The Fed Pushes Rent To Own For REO Foreclosures

Hi Everyone,
   I hope you had a great President's Day, especially if you were fortunate enough to have the day off.

   In some previous posts here over the past few months, we have discussed the connection that is music to the ears of Real Estate Investors, which is using Rent to Own for the immense amount of homes that are on the balance sheets of the banks, which are called REOs (basically, Real Estate Owned by the banks). Initially, we discussed this in "Feds Finally Keen on Rent to Own Housing", and then in the post titled, "From A Sad Foreclosure To A Happy Home". This is such a promising topic for everyone, not just Real Estate Investors, that it's important to revisit it here today, with some details and info from Joe Mont in his story titled, "Need a Foreclosure Cure? Try Rent-To-Own", and which appeared on TheStreet website.

   First, some info for those unaware of Rent to Own

   In a Rent to Own Deal, a Seller rents out their home to a Potential Buyer (a Tenant-Buyer), with a set price at which they will sell the home for during or at the end of a specified period of time. There is also an Option Fee, or an option-to-buy fee, which can run 3-5% of the value of the home.

   In the article by Mont, Brett Furniss, president and owner of BDF Realty, a Charlotte, N.C.-based firm that specializes in rent-to-own properties, says that there has been steady interest in these arrangements for the past few years, and says that "sellers realize that they can't sell their house for market value, so they are willing to entertain rent-to-own tenants, whereas in the past they just wanted to get the property sold"

   There are benefits for both sides on these deals.

   For the buyer, they have a vested interest in a property that they would like to ultimately purchase, and the time period of the agreement allows them to check out the area, the schools, and to build up their credit and/or their down-payment before making the purchase.

   For the seller, the mortgage is getting paid, and thus, the bleeding stops. They also have people in the home that they hope will take care of it as if it were their own, as well as taking care of the utilities, taxes, and as Furniss adds, "the risk of vandalism".

   "Fed Chairman Ben Bernanke shared his views on ways to escape the nation's foreclosure crisis", writes Mont. "Among the ideas in that speech" to the National Association of Homebuilders, was the topic of "rent-to-own properties". Additionally, says the Fed, Rent-to-own provisions could help renters and owners. "Bernanke supports the idea that a share of these creditor-owned properties be offered as "rent-to-own" properties rather than linger on the open market", adds Mont.

   Will the banks take this advice from Bernanke?

   We will see, however, as Mont writes, "the concept of rent-to-own and lease-to-own housing may be gaining traction among individual buyers and sellers". However, it is important to also look at the risks and the precautions.

   One risk that is important to understand is that of a financial nature, For example, if the buyer was unable to purchase the home by the end of the lease, or, if the price of the home is higher than the agreed upon purchase price (i.e, the seller could have sold it for more). Another such risk is the option money, and how it is credited towards a purchase or if any or all of it is refundable if they don't, says Mont.

   Some more good tips revolve around potential scams. A recently growing scam involves sellers who "pocketed their money even though the house was well on its way to foreclosure", writes Mont, so it is imperative to confirm ownership of the home. As always, involve your attorney and have them review all terms of the agreement. To learn more about Rent to Own, please see the E-book, "Secrets of Rent to Own", by clicking this link.

   So, after that mouthful, do you think the Fed will continue to push the Rent to Own path? If not, what would the reason(s) be?

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

TAGS: #REO #foreclosure #RealEstateInvestor #bank #housing #optiontobuy #properties #tenant #mortgage #leasetoown

Local Community Trends Influencing the Rental Home Market

Hello Friends,
   Welcome back, and hope your year has been going great so far!

   We are proud to share an article with you from Personal Real Estate Investor Magazine, in which I was quoted a few times. The article, "Look for Community Appeal", which was written by Teresa Bitler, appeared in the Trends in Rentals Section (in the November - December 2011 issue - Please see a copy of the article linked here).

   From the vantage-point of our website, Lease2Buy.com, I was asked to comment on the market trends that I have seen over the past 10 years of running the site, and more specifically, over the past few months.

