HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label ohio. Show all posts
Showing posts with label ohio. Show all posts

May 1, 2011

Audio File From Cleveland Radio Interview

Hi Folks,

   Hope you had a great weekend. May is here, and Spring is in the air, flowers are blooming, and all of that good stuff !

   Some of you had contacted me regarding the interview that we did on WELW Radio (Cleveland) back on April 23rd. For those of you who commented, I value your feedback and your kind words. What each of you said to me regarding the interview means more to me than words can even express!

   For the other readers who were requesting an Audio file of the Rent to Own interview, we have attached the file to this Blog post, as well as made it accessible on our website at this exact link: http://www.lease2buy.com/press.php#thtwelwcle042311 (it should be at the top of your screen, and all you need to do is click the little Play button).

   As a side note, we were just cited as, "Realty Experts" on the popular "ELocal" website, and the link for this citation is located here: http://www.elocal.com/blog/elocal-blogoff-panel-of-experts-7

   We are glad to have our name and our services in front of all of those people out there that feel there is no hope to buy or to sell a home...there IS an option, and it is "Rent to Own"!.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 22, 2011

Surprises in New Residential vs. Existing Homes?

Hi Everyone,
   All is well in your world, I hope!

   Well, this week, the numbers were posted for both New Residential Construction and Existing Home Sales.

   For New Residential Construction, Building Permits and Housing Starts were up, but Housing Completions were down for the period of Feb 2011 - Mar 2011, however, from Mar 2010 - Mar 2011, all 3 components were down dramatically

   In terms of Existing Home Sales, the numbers trended up from February to March, but down from March 2010 through March 2011.

   "I wasn't surprised by the recent the recent increase in new home construction, and existing home sales for three reasons", says Derek Morton, of Mountain View Title and Escrow. The first reason Morton gives is that, "People that lost their home to short-sale at the beginning of the downturn, are able to begin jump back into the market place if their credit is sufficient.". Morton names the second reason in relation to "fear", saying that, "As the economy begins to improve there is less fear about losing your job, so people are more willing to purchase a home." The third reason that Morton cites is that, "The price of land has dropped to a point that builders can now begin to compete with the price of foreclosures and shortsales.

   Jared Martin, who is the CEO of Keystone Funding, a mortgage company helping providing pre-approvals so potential buyers can begin the home shopping process, says he was not surprised, and that they began, "seeing an enormous number of requests starting in January. So a lot of people starting the process, just not yet pulled the trigger. I think well see an even bigger increase in April....and again in May."Similar to what Morton mentioned above, Martin says that, "Were also not seeing the same worries we saw last year about employment. Most people seem more confident now in the stability of their job"

   Steven, of Sophic, Inc., is also, "not surprised" by these figures, and he says that, "More and more people are taking a serious look at traditional homes and rethinking what their home should be.

   What are your thoughts...were you surprised?


REMINDER - I'm on the Radio Again !
Tomorrow (Saturday Morning), April 23rd, at 8:30AM ET


I will be interviewed live on a local Cleveland (Ohio) radio station (1330 AM WELW), and the interview will also be streamed live at http://www.welw.com/programming/webcast.html. The broadcast is on this Saturday Morning (tomorrow), April 23rd, at 8:30AM ET. I'll be discussing Rent to Own Homes, along with the pro's and con's for both the Buyer and the Seller. The program is titled, "The Home Tool Box", and I am slated for some point during the broadcast (close to the beginning), I believe. As always, be sure to listen in for some great tips, and thanks for your support !

   A Safe and Happy Easter and Happy Passover to those of you observing these Holidays

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 20, 2011

On The Radio Saturday - Cleveland Station WELW 1330 AM

Hi Folks,

   I will be interviewed live on a local Cleveland (Ohio) radio station (1330 AM WELW), and the interview will also be streamed live at http://www.welw.com/programming/webcast.html. The broadcast is on this Saturday Morning, April 23rd, at 8:30AM ET. I'll be discussing Rent to Own Homes, along with the pro's and con's for both the Buyer and the Seller. The program is titled, "The Home Tool Box", and I am slated for some point during the broadcast (close to the beginning), I believe.

