 2 year max - Older Farmhouse or colonial with barn/s and at least 1 acre or more Dutchess County preferred but other areas considered. Even part of CT, 4 bed, 2 bath ideal, with reasonable taxes. Max 2 year lease purchase. Moved to Ireland 8 years ago for work and family member (dad) who has just passed away from cancer hubby, transfering back to old job in NYC. - used to live in Dutchess County. I am experienced in homecare - though not certified .Does not need to be ultra modern, older house fine, if it needs a little TLC, restoration - but is livable - that is fine too. , 845-440-1862 No spam, or con artists . Leave a detailed message and I will get back to you. We are hoping to for a lease purchase with a maximum of 24 months, but could be less, It will take a year to get re-established in job. Hope to be ready in next 4-5 months. We will be bringing children, cats and dogs with us. 2 Children are special needs, Lyme/Aspbergers and reaction to pandremrix vaccine, so animals are vital to them instead of drugs. Dogs are used to having room to run around. 20 minutes or so from train station would be ideal. no telemarketing. Would like to have it ready for April or May/june. I will be out in March to start looking . If you are having trouble selling something like we are looking for, perhaps we can talk? We don't want to be moving twice, and paying storage . At least you would be getting some money in instead of it lying empty and know that at the end - the house will be sold to some good people. All would be done legally, with escrow being paid into.845=440=1862 Thank you.
0 votes Thank Flag Link Wed Feb 6, 2013
oh I know its more than a 20 minute train ride. Hubby used to take NYC train from New Hamburg. We are looking and if we can get a mortgage, brilliant. Just don't want to rent and pay storage that could be used towards a house. We have 4 kids, and the 2 youngest who will be with us have disabilities, one thanks to Lyme/aspbergers - and our 16 year old as a result of the swine flu vaccine, which we are trying to get to bottom of ! We are coming with cats and dogs,and tools, and such. SAdly - I wish I could say most of the stuff was mine - but more my husbands. Actually spotted a couple of houses, and I'm, hoping to make a trip to look at houses by myself next month. We have to pay union dues to get reinstated and ready for work.
So space is important, age of house not. Looking into preapprovals as well now.
0 votes Thank Flag Link Wed Feb 6, 2013
Good afternoon Graffogefarms,

Clinton Corners is definitely much further away from NYC than 20 minutes by train. I live in New Rochelle (which borders on NYC) and the Metro-North commute from downtown New Rochelle into Grand Central Station is 23-28 minutes. It's going to be substantially longer in the Clinton Corners area (if Metro-North goes that far up, I don't know if it does). So you definitely want to consult with local real estate agents with regards to commuting options and commuting times.

Now, as to the lease-purchase or rent-to-own question you posed, here's my advice based on 23 years in the mortgage industry (and NOT because I'm a Mortgage Banker): Don't Do IT!

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!
0 votes Thank Flag Link Wed Feb 6, 2013
Thanks for that, I did put Dutchess as first preference as familiar with it. But another question is - why do some realtors immedetely shoot down the idea of a lease purchase and I suspect don't even put it to the vendor? I find that they are sometimes a little too quick to say no . Ive spotted a house or two that I really like - and am reluctant to contact about this.
0 votes Thank Flag Link Thu Sep 13, 2012
It's just not a popular concept here. It seems that owners only offer it in areas where home values are very depressed and inventory isn't moving, even then there aren't many of them. On Long Island there the lease to own option is either yes or no in the listing, so many agents feel that if it says no there is no reason to ask. I can't say for upstate, but it may be similar.
Flag Thu Sep 13, 2012
It just took me to Hudson Valley, not the specific ad. If you know you're interested in the Hudson Valley, then google a few agents in the area. E-mail three or four and see if you develop a rapport with one, or you find one is more in tune with your thinking. I don't think you have anything to lose, and it should make the whole process much easier for you. Good luck.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Thu Sep 13, 2012
This is the link where I placed ad. http://hudsonvalley.craigslist.org/
reo/3217030151.html
0 votes Thank Flag Link Thu Sep 13, 2012
While I'm sure there are some legitimate things on Craigs list; it's loaded with real estate scams. Do yourself a favor and work with a buyer's agent. Do some research as to what area you'd like (at least try to narrow it down to a county) then contact a buyer's agent, they can conduct the search for you and won't let you fall victim to a scam.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Wed Sep 12, 2012
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