The following two excerpts include my comments from within the article:

#1: "The housing market is definitely influencing the rental market, says Robert Eisenstein of HomeRun Homes. A growing number of people are in foreclosure, have sold their home through short sale, or can’t qualify for the necessary financing to purchase a home. Those people still need a place."

#2: "Eisenstein has also noticed a spike in requests for rent-to-own properties, possibly indicating that while people have been forced temporarily to enter the rental market, they would eventually prefer to own their own home."

   This is a great article, and very timely. The golden rule is to "know your market". Know the prices, demographics, employment figures, etc for the specific community that you focus on, either as an agent, investor, or both.

   How well do you know your local market?

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

TAGS: #RealEstateInvestor #rentalmarket #renttoown #properties #shortsale #foreclosure #financing

Happy Flipping New Year !

Hi Everyone,
   Welcome back to our first business day of the New Year!

   Back in 2010, the FHA, a major insurer of mortgages, issued a waiver in 2010 that permitted "Flipping", which is buying a home for a low/cheap price, and then resell them for a profit, and all within 90 days. This measure was taken to provide stability, primarily in the low-income communities, which have been overloaded with foreclosures.

   The waiver was set to expire, however, the FHA has extended their "anti-flipping regulations" through 2012, per Les Christie for a recent CNN Money article titled, "FHA says: Flip that house". Acting FHA Boss Carol Galante said that this was extended in order to help "accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight". With foreclosed homes, property values drop, which can have a domino effect with even worse consequences for these communities. When the "Flippers" come in, they usually rehab the homes, which helps them sell the home, and improves the "conditions for neighborhoods", per Christie.

   Flipping was not always the Golden Child, and that is the reason originally for these anti-flipping rules (There was predatory flipping, which took advantage of "unsuspecting borrowers").

   To qualify for this waiver, the sale must be an "Arms length" transaction between a seller and buyer with no relationship between them, and there are certain other requirements that need to be met if the new sale price is 20% or more above the previous selling price.

   Christie writes that since the waiver went into effect in early 2010, the FHA insured in excess of 42,000 loans to buy homes that were being resold within 90 days, for a total of over $7 billion in mortgage principal.

   Have you taken advantage of the FHA Waiver in any of your transactions? Can you share your experience with us? We'd love to hear from you.

Would You Like Our Blog Posts Sent Directly to your E-mail? Here's How:

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

TAGS: #FHA #Flipping #foreclosures #waiver #properties #rehab #predatoryflipping #armslength

Why Should Baby Boomers Move To Your Town?

Hi Everyone,

   We're glad you're here with us today.

   OK, so our goal was to open the floor and have you give us some top reasons why Baby Boomers should move to your town. The response that we received via multiple channels was great, however, we received a large amount of people just pitching their areas, along with some international recommendations, but the focus was on Baby Boomers. With that being said, we bring to you the input that was actually of use for this post.

   "Baby boomers want to buy in Los Angeles because they have a choice of city or suburb", says Chantay Bridges, a Senior Real Estate Specialist with Clear Choice Realty & Associates. Bridges says that there are "tremendous deals", "bang for your buck, tons of inventory, and more "choices for you and your family." She states that, "Even multi-million dollar properties are on sale in LA. A few years back certain neighborhoods were unattainable, not anymore."

   Another city in California that was mentioned is Petaluma. Martha O'Hayer, a Realtor with Coldwell Banker, says that she loves Petaluma, and she has, "relocated several 'retired' folks" there. O'Hayers says that they go there to "be close to their kids without being in the hustle (or the expense) of Marin County."

   O'Hayer says that they, "just don't stay retired very long. There's tons to do and the pace of this incredibly beautiful area gets creative juices flowing again.", and she gives the following examples: "One client wrote her 2nd book, another retired client is so involved in his bike club he's gone many hours each day. Another retiree is a docent for the 3rd grade outdoor wetlands program."

