John Phillip Betz

As long as the sellers still own the home (has not been forclosed on), they can list and sell the home even if it is being considered as a short sale. A short sale is a possible sale of a home before foreclosure. The lender agrees to take less for the loan of record because going into foreclosure actually costs the lender more in the long run. You might review your rental agreement you entered into with the seller of the property (owner of record), and see if that agreement gives the seller the right to have a locbox on the property for REALTOR's use. Also the listing agent can program the locbox so that showings can occur only during certain hours. There should also be a stipulation in the MLS information to call you first before using the locbox. If I were you, I would place any valuables in storage, or a safety deposit box at your bank.
I hope this is helpful! There are many great buys in the market place right now. There are also some great loan packages as well. Possibly you would qualify for one of them. How about the home you are living in?
Speak with the listing agent to see if you could qualify for it. Or, please contact me and we will discuss the possibilities! - Tue Jul 1 2008, 15:06

One sure indicator for me is that all of my investors have put me on notice that when a good buy comes on the market, they would like to preview it immediately. I am finding multiple offers on many properties. The listing inventory is streadly decreasing which means as supply goes down, prices start going up. It is a strong feeling in the real estate commmunity that the market, with some exceptions being short sales, foreclosures, and bank owned REO's, that the market is leveling out considerably. Seller's who are not having financial difficulties, are waiting to sell unless they are forced to by job transfer, death , divorce, etc. And that reduces the inventory right there. To the best of my knowledge and experience, if a property is priced right and shows very well, it should sell within 60 to 90 days. Of course that has a great deal to do with the agent who is marketing the property. Active marketing, using all the available marketing tools other than a sign, a brochure box, and MLS which of course are standard, 70-80% of all buyers are initiating their search on the internet. I personally subscribe to 8 of the most frequently visited sites including of course Trulia. Best wishes!! - Fri Jun 20 2008, 11:22

Why not find your nearest RE/MAX Real Estate Company, ask to speak to the Sales manager or Broker/Owner, and expalin your criteria so you can be directed to one of their top professionals. Agents at RE/MAX average 15years plus in the business, and have many references your may contact regarding their services to their clients. If I were you, I would'nt want to be serviced by someone who is inexperienced especially in this market!! Best wishes!! - Fri Jun 20 2008, 10:57

That is certainly a great option especially if you are saving up for a down payment for a full purchase sometime in the future. The seller may ask for option money up front, which would be applied to the down payment when you move forward with the purchase. You may also suggest to the seller that a certain amount of the monthly rent would also apply to the down payment. Of course if you don't exercise your option to purchase, all money to be applied to your down payment would be forfeited. I would suggest that several things be in place at the beginning such as the availability of a "Buyer's Home Warranty" paid for by the seller. In the event anything goes wrong with plumbing, electrical, heating, etc., the policy should cover those repairs less the cost of a minimum service call usually paid for by the tenant (future buyer). You should have made an application for financing up front, to learn just what will be required from you when the time comes to exercise your option. For example, maybe your credit rating (FICO) is not high enough to obtain a better interest rate. You may wish to consult with a credit counselling agency to assist you in bringing your credit score up. Also by checking for comparable sales in the area you are intending to offer an option to purchase, and watching the trends in your market place, you should be able to determine what the price of the option purchase should be in one, two, etc. years. If the market is in a down spindown, maybe your option to purchase could include a clause stating that the price would be adjusted by a professional appraisal prior to exercising your option. On the other hand, if the prices are going up, and your option to purchase price is less that the market, that would be to your benefit, and another good reason to enter into an option to purchase agreement. Finally remember just at least one important concept. If you could move forward today and make a purchase without entering into an option agreement, you would still be paying rent and you would not be taking advantage of any tax and interest write off as well as any potential equity growth (assuming prices are on the rise), that would be available to you as a home purchaser (owner). - Fri Jun 20 2008, 10:46