Home Buying in Cerritos>Question Details

Rick, Home Buyer in Long Beach, CA

I would like to know of any rent to own situations in the Cerritos area under 180K.

Asked by Rick, Long Beach, CA Thu Oct 21, 2010

I am a 28 yr old engineer moving to LA area for good. I am a single professional with 80K per year bonus/perks and with a 760 credit score. I would like to go for rent to own since I hate to spend major dollars on apartments over 2-3 years when it can become a part of my down payment towards a condo I can own (assuming everything is peachy). I would like to know of any condos in the range of 150K to 200K (lower the better). I am familiar with the Cerritos area and its growth potential once the market turns around. Am I thinking right ?

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Hi Pari, I dont recomment to getting into an option to buy at this time because the market is full of so many foreclosures and short sales this is the best time to buy. There is very few with option to buy. Most option to buy are properties that may be overprice and seller's can't find buyers so are willing to go the other route and rent to option to buy. Also, there is a large downpayment for the option to buy so you are really not escaping the downpayment amount it could be a hefty amount maybe 5-10%. I would recommend to take advantage of the market a buy property in a good location that can be rented later. Go with an FHA,3.5% low downpayment and later if you decide to buy a home you can rent the property for a good return in your investment. Im sure there are many good deals in LA, all you need is a good agent to guide, prepare some comperables on what's selling and renting in the area an see if the numbers make sense. Best of luck.
Ivan
0 votes Thank Flag Link Sun Jan 30, 2011
There are 8 condos in the city of Cerritos available...all of them are short sales. There are different staghes in an approval a a short sale. Once a short sale is a approved the sale moves along more rapidly than that of the past. Most condos in that price range sell fast if its a regular sale and most likely it an all cash offer the ends up as the best offer. If you ahve a great credit score why rent? I believe we are close the the bottom of the market for several reasons.
I just put a client in a rental because both husband and wife re4ceived great job offers in LA. They sold their house in Palm Springs and work out here in LA and needed to sell quickly so rather than make a quick decision (21 days) on a few properties they wanted to take their times with in 6 months.

Let me know if there is anything else I can do for you.

Thanks,
Mark Anthony Ruiz
Office 562-246-5200
Cell 714-815-4634
http://www.MarkAnthony.tv
0 votes Thank Flag Link Sun Jan 30, 2011
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