We are relocating from Phoenix to Bellevue, wa area in May. We had to short sale our home. Can we rent to own in Issaquah school district?

Asked by Aztobv, Phoenix, AZ Mon Feb 14, 2011

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Dan Tabit’s answer
Dan Tabit, Agent, Issaquah, WA
Mon Feb 14, 2011
Aztobv,
Welcome to the Northwest. As a native, I'm biased about what a great place to live this is. There will be a weather shock after Phoenix, but get a hold of some vitamin D and you'll adapt.
I did a quick search for Issaquah lease options. I found 3 and I've included a link for you to review them. What terms each will take and for how long is up to the seller/landlord.
As to how soon you may be able to purchase, there are programs available which may have you buying sooner than 3 years, but it will depend on several factors. Let me know if I can help.
1 vote
Marie Haydock, Agent, Bellevue, WA
Thu Feb 24, 2011
From reading through both of your questions, it looks like you're leaning away from the lease option, yes? As several of the Agents have stated, it's still possible to rent to own in the area, including in the Issaquah School District. However, rent to own, or lease options are few and far between. They have never been a big vehicle for driving real estate transactions, and when we're in a slower market like this, they're even more rare. Doesn't mean they don't exist, though. If you're serious about this option, talk with a local agent and see if they're comfortable presenting this offer to home owners. If they are, then go for it! It doesn't hurt to ask. I'd be happy to chat with you more about your options. There are plenty of great homes and great rentals in the Issaquah School District. I don't doubt that you'll find a wonderful new place to relocate to.

Take care,

Marie Bumback
0 votes
Aaron Rosen, Agent, Puyallup, WA
Tue Feb 15, 2011
Aztobv,

Yes, we can definitely help you with rent to own and provide some options which will allow you to pick out the home of your choice! We have successfully been helping our clients get into a lease option homes since 2002. We not only help all of our clients get into the rent to own home, but we also help them set up some goals and a game-plan in order to purchase the home when their lease contract is up.

Feel free to give me a call and I can explain in more detail, my cell phone is 253.312.5952. You can also look at our website which will explain more as to how our program works.

Thank you!
Web Reference:  http://www.empireoptions.com
0 votes
Tonya Brobeck, , Everett, WA
Mon Feb 14, 2011
I agree with Rob, not a lot of options, plus think about a price you agree on today may not be the true value of the home in 1-2 years when the lease expires, if the market is still going down than it's not in your best interest. If the market starts to increase in value than it could be worth it.

Now think about if for some reason you can't obtain financing, does the seller get to keep your initial down payment? Are they reasonable enough to extend the lease option?

Too much uncertainty for me to do lease options right now
0 votes
Rob Merhaut, Agent, Bellingham, WA
Mon Feb 14, 2011
Dear Aztobv;
Rent to own and lease options are generally few and far between, and are typically utilized by more desperate sellers, who have not been able to sell their own home for a variety of reasons...maybe price, quality, condition, location etc. As stated below, there appears to be only a few listed in your target area.
Therefore, your options are few, and, unless you have a pretty good idea of the area you are moving into, it might be better to put up with the hassle of moving twice versus getting into some home that you become unhappy with after learning more about the location.
0 votes
Laurie Taran…, Agent, Issaquah, WA
Mon Feb 14, 2011
Absolutely! We work with investors who have inventory they would prefer to sit on for a few years, they need good lessors willing to take care of the property while in contract. I would need more detail as to your criteria such as beds, baths, approx sq. ft. single family or would condo do, and any must have such as garage, etc? We can then send you anything we may have that fits your criteria.
Look forward to helping you find just the right place within the Issaquah School Dist.
Web Reference:  http://www.ltarantola.com
0 votes
Cyndi Carver, Agent, Bellevue, WA
Mon Feb 14, 2011
There may be some rent to own option but they usually require a credit check. Short selling your home doesn't necessary mean that you won't be able to purchase unless you were ALSO behind in your payments and was close to foreclosure. That may impact your credit. If your credit was not impacted you may be able to do a purchase or lease purchase. I would suggest that you settle here for a year or so to really get a feel for the area before you purchase. I know of lease purchases available but they usually require a large deposit and the lease payments are higher than what you could rent for.
0 votes
Jirius Isaac, Agent, Kenmore, WA
Mon Feb 14, 2011
Aztobv, You have a few interesting responses below. Because of so many reason already stated, I would not do a lease option at all. Your best bet is to just rent a house in whatever school district you would like to be in. Issaquah, Bellevue, Lake Washington, & North Shore are fairly comparable as to the quality of the schools. However, home prices are substantially different. Bellevue being the priciest & Northshore being the most reasonable. In fact, Kenmore, Washington (In the Northshore School District) was voted by Family Circle Magazine in 2009 as one of the best 10 cities in the U.S. to raise a family in.

