Home Buying in 62221>Question Details

Monique' Dav…, Renter in Belleville, IL

I was wanting to know if homes that are for sale that have been on the market for a while do the home owners rent the homes out?

Asked by Monique' Davenport, Belleville, IL Sat Feb 23, 2013

A guy that I work with said that his home owners gave him and his wife a option to where they did a yearly lease with the option to buy after two years and the monthly rent that they are paying will go towards the purchasing of the home. Are there options like this avaible?

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Laura Karambelas’ answer
Hi Monique-

Are you working with an agent? We are able to go through our Multiple Listing Service and call on homes that have been on the market for a long time to see if the owners are willing to rent.

Yes, there are many options out there. Some of our markets are seeing such a decrease in inventory that many sellers are choosing not to rent. Call a local agent to help you find what you are looking for.

Good luck!
0 votes Thank Flag Link Fri Mar 1, 2013
It depends on the situation of the home owners. If they have another place to live and might not receive what they want for price on their property, they may decide to rent it out to offset some of their mortgage payments until the market rebounds. It also might depend on what type of are you live in. In 62221, there is a college and it is close to Scott Air Force Base. This creates turnover in the market for those that will only be living in the area for a short period of time.

There are options to lease with the option to buy. It is called a Lease Purchase. Over a set amount of time while paying rent, your rent money will be credited when you purchase the home.
0 votes Thank Flag Link Thu May 16, 2013
There are many options out there, but it is really important that you do your research. In addition to a Realtor guiding you through the process (which is a must - if you don't have a Realtor as your first line of defense, get one) it would be best to seek legal advice from an attorney. There may be options out there, but they are not always in the best interest of the renter or buyer.

Good luck!
0 votes Thank Flag Link Sat Feb 23, 2013
Thank you Allison. Im going in to this kinda blind. If you are a realtor I would love to come and talk with you and you can possible help me along my path.
Flag Sun Feb 24, 2013
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