Chad Corbett

Displaying All Posts Published by Chad Corbett


    We find that even though many Roanoke Buyers are interested in Rent To Own transactions most do not fully understand the transactions at first, not to mention how to tell if it is structured properly.  Here we will discuss the basic structures of a Rent To Own / Lease Option transaction so you know what to look for when buying your next home. Definitions: Lease – A contractual agreement between the Lessor/”landlord” and a Lessee/”Tenant” Option — An option is the right to convey a piece of property.  The person granting the Option is called the optionor (or more usually, the grantor) and the person who has the benefit of the option is called the optionee (or more usually, the beneficiary). Lease With Option To Purchase — This type of transaction consists of a Lease for a specific time as well as a SEPARATE Option for the same …

Read More »

    Unfortunately, there are many stories about how Roanoke Tenant-Buyers have invested a lot of time and money into what they thought was a Rent To Own transaction but lost everything at the end of the lease because they didn’t structure the transaction properly and had no interest in the property even though they spent 12 months and a considerable amount of money on repairs and improvements. When used responsibly Rent To Own / Lease Option transactions are a wonderful way for families who cannot qualify for a mortgage at the time to purchase a home that they can live in, love in and grow in even before they officially own the home. If your family decides that Rent To Own / Lease Option is the right fit it is very important to work with professionals who are transparent and explain every detail of the transaction before you sign …

Read More »

The 2nd Annual Roanoke MSA Real Estate Market Statistics Presentation is Here! In November 2011, after careful consideration of 6 Appalachian cities, I chose Roanoke, VA to be my new home and place of business.  I decided to start a real estate business just weeks after being dropped into a market I knew nothing about.  So, being the analytical guy I am I decided to pull all of the data I could get and quickly learn the market.  I pulled a list of closed transactions from RVAR MLS and Roanoke City GIS to get started.  After several hours of excel work I realized I had created a pretty good summary of the market that painted a clear picture. In January 2012 I was invited to present my findings to the Real Estate Investors Group of Roanoke so I pulled together a presentation to share what I had learned. Some of …

Read More »

Anyone who has known me for long knows that I’m a numbers guy.  When I decided to move to Roanoke, VA from Maui, HI I took a years worth of tax data and MLS data and boiled it all down to a simple table that told me exactly where the market was here.  Just a month after moving here I was speaking as “the expert” at my Real Estate Investors group because of the fresh data in my head.  I LOVE real estate and I believe it to be the safest investment of all if you know enough about it to stay in front of the trend.  A VERY intelligent investor here in Roanoke, VA who has studied and made money in all asset classes put it best: “I plan to put all of my eggs in one basket and just protect the hell out of my basket.”.  That basket …

Read More »

If you ask a Roanoke Realtor what the market is like they will likely tell you they’re having a banner year and they need more inventory.  That is great news to anyone involved in real estate because it means our market is clearing distressed houses. However, there are literally hundreds of foreclosed homes sitting vacant in the Roanoke Valley that are not on the market and nobody seems to know why.  Sure, we all have our theories like “Well it’s because the banks are bogged down.” or “It’s the government’s fault because of the slow down last year due to the robo-signing investigation.” but could it be because the banks are intentionally controlling the supply to increase the prices and cut their losses? RealtyTrac, the leader in foreclosure data published an interesting article this week talking about this issue on a national level.  “In the May 2012 issue of the …

Read More »

Last week the New York Times featured an article “Speeding Up Short Sales”. In which they highlighted the positives of how expediting the short sale process will clear the glut of homes that are in default that will inevitably foreclose. “With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process. Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days.” Typically a short sale takes from 4 — 8 months with the vast majority of them falling apart after the buyer and the seller have invested a considerable amount of emotion and energy into the process.  Speeding up the process may force the lenders to become more efficient and process more which will result in more that actually close but I still don’t recommend …

Read More »