   O' Hayer points to the fact that "Compared to Marin county and San Francisco county, your home dollars will go much further in Sonoma County and Petaluma specifically.", and says, "Travel and Leisure Magazine named Petaluma "one of the Nation's Top Ten Getaways near a major city, and that, "Sunset Magazine just named Petaluma "perfect small town". She adds that Petaluma has, "music, arts, Michelin rated restaurants", and that it is, "less than an hour from San Francisco." In terms of confidence in their respective areas, Bridges says that, "LA has the resources for everyone's hobbies, clubs and activities, including yours.".

   Did we miss your town? Is your town, "Baby-Boomer" friendly? Thing of the demographic and then think of the weather, proximity to stores, etc. What do you think?

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

Buy an Existing Home or a New Construction Home?

Hi Folks,
   Welcome back. I missed all of you !

   Today, we will tackle the question that you may or may not have pondered before: Should You Buy a Resale or a New Construction Home?

   Many factors that need to be taken into account revolve around you, the buyer. Jennifer A. Chiongbian, an SVP and Associate Broker of Sales, Rentals & Investment Properties, says that she believes that the buyer should, "first and foremost consider what is most important, space, prestige of living in a new building and/or amenities."

   In terms of purchasing a resale home (existing home), let's look at some advantages and disadvantages. As Chiongbian says, some advantages of a resale home include the fact that perhaps, "the building is more established; and will be easier for your bank to ascertain the viability of a loan since it will be much more stable, in terms of its capital reserves, determining the amount of sponsor units left in the building; and generally will have an established history of primary residents, investors, renters." Additionally, she says that the re-sale units of old post war buildings tend to have more "space friendly layouts without all the pomp and circumstance.", including larger sized bedrooms, better use of layout and windows that are, "not as attractive as the floor to ceiling windows offered in new construction, but much more user friendly." Doug Andraka, a Mortgage Banker and Host of "Real Estate Radio - Philadelphia", mentions some other advantages, such as, "typically" a much lower sale price, lower real estate taxes, negotiating power with the current seller, who may be very motivated to sell.

   "With a re-sale, the disadvantage is you stand a good chance of having to renovate something in the apartment" says Chiongbian, who adds that, "this includes you being responsible for finding your own reputable contractor, and possibly living in the unit while the construction is going on; because the buyer will not be able to touch the unit until title is fully turned over." Andraka also says that, "there may be more maintenance, more fix-up work, and the house may not be just the way you like it (colors, floors, tile, etc.)"

   In terms of new construction homes and properties, Chiongbian says that, "One obvious advantage to new construction is that they can be turn key properties with out having to do any renovations", and that, "the builder is more open to doing combined units, semi-customizing your wants with their own team in place, and all you need is your imagination as to what you would like or how the actual finished product will be envisioned". Andraka adds that, "everything is new. Maintenance should be low. Buyers have their choice of appliances, paint colors, carpets, tiles, etc."

   As for disadvantages, Andraka mentions a higher price, higher real estate taxes, and a longer process (6-12 months) for delivery. This can add an interest rate risk as well.

   Overall, summarizes Julie Vanderblue of the Vanderblue Team, it "depends", and she says that, "In this market, there is amazing opportunity in both...finished new construction just sitting there with the builder sweating bullets...you may want to rent to own or buy at discount...half finished new construction offers great opportunity....resale of a few years young is great as the property has already gotten the kinks out and settled...and if the sellers are getting out so soon their is usually a financial motivation..."

   What are your thoughts on this? Would you like a brand new home or an existing/resale home based on this information? We'd love to hear from you.

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

TAGS: #realestate #newconstruction

What's It Like Being A Realtor?

Hi Everyone,

   Hope you had a great weekend, and welcome back!

   Today we are going to talk about Realtors, and we are going to hear from a few different Realtors about what they like and dislike about being a Realtor. As Alexis V. Halmy, a Principal Broker with Windermere, says, "Realtors are generally creative people who wear lot of hats... psychologist, decorator, organization guru, expert negotiator" and that, "there are all of the details of running a business...marketing, networking, systems, finance etc... So each day is different and there are new problems to solve all the time." Halmy says that basically, "a Realtors job is to protect their clients and also themselves from those murky waters."

