Rent To Own

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    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 …

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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 …

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www.Zillow.com has just released a new tool on their site which allows home owners across the US to see how their neighborhood ranks among others for the amount of negative equity in their homes.  For months I’ve been researching this and I’ve found that roughly 55% of homes nationwide currently have less than 10% equity and 27% are over leveraged.  I have not been able to find data at the local level until now.  This confirms that Roanoke is NOT insulated from the effects of the overall real estate market as so many professionals lead you to believe.  In my experience here in Roanoke, pretty much any home owner who originated their loan after 2006 who did not put 20% or more down is most definitely in a negative equity situation.  That is why REsolutions Real Estate Services has introduced our Rent To Own program. Through our Rent To Own …

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