Home Buying in Union City>Question Details

Sweetpea, Renter in Fairburn, GA

Looking at a house in the Al Jennah Subdivison in Union City GA for rent,

Asked by Sweetpea, Fairburn, GA Sat Feb 26, 2011

The rental house is will worth the price but it is the only completed house in the subdivision, we eventually will like to buy the home, but cannot at this time. Landlord has reduced the rental price and has agreed to sale the house at our time frame. Since it is a rental will it be worth being the only house that is completed, cons pros please

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You are welcome. Generally, a subdivision is financed by one or more lenders, Swwepea. If one, or all, of those lots goes into foreclosure, the property(ies) will eventually be bought by someone else and then developed as the buyer/builder can forecast an ability to sell what is constructed. Trying to determine that time frame is dependent on too many market factors to guess here. Simply let me know if we may help with a rental agreement or anything else.
0 votes Thank Flag Link Sun Feb 27, 2011
Thanks for your speedy reply, your answer is on target, I understand why you suggest that we should lease and not go into a lease purchase, being the lone home has its disadvantages, like you mentioned Security, the homes were priced between $200,000-$350,000 now the prices are $100,000-$150,000. I feel this would be good time to get our foot in the door while working on our credit, could the subdivision close if no one ever buys?
0 votes Thank Flag Link Sun Feb 27, 2011
Like with most questions involving real estate, Swwepea, the answer is usually "It depends." If the bottom line answer is "the price/location/size/etc is right" you should likely pull the trigger. The downside to being the only house there, for me, would be an issue of security. No neighbors to watch out when you are not there may prove detrimental. My suggestion would be to approach this as a strict lease, however, and not a lease/purchase for several reasons. Please call or email if we might be of further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org

Info@SellsRealty.org
0 votes Thank Flag Link Sun Feb 27, 2011
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