   Halmy says that she likes to really, nail it for someone who is searching for the right thing, as well as being self employed, having a flexible schedule, with nobody to answer to but herself, and no corporate politics.

   Charles D'Alessandro, a Realtor with Fillmore Real Estate, also says that he loves working for himself, and as he says, he is, "Working for the toughest boss I could find, Me!". D'Alessandro also says that he loves when , "a deal is made ,buyers and sellers come together ,and it's all due to my efforts." Similarly, Laura Breitenstein, a Certified Short Sale Professional with Hermann London Group, says that she enjoys, "meeting new people and coming up with ideas on how to creatively market and sell their homes.", and also likes helping buyers find their next home (as she describes it, "It is really fun watching a buyer walk into a home and say "this is it" and they start figuring out where their furniture will go.").

   Patrizia Giassa, an Associate Broker with Keller Williams Realty Premier Properties, says that her favorite part of the job "is the constant challenge of dealing with different people with varying needs and wants and budgets and helping them meet their home goals.", and she says, "over the last 23 years, it has NEVER been boring! It still is fun and exciting ...a good thing, because its a lot of hard work and long hours too. :-)"

   Nancy Lynn Jarvis, a long-time Realtor, says that she got her license over 20 years ago, and she say that the job was interesting, and that, "you learn something new with every transaction.", and, "You meet great people, and awful people. Over time, hopefully you hone your people reading skills so you can tell the difference quickly and cut the unpleasant ones ( never to be confused with demanding ones) loose. You make some good friends along the way, too."

   Now, what would be a story without both Pros and Cons? One of the Cons that Halmy points out is, "Finding out something awful about a house someone is buying.... like a river of water running in the crawl space, or some other material issue that makes the buyer run. (And that can mean the loss of an anticipated commission which can be tough.)". She says that, "In this market what is hard is dealing with the frustrations of sellers who are trying to get their homes sold. They know it is a "buyers" market, they know that prices have dropped but they won't or can't adjust the price of their home to meet the market, despite all data saying that this is exactly what they need to do."

   Interestingly enough, D'Alessandro says that the thing he likes the least is, "watching what's happening with the mindset of many home owners today. They're solely focused on the monetary value of their homes and treat them more like credit cards. Instead, they should remember that their homes are their safe havens from the world, the place where they create memories, and a roof over their heads."

   Jarvis tells me that when the market, "tanked in 2008", she decided to, "sit it out for a while knowing how unpleasant a work environment it would become in the next year.", and ultimately, she says that she, "got bored very quickly and as a time filling intellectual exercise, I began writing mysteries with a Realtor protagonist and used some of the many stories I collected in real estate as background material." Jarvis says that she now has, "three books published and am writing the fourth, and that, "Killing people, it turns out, is even more fun than selling houses."

   Are You a Realtor? What are your thoughts in terms of Pros and Cons ?

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

TAGS: #realtor #realestate #shortsale

Real Estate Resolutions for 2011

Good Morning,


   Well, we have made it through another year! The last post of the last month of the last day of the year. It seems so final, but only until the door opens on the New Year, and it is a new beginning.

   In keeping with the "new beginning" mode, we thought this would be a great time to present some resolutions from our peers, and here are what a few of them have told us about their resolutions:

   Gregg Goldsholl, an agent with Houlihan Lawrence brokerage in Larchmont, New York: Price every listing for today's market - not what the seller wants to get, Work smarter not harder. Make sure buyers have financing before going out, Continue to provide killer client service, Do the things that lead to success. There are no shortcuts.

   Kelsey Lane, a Realtor with Keller Williams Realty Silicon Valley: I am getting my green designation through the National Association of Realtors - that is only part of the resolution though. The other part is that I am going to educate sellers, as I am helping them get their homes ready to sell, that we should be using as many green remodeling techniques as possible (for example, no VOC paint, light fixtures that accommodate CFL's attractively, SmartStrand carpet made from corn, etc.)

