Short sale sellers are used to the space that a home offers....the yard....garage that may be attached...a basement for more storage. Now....that for a time, they will rent a house...all those "taken for granted" features are sorely missed. In southeastern Wisconsin, unlike many other markets, we do not have many single family homes for rent.
The former short sale seller, anxious to duplicate the kind of housing that were just left, often ask us: "Can you find me a house that is a 'rent to own' ?" These sorts of homes too in this market are difficult to locate.
Why would a seller elect to offer the house as a "rent to own" instead of selling it ? That is the question. The answer very often is that the imagined price for the house is not one that the market will bear and the Seller will either be upside down himself or not reap the profit that was imagined to be there.
If the recent Short sale seller enters into such an arrangement...from the beginning he is starting another "short sale" in that much more will be paid during the term of the contract than the house is actually worth...upside down to upside down again...not a good financial tumbling act.
Our advice is to first...check credit scores and if necessary, work to increase those numbers. Take a year to think about the kind of housing you want....save money for a down payment and financing. The best decisions are made from a position of strength...recovery from a short sale is not the strongest position for anyone...mentally, financially or emotionally. Rent to own ? Just say no....save your money...collect your thoughts and a little bit of interest and make a sound financial decision for your future.
If you need help with any of these steps..rebuilding your credit, selling your home as a short sale...or getting ready to become a homeowner again in southeastern Wisconsin...call the Hansons...for the prompt professional service and proven results you deserve in all things real estate.
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