Home Buying in 60555>Question Details

Mrs. S, Both Buyer and Seller in Warrenville, IL

What's the best way to find homes that are rent with option to buy?

Asked by Mrs. S, Warrenville, IL Sun Apr 7, 2013

Looking rent/sell our home and move into a larger home.

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Answers

6
Wow!
Mrs, S,
Let me be frank with you.
I've been a real estate professional since 1983. From my expansive experince I must encourage you to...
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GIVE GEOFF a call right now.
No, don't use that 'contact' button.
No, don't rely on trulai email.
If you are searious call Geoff now.
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Why?
His response to your question was the most revealing and transparent I've ever read. He demonstates a thorough knowledge of the investor market, has direct connection and understands the best options depends on your SITUATION.
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I don't know Geoff, and have never worked with him. But I am very capable of discerning the capablilty of others quckly. He is graciously offering you entry into a non-predatory opportunity. Call him.
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Best of success to you,
Annette Lawrence, Broker/Assoicate
Remax Relatec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
1 vote Thank Flag Link Sun Apr 7, 2013
Annette

Thank you for the kind words and unsolicited support. It is great to have a venue like this where people can not only share their knowledge, but have it validated by others. Hopefully the information we provide here will help people make educated decisions when the time comes.
Flag Mon Apr 8, 2013
I personally feel a better alternative is to just rent a home out. If at the end of your lease you love the home and would like to purchase it ask the owner. That way you will not be 'out' the additional money you put towards the 'option' to purchase or your down payment. I know so many owners who have had a renter ask to buy their home when the lease runs out and they have said yes.
0 votes Thank Flag Link Wed Jun 12, 2013
Look at all your options first but looking at rentals may be a good place to start. Some rentals are owned by investors but many others are owned by people who want to sell but have been unable to find a buyer. They may be happy to work with someone to do a rent/option.
0 votes Thank Flag Link Fri May 31, 2013
Hi Mrs S., I am very curious what options/opportunities you have been able to research for your rent/option goals? The program that I am involved with is unique in several respects in that it allows you the security/stability to rent for up to 5 yrs with the option (but no obligation) to purchase at any time during that period. You would have no risk of losing an up front deposit towards the purchase if you don't execute the purchase because there is none required. You only have the typical refundable rental security deposit that would either be refunded if you chose not to renew the rental each year or used towards your purchase if you executed the purchase option. As far as searching for available homes for this program, any home on the open market available for sale within the program's qualifying areas/school districts is possible. When we find a home you like, if the numbers work for both you and the program's investors, you move forward. Contact me for further details if interested.

Regards,

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
0 votes Thank Flag Link Wed Apr 10, 2013
Yes Geoff is right about financing for a 2nd home, that is what you'd be doing in essence if you retain your home and try to buy another one on "option". However, I have a rent/own program that allows you to do the option transaction without the 5-10% non-refundable deposit. No guarantees, as you would still need to qualify for such a transaction and yes, the method of disposition/renting of your current home would influence that greatly. Contact me if you would like to hear more about this.

Regards,

Lester S.
"Lester the Lister"
RE/MAX 1st
630.207.2532
LestertheLister@yahoo.com
0 votes Thank Flag Link Sun Apr 7, 2013
Mrs. S.

Before i get into rent options, have you talked with a mortgage broker to understand if can get financing for a 2nd home? That is the least costly way for you to get into a 2nd property. As to rent vs sell your current home, that would totally depend on your overall strategy.

Rent with option will require you to come up with a non-refundable down payment for 5-10% of the purchase price. I work with investors that fund these types of transactions and try to structure them as a win-win for everyone involved. We allow you to select the home that you like, purchase it, and then set you up with a lease option. If this is something you would like to know more about, feel free to reach out.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Sun Apr 7, 2013
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