   Leonard Baron, a San Diego State University Professor and Real Estate Investor: Buy some more properties in 2011 - I bought 8 in 2009/2010. Interest rates are very low, housing prices are very low, vacancy is very low, so investment returns on properties are very high. Anyone who wants to do real estate for the long term, and you should NEVER buy real estate for the short term, should be out there learning, understanding, and then buying property.

   A lot of my own personal and business resolutions are closely related to those listed above. What are your resolutions for the New Year? Do you have any that differ from what was listed in this article? Please share with us here, as we would love to know.

Wishing You a Happy, Healthy, and a Prosperous New Year !

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

Toxic Asset Fraud...Does it Upset You?

Good Morning Everyone,


   I hope you're having a great week ! Thank you for your comments on our 3-part series on the home-building process, and to those of you who have asked about turning a pre-built home into a Rent to Own arrangement, we mentioned in our last part of the series that, "...there are many builders who build homes and will then Rent them with an Option to Buy (Rent to Own Homes), so it requires a little bit of homework on your end to find these builders." It will be on a hit and miss basis, but for those builders that read our Blog, please feel free to raise your hand if you would be amenable to a Rent to Own on your properties.

   The other day, I heard an insane story on NPR (Public Radio), about an investigation that was done by the Sarasota Herald-Tribune, where they looked at 19 Million Real Estate Transactions in Florida and found that, "...more than 50,000 Florida properties flipped under suspicious circumstances from 2000 through 2008", and they commented that, "Those flips artificially drove up housing prices and tax bills and contributed to the crush of foreclosures".

   NPR took a closer look at this investigation and purchased a piece of the bonds that are backed by these "toxic assets", and with the help of the Herald-Tribune (and reporter Michael Braga), they were able to see some of the people behind their toxic purchase (as part of those 50,000+ suspicious deals). This massive amount of suspicious deals included one attorney who defaulted on 5 loans totaling 3.6 Million dollars! Additionally, some of the other loans were tied into a group of investors who lied to banks to get loans. Overall, it was a frightening glimpse of what was going on under our noses.

   Can this happen again? We certainly hope not. But mankind is funny; there is good and bad. The bad are always finding new loopholes and ways to get around the rules. So it takes diligence and we need to always keep fresh in our memory the disaster these people have caused, the homes that have been lost, the livelihoods that have been lost. This has changed the Socio-Economic landscape for everyone for a long time to come. OK, time for the punishment to be be handed out ! We welcome your comments and thoughts, since this is a hot-button topic that irritates a lot of people (like myself)...

   Side Note: The full copy of our past few months of Blog Posts is available to download for Free ! You can use the following link (CLICK HERE) to download and save your copy today (it is in .pdf format). Enjoy !

Have a Great Day, and Happy Rent-to-Owning !

What Tenants Look For In a Rental Property

Hi Everyone,

Yes, we know that we don't usually post on Thursdays, however, we wanted to pass along a great article that we were interviewed for, called, "What Tenants Look For In a Rental Property". In that article, w have listed the 10 most common things that tenants were looking for in a home over the past 60 days.

To Summarize, these 10 items are:
1. Double Garage/2 Car Garage
2. Some Land/Acreage
3. Must Allow Pets
4. Pool
5. School District
6. Basement – Nice Size & Finished Basement
7. Proximity to transportation (Bus/Subway, etc)
8. Backyard Would Be Nice. A Three Bedroom Would Also Work.
9. Fireplace.
10. Washer/Dryer Hook Up


We were very kindly referred to as, "HomeRun Homes (www.Lease2Buy.com), a rent-to-own classifieds powerhouse" and "...a highly-ranked online classifieds service exclusively for rent-to-own properties", of which we are very proud of! The full article can be seen here: http://www.american-apartment-owners-association.org/blog/2010/07/14/what-tenants-look-for-in-a-rental-property/


Have a Great Day, and Happy Rent-to-Owning !!

