Rentals in Willow Glen>Question Details

Steve Emberl…, Renter in 95125

Hi, what is the story with newhousehunters.com? Quite a few listings with what appears to be below market rental prices. All lease/option to buy

Asked by Steve Emberland, 95125 Thu Nov 7, 2013

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7
I am not familiar with the site. I can say this, if it appears to be too good to be true it usually is.
1 vote Thank Flag Link Thu Nov 7, 2013
Thanks. They list property that are pre-foreclosure and apparently work with the owners in renting them out with the option of purchasing the home within 5 years. Basically the renters save the property from foreclosing. Concept makes sense but can't tell if it's legit
Flag Thu Nov 7, 2013
This is NOT to be mistaken for NewHouseHunters.net which provides free access to listings and doesn't require you to provide any registration info
0 votes Thank Flag Link Thu Nov 6, 2014
I went to the website. Smells fishy to me.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Tue Nov 12, 2013
Both of those items mentioned, lease options and below market rental prices, are two red flags to be careful in what you are doing. As mentioned in an earlier comment, "if it is too good to be true, than it probably is. Lease/Option have a lot of things that could end up with loss of money down etc. If you find one that meets your need, recommend getting an attorney to write it up. Rule of thumb that I always tell clients is "you either purchase or you lease" but don't mix the two together.
0 votes Thank Flag Link Fri Nov 8, 2013
The main thing about a lease option is to be sure when you go to exercise your lease option that the seller can perform.

Check the house value against the exercise price (The price you can buy the house for)

If there are any mortgages on the property be sure that they are paid through escrow, so if the seller defaults you will be aware of it.

record you option to by at the county recorders office so the owner is not able to encumber the house further.
0 votes Thank Flag Link Fri Nov 8, 2013
The domain name was created two years ago. The company is an LLC in Las Vegas.

The Las Vegas real estate values were one of the hardest hit by the economic down turn. Homes could be bought for less than the cost of building them. A number of investor groups found that they could make money by buying foreclosed homes, fixing them up a little, then either selling them out right or renting them out. The rental income they could get was significantly greater than the mortgage. As this became more widely known, more and more investors, including some quite large, began buying foreclosed homes driving up the prices. The Las Vegas real estate market has returned to a more normal situation.

I'm not familiar with newhousehunters but they likely began business with many of the same goals above.

Willow Glen home values can be viewed at http://julianalee.com/san-jose/willow-glen-statistics.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650.857.1000
juliana@silicon-valley-homes-for-sale.com

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Fri Nov 8, 2013
Thank you for your question, Steve:

I recommend that to avoid scams that are designed to steal your money and your identity that you make absolutely certain that anyone that you deal with has a license from the State of California Bureau of Real Estate.

There has been an epidemic of Real Estate scams that are designed to steal your money, your identity or both. The best way to avoid becoming a victim of one of these scams is to make absolutely certain that everyone that you deal with has a real estate license.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
Broker/Owner: The Butterfield Real Estate Firm
Cell Phone: (408)509-6218
Email Address: charlesbutterfieldbkr@yahoo.com
California Real Estate Broker License: BRE#00901872
0 votes Thank Flag Link Thu Nov 7, 2013
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