To look for rentals, I would just go to Craig's list & see what is available. 99% of the rentals in the area are listed there, so this is an easy thing to do. If you need to consult with me about particular houses, I would be happy to help.

The other issue is your credit. I work with a company that restores credit. They can help you remove all negative items from your credit report so that you can buy as soon as your lease here is finished. This is real & I have had 10 of my clients go through this process & buy a home much sooner then they expected to.

Please contact me if you want any help with anything. You will get a lot of offers here for help, so I would recommend you Google all of us & find out what you can & then talk with all of us & decide who can best help you out. Good luck, whatever you do.
0 votes
Rhonda Morton, Agent, Kirkland, WA
Mon Feb 14, 2011
Hello Aztobv ~

Congrats on your move to Bellevue. We're not objective here, but think it's the greatest place to live in the States!

Unfortunately, I don't see a lot of great rent-to-own properties in our area. Most Sellers are needing the equity out of their home, or the monthly payment off their credit report in order to be able to move on with their new plans. In addition, the ones that are listed as rent-to-own are generally not the best homes on the rental or sale market.

So, in my humble opinion, I would recommend finding the best home for lease that works for you and your family. It is always possible when you find a great home that the owner may be willing to sell to you in the future, or consider working out a lease-to-own agreement with you. Issaquah schools are great. Some other great school districts are Bellevue, Northshore, and Lake Washington. I love the GreatSchools.com website for comparing schools and districts as well.

Many renters are looking at CraigsList.com here, and you'll probably find the best representation of available homes there. Still, be very careful of scams ~ homes have been rented off Craigslist when the "owner" turned out not to be the legitimate owner of the property, so do some good research before you write a check.


Best of luck to you. I do not work with lease agreements, but will forward your question to a good property manager I know that helps some of my clients. Please feel free to contact me if you need a local friend in the real estate business.

Kindest Regards,

Rhonda Morton
Better Homes and Gardens Real Estate Executive
40 Lake Bellevue, Ste 100
Bellevue, WA 98007
(425) 503-0300
http://www.BellevueBuyerAgent.com
0 votes
Stacey Lange, Agent, Kirkland, WA
Mon Feb 14, 2011
Kary makes a few very valid points about your rent to own options....and keep in mind current lender requirements will allow you to buy only after 2 years of the short sale on your Pheonix home's CLOSE DATE and the longest lease -to-own (lease option/lease purchase) term would be 24 months so it would take good coordination to facilitate. A good option might be to find a property rent for 1 year then pursue a lease option. My team specializes in assisting clients looking for something just like this.... we have a rental tool that will allow you to accomplish the first aspect and will work great for you from your home in Pheonix http://(www.key2rent.net). And we can also set you up so that over the course of time you are notified of all new lease option properties as they come on the market, although this search requires a few more steps to establish, we will gladly accommodate if you simply email me your basic requirements (size, min bedrooms, location, and comfort level with monthly payment) -- our email is thekeyteam@windermere.com -- the system is great since you just hang back and we do all the work! Call me if you want more information!
Web Reference:  http://www.key2yourhome.net
0 votes
Mary Sunde, Agent, Bellevue, WA
Mon Feb 14, 2011
Aztobv
There may be a few lease options or lease purchases available. I would suggest you check with your
lender or a lender I can recommend (kharding@windermere.com) to see how the "short sale" will
impact your purchasing timeframe. Please feel free to call my cell if I may be of further help or if you
have more questions.

I just spoke with Ken Harding, Windermere Mortgage, and he said it would be apx 3 years before
you can recover from "short sale" depending if your future purchase is Conventional or FHA.

It is unlikely that a seller would do a lease option for this period of time. I would suggest that you
find an area to lease that also has homes in your desired price range so you won't have to move
your children from schools. I do this with many relocation buyers that are not prepared to purchase
immediately upon their arrival here and it works wonderfully.
Mary
0 votes
Kary Krismer, Agent, Renton, WA
Mon Feb 14, 2011
Two points about rent to own. First, you will likely be paying some sort of a premium for that arrangement, and I'm not sure it would be worth it. For example, you may have to compromise on the house to find an owner wanting to do the rent to own thing. Also, you may discover after moving here you don't like that neighborhood or that you prefer another neighborhood, in which case the premium you paid would be wasted.

Second, if you do this type of a deal, you clearly would need to hire a real estate attorney to review the documents and make sure they were in proper order.
0 votes
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