Rent-to-Own Transactions Move into Mainstream

Hi Everyone,

Hope you are all having a great week. We are extremely pleased to share with you an article that was done on Rent to Own by a major, authoritative website, American-apartment-owners-association.org.

The article, titled, "Rent-to-Own Transactions Move into Mainstream" (http://www.american-apartment-owners-association.org/blog/2010/06/24/rent-to-own-transactions-move-into-mainstream/), provides HomeRun Homes some fantastic publicity, and it describes HomeRun Homes as, "a highly-ranked online classifieds service matching properties to buyers/tenants".

Within the context of the article, they quoted me when I discussed some of the best markets for Rent to Own (also called Lease Options or Lease Purchase), as Atlanta, Central Florida, North Carolina, California and Chicago, because, "...of the severe decline in home prices in those areas, coupled with a rough economy that poses credit hardships on many buyers".

I was also quoted as saying, "Rent-to-own gives investors a creative option when dealing with slow-moving or distressed properties", and, “At least you know you have someone in the property who wants to be there."

Kudos to that great website for spreading the word about Rent to Own Homes.

We will be checking back in with you on the housing numbers of this week gone-by.

Have a Great Day, and Happy Rent-to-Owning !

Our 8th Anniversary in the Rent to Own Homes Market...

Hi All,

Happy Wednesday to all of you. We wanted to let everyone have a copy of our Press Release that just hit the wires today (FULL RELEASE HERE). It's been a tough road for us with a lot of ups and downs, but we love what we do and we love hearing great news from customers who bought or sold Rent to Own Homes by using our website.

We will continue to provide the best service and the best Web experience for you. Our belief is that you either give 110%, or you stop altogether. Well, we choose to give 150% !

OK, Enough of my blabbering - here is the full text of the Press Release:

For Immediate Release:

HomeRun Homes
(631) 676-3609
(631) 574-2420
homebuyer@lease2buy.com
http://www.lease2buy.com/

Top Website for Rent to Own Homes Celebrates 8th Anniversary

Ronkonkoma, New York, June 23, 2010 - HomeRun Homes (http://www.lease2buy.com/) is celebrating their 8th anniversary this month. The Company has continued to be an omnipresent force in the Rent to Own Homes niche of the Real Estate market, and continues to thrive in a field that has seen a majority of their competition dissipate.

Another Milestone for One of the Original Rent to Own Websites

The management team of HomeRun Homes\Lease2Buy.com commenced web operations in June 2002, after working on a series of Real Estate rehab deals in Orlando and Central Florida. The President of the Company, Robert Eisenstein, states that during that time, they found it difficult to locate people who would be interested in Renting to Own the properties that they had rehabbed, and he says that, "We realized that something had been missing - a central location where sellers could find buyers for their Rent to Own homes, and where buyers could ask for exactly what they needed in a Rent to Own home". He goes on to say that, "HomeRun Homes was born from this concept."

Acquisitions, Ventures, Web Traffic, and Global Reach

Today, Lease2Buy.com attracts a vast amount of web visitors, and has in excess of 1.2 Million hits. During their tenure, they have made one acquisition, which was a purchase of Equifree.com, a Stop Foreclosure website, and they have spun off an additional website, StopForeclosureRenttoOwn.com, which reaches out to those in the most urgent need of buying or selling a home. Continuing their tradition of helping people find what they need, they also offer a free Rent to Own Newsletter via download on their website, and also provide a very useful Blog (http://blogging.lease2buy.com/).

HomeRun Homes appears in many publications, such as Financial Advisor Magazine, Wallet Pop, and many others, as well as reviews on multiple Blog Sites. Their reach extends to the global real estate market, with their top 5 markets listed as the USA, Canada, Australia, the UK, and the Philippines. In his 8 year Anniversary meeting, Eisenstein states that the company plans to make a stronger global reach a top priority, since there are "many people in many countries who are stranded, and don't even realize that Rent to Own could be a resolution to any housing problems that they may be facing, as either a buyer or as a seller."