As always, be sure to listen in for some great tips, and thanks for your support !

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

November 19, 2010

Real Estate Contracts from a Legal Perspective

Hi Folks,

   Friday is upon us, and most of the leaves have already fallen here in the Northeast. The trees are bare, and this can only mean one thing - bare trees. OK, so the secret is out - I'm not a comedian.

   One thing that is not a laughing matter in Real Estate are the contracts that are used for the different flavors of deals. Today, we are going to take a look at these contracts from the perspective of Rent to Own, with input from Attorneys from 3 States; Florida, Ohio, and Texas. We will preface this with the caveat that this is not legal advice, we are not attorneys, and thus the title word, "perspective", and not guidance.

   In the State of Florida, which is always a hotbed for deals, we spoke with Charles P. Castellon, an Attorney and Counselor at Law in Florida. Castellon tells us that it is important to realize that, "The applicable protections depend on whether you’re entering the deal as seller or buyer.", and he says that from the seller's side, especially in Florida, that, "it’s helpful to draft 2 separate agreements — a residential lease and option agreement.", as, "the rationale is the buyer/option holder could more easily force the owner to file a foreclosure action rather than a simple eviction if both sides of the deal are integrated in one agreement." Castellon continues to say that, "In the latter situation, a court could deem the buyer to have equitable rights giving the buyer/tenant the same rights as a mortgage borrower, thus requiring a more costly and complex foreclosure rather than a relatively simple eviction." From what I personally understand, if a rent credit is being applied to the down payment each month, the tenant is building up equity.

   Castellon says that an owner can, "write into the agreements a waiver by the buyer of any claim that the buyer may be entitled to equitable rights requiring a foreclosure case and instead agree that a breach of the lease agreement would be litigated in an eviction case only.", and that, "Buyers should seek to have a portion of all rent payments credited toward the purchase price. Building equity for the buyer and a greater stake in the rental property is beneficial for both sides, as the buyer will think more like an owner than a tenant." Additionally, he says that, "Buyers should also insist that all cost responsibilities are clearly spelled out. For example, either side can be responsible for costs such as taxes, insurance and association fees and everything is negotiable. The buyer may want to seek some kind of protection of his/her interest in the property in the event the owner fails to pay property taxes and thus risks the loss of the property to the tax collector."

   In the State of Ohio, we spoke with Troy Doucet, a foreclosure defense and consumer litigation attorney, who says that, "Ohio law requires the inclusion of about 15 different terms into any land contract in order to make it valid. Someone unfamiliar with these requirements could generate a void contract, and cost themselves statutory damages in addition to having to refund money paid." Doucet says that, "Creating a lease that provides for the ability to purchase later creates other hurdles under Ohio law, especially with regards to recording any kind of security interest in the property", and says that his recommendation is to, "always consult an attorney in drafting these types of contracts because they can be considerably problematic for the seller and buyer if not drafted correctly."

   Finally, in the State of Texas, we spoke with Attorney Patrick E. Hudson, who says that, "Rent to own laws vary from state to state", and that "In Texas, sellers used to take advantage of rent to own buyers by taking the house back when the buyer missed the first payment, even if the buyer had paid on the home for years.", but that, "the Texas legislature stepped in and put burdensome regulations on rent to own sellers.". Hudson says that the regulations, "generally provide that the buyer has to be provided notices and opportunities to cure any default before the seller can take the property back.".

   Hudson says that the state regulations are so difficult to comply with that, "many law firms advise their sellers to avoid rent to own contracts". He does, however, mention an alternative, where, "A seller can lease the property and give the renter/buyer an option to purchase the home at the end of the lease for a good price.", which, "avoids all of the hurdles of a rent to own transaction.".

   We are looking for some additional input from real estate attorneys in other states, and we welcome your comments on this post.

Have a Great Weekend, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com