When I'm not penning my own thoughts, my posts are the product of restating relevant articles which I thing important to present to readers of my bloggs.
That disclaimer said...
Recently I read an article by Phoebe Chongchua who writes for REALTY TIMES. The subject to which I gravitated was about some tips if your considering a lease-to-own rental. Her thoughts were influced by Wendy Patton, who wrote "RENT TO BUY", which is out this month.
She suggests that if "rent-to-own" is a consideration...
1. Find your rentals either in Craigslist or the newspaper.
I suggest calling your Realtor...or me @ 312-882-4561.
2. Finding homes that have been on the market more than 120 days are a good starting place.
3. Find out if the house is vacant. Knowing this can allow you to put pressure on the home-owner to consider a rent-to-own option).
4. Make sure that the owner is not upside down (under water)...or will be going into forclosure during the option period.
5. Discuss how repairs will be handled.
6. Have a home inspection
7. If your credit is the the reason you are not BUYING , but instead considering this option...USE THE RENTAL PERIOD TO BUILD OR CLEAN UP YOUR CREDIT.
If you need help trying to execute this game plan, call me. Maybe I can help.
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