Health & Fitness
Innovative Program Offers Home-Lease Options in Geneva
A new program available to individuals seeking to lease-option in Geneva is explained by Scott Nowling of Prudential Starck Realtors.
Homes for sale with lease-options in Geneva are a rarity. There are currently only seven detached, single-family homes for rent in Geneva. Of those single-family homes, only one offers the option for a lease with the option to purchase.
So what is a family here in Geneva to do if they want to lease a home with the option to purchase and want more choices?
I’m very excited about one solution that has recently become available because of the quality of the District 304 school system. A corporate investor is looking to enter into communities with high schools in the top half of the state to provide a funding solution for people looking to utilize a lease-option.
Find out what's happening in Genevawith free, real-time updates from Patch.
The concept is simple. The person who wants to lease with an option to purchase applies with the investor and once approved by the investor, identifies a local home for sale. The investor purchases the home at a price they agree to with resident and then leases it to the resident and provides the resident a purchase option. If the resident chooses to do so, they can exercise the option to purchase at pre-determined prices anytime within a 5-year period.
Who should consider this program? First, people who are in transition. Divorce, foreclosures, and short-sales all create the need to move now but may damage credit and leave people unable to qualify today for a mortgage loan. Those people may want to remain in the community and have a reasonable opportunity to rebuild their credit over the course of their option period. This locks in pre-determined purchase prices along with eliminating the need to move again in order to purchase.
Find out what's happening in Genevawith free, real-time updates from Patch.
Second, people who may want to take a wait and see position on owning a home. For example, should home prices decrease further than they have, the resident is under no obligation to purchase the home.
Third, people who want more choices when renting. Nearly every home on the market becomes an option for lease-option to rent under this program. Even homes that might require kitchen or bath upgrades are eligible.
If you want more information, please call 630-254-5004 or email me at snowling@starckrealtors.com.
