Home Buying in Northgate 2>Question Details

Denise, Home Buyer in Northgate 2, Walnut...

We live outside the Chicago area and my husband has a very good job offer in SF. We have two teenagers and a few rescue dogs. We have a very nice

Asked by Denise, Northgate 2, Walnut Creek, CA Mon Jan 3, 2011

home that we will probably have to rent instead of selling it because of the market. If my husband takes this job, we would like to get settled as quickly as possible because of our kids. I believe that we would qualify for a mortgage once our house here is rented. We have excellent credit and the position in CA pays substantially more than he makes here. My question - I have seen a lot of nice homes in the walnut creek area that are vacant. Are there sellers out there that would do a lease purchase so that we could get the kids in school as quickly as possible?

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I work with a couple very reputable leasing comapnies and you can break the lease for a fairly nominal fee. I am working with a family also relocating and they are leasing so kids can be in their chosen shcools and mom & dad can look at homes as they pop up at their leisure. There is not a lot of inventory, but, there are homes coming on the market weekly. I have a 4/2 home on a court coming on today in Northgate area...
0 votes Thank Flag Link Mon Aug 13, 2012
Denise, I would get pre-approved for a loan as soon as possible if you think you can buy. That way, you will know if you are looking for a lease or a purchase. I live in Northgate, and have for over 6 years. My children attend or have attended the high school. Many renters in this neighborhood will only lease summer to summer so they don't have vacant properties. Availability for both rentals and purchases are tight right now as buyers are back in the market for homes as of this past March. Most properties, if they are priced well for the condition, sell within a week with multiple offers. I'd be happy to help you make the purchase/lease decision. If you'd like to meet to see if we are a fit to work together, you can contact me at 4MichelleReese@gmail.com. 925.385.8783. MichelleReese.com
0 votes Thank Flag Link Thu Aug 9, 2012
That's a hard question to answer. Inventory is tight in Walnut Creek so they may not be as open to the idea as you expect.
0 votes Thank Flag Link Wed Feb 16, 2011
Denise,

If you would like a free CMA to help you decide whether to rent or sell your current home near Chicago, I could help. My company also lists properties for rent if you would like to list it.

Thanks.

Marcin
Conlon: A Real Estate Company
Marcin@ConlonRealEstate.com
0 votes Thank Flag Link Wed Feb 16, 2011
Honestly Denise,

There may be sellers willing but inventory is pretty tight. So it might not be as easy as one might think.
0 votes Thank Flag Link Wed Feb 9, 2011
Denise,

Although many sellers do not do lease options, it may still be a possiblity. Just because something that is on the market for sale and it doesn't mention that they will do a lease option, if you ask the seller (or agent) sometimes they will consider it. That being said, lease options are not generally done here because, 1) many people are under water or have little equity, 2) the rent or lease would not cover the expense of the current owner's mortgage...that is just to name a couple. Also, about 90% of lease options never turn into a purchase by the buyers for one reason or another.

It may be best to rent a while and get the feel of the area. If schools are important, check out which districts show the most promise for your needs, and then try to rent in that district. That way, when you decide to purchase, you can purchase in the same district so you don't have to uproot your children from their school.
http://www.City-data.com has some good information on areas and school districts. By the way, Northgate is not in the Walnut Creek school district, so I would advise doing some research on which areas attend which school districts.

Please let me know if you have further questions. Have a great New Year!!
Steve Dawson
Web Reference: http://www.BrokerDawson.com
0 votes Thank Flag Link Wed Jan 5, 2011
Denise,

Homes in the Northgate feeder locations are in high demand. Any vacant homes for sale are that way for a reason. Do not worry though there are many Northgate rentals available. I suggest that you rent here for a year and take your time looking. The current inventory is mostly fixers and gems are getting snached up quickly. Inventory should improve over the next few months but who knows what the condition of theos homes are.
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Tue Jan 4, 2011
Hi Denise,
Have you toured the area already and that is how you focused your search down to the Northgate neighborhood? A lot of the homes that are currently on the market in Walnut Creek that are vacant, are REOs or short sales listings. I know that REO listings will not do leases or lease options, as the banks are looking to move their inventory. And I personally, do not recommend doing a lease on any short sale properties as there are no guarantees that you will be able to reside in the property once it falls into foreclosure.

There are twenty one active listings in the Northgate area currently, of which ten are vacant. Five of of those ten are non REO or short sale listings. None of them are offering lease options right now. There is only one advertised property on the market that is offering a lease option, but that property is located in Lafayette (and depending on your price point, it may be too much).

I hope that answers your question. If you are not working with an agent already, I am happy to send you active lease listings in the area and work with you to help you and your family find the right place. I have helped other relos in your same situation, and understand how stressful it can be moving from one state to another in a short period of time.

Well, Happy New Year and best of luck,
Brian
0 votes Thank Flag Link Tue Jan 4, 2011
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