Home Buying in 97501>Question Details

Lori, Renter in Medford, OR

I will be moving to Medford in June, 2013. I would prefer to rent a home with the option to buy. Is that a possibility? One year lease to decide.

Asked by Lori, Medford, OR Sat Feb 23, 2013

I am a single professional, qualify to buy, prefer under $150,000, 2 bedrooms, cottage-style, small yard in the NE area of Medford (but other safe areas would be considered).

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0 votes Thank Flag Link Tue Jun 4, 2013
I never recommend lease options to anyone. I have never seen one actually work although they might. The owners take extra money every month to use towards a down payment. If you do not decide to buy or cannot buy by the end of the term, that money is lost. I recommend renting, then buy if you want when the time is right.
0 votes Thank Flag Link Mon Jun 3, 2013
Of course. Anything is possible! Your price range is good and especially if you will consider a two bedroom. You have zeroed in on areas and have a price point. It may behoove you to act and purchase so you can chose the home you want and not be limited to the rental or lease to own market. It makes more sense if you are planning on staying in the area 3 to 7 years. Maybe you are rebuilding credit repair? Is there some financial reason to not purchase? Contact a reputable lender or continue to ask questions.
0 votes Thank Flag Link Sat Feb 23, 2013
Have you been able to connet with a realtor yet? They might be able to find you a lease option in Medford that would work really well for you. There are very few people that have their homes paid off so that they can do this - but you should find someone and stick with them.!
0 votes Thank Flag Link Sat Feb 23, 2013
Hi lori, lease options are available at times. Generally speaking the owner will want a chunk of money down and then you work out terms to purchase. Since you are new to the area you may find it best to visit, rent something convenient and then when you are ready; start looking. If you have further questions give me a call. Jen Gerrard 541-840-7526.
0 votes Thank Flag Link Sat Feb 23, 2013
Thanks Jenifer. Actually, I used to live in Medford (10 years ago) and may retire there. I bought a house last year,but only visit in the summers. Right now I rent it as I can't afford to live there :) My plan was to rent a smaller, cheaper place and buy that. I was just wondering how to go about doing the possible lease to by option. I saw a cute cottage I would be interested in. I will be 'renting' in Medford for a year I will live there as I decide if I will stay (I will be on sabbatical / educational leave).Thanks for your reply. Lori
Flag Sat Feb 23, 2013
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