For additional information on the topic, "Top Website for Rent to Own Homes Celebrates 8th Anniversary", please visit http://www.lease2buy.com/

ABOUT HOMERUN HOMES

HomeRun Homes is a Centralized Marketplace which helps people Buy or Sell a Rent to Own Home, a Commercial Property, or to offer Home Services nationwide and globally to the thriving Rent to Own market.

- END -


We will check in with you to discuss the latest housing numbers when we have had a chance to take a good review of them.

Have a Great Week, and Happy Rent-to-Owning !

A Viable Option and Some Promotional News...

Happy Wednesday to Everyone,

Hope you're all having a great week.

I just returned back here after a meeting with a panel of Realtors (Agents and Brokers), along with a mix of people who are selling their homes. Surprise/Surprise; a majority of the homeowners have been just sitting on their properties, and some have engaged the services of these Realtors to help them along.

We were there, at the invitation of some good-hearted Realtors, in order to present the concept of Rent to Own, and to let them know it is a viable option. Realtors know that if they place their clients homes on our website, and there is movement, traffic, and offers on the property, they look like magicians, especially nowadays. Rent to Own is moving away from the title of a "creative real estate deal", and is becoming more of a mainstream option.

OK, website news: At your request, we have added the "Site Map" option back to the bottom of every page on our website. We apologize that is was removed, but it was only for a few days for some testing, and we thank those of you who notified us about this. Further, we are toying with the idea of mentioning some of the latest Rent to Own Home listings and Rent to Own Buyer listings in our Blog posts. Is that something that would interest you? Please let us know.

PROMOTIONAL NEWS:
Please remember that for any 3-Month (or longer) "Home Available" Ad (if you're Selling a Rent to Own Home) or "Home Wanted" Ad (if you're buying a Rent to Own Home), you will receive a free copy of "Secrets of Rent to Own", which is a great guidebook for anyone buying or selling a Rent to Own Home (More info on this book here: Click Here).

In order to take advantage of this promo:
If you are Selling a Rent to Own Home, Click Here, and,
If you are Buying a Rent to Own Home, Click Here.
After checking-out, the book will be available for download upon log in.


Have a great day, and Happy Rent-to-Owning !!!

Commercial Real Estate Market, Multiple Properties, Charleston visit...

Hi Everyone,

Hope your week is going well. We are glad to be with you here and to make a few announcements and give you some information on the markets around us.

We just returned back from Charleston (South Carolina) for a quick 2-day conference, and we had a chance to visit the downtown waterfront area. Since this was my first time down there, I was very impressed by the way the Civil War era homes are mixed in amongst the modern architecture. Charleston is a very quaint little city, and we actually learned about the "Widow's Porch", that is standard on all homes along the waterfront, and which is an homage to the bygone era, where women would wait on the top part of their homes for their husbands to return home from sea. Of course, some never made it back, thus the name of the porch. How times have changed, as nowadays, it could also be referred to as a "Widower's Porch", had it been the wife out at sea and the husband was at home waiting for her. Nevertheless, it is a very nice city to visit, with good cuisine, fantastic architecture, and a market that is evidently strengthening.

Since we are on the topic of markets, there was a very interesting article on Inc.com, titled, "Norm Brodsky on Why Real Estate Still Rules". A construction service owner was curious as to whether he should buy or rent office space, and Norm responded along with the comment that, "I expect that the commercial real estate market will bottom out in 18 months to 24 months". Yes, we all had a feeling about this, and his respected opinion only bolsters this feeling. This is truly a valid concern. We have seen a very large part of the Commercial Real Estate market make inquiries to us regarding the potential to do a hybrid of renting and purchasing stores, buildings, lands, or lots...thus, Rent to Own. In response to these requests, we have implemented the Commercial Real Estate section, where Commercial Properties can be listed, or Commercial Properties can be viewed. We are hoping that this gives some owners and potential buyers of Commercial Real Estate another option, and hopefully, this will help them in their endeavors.

We have made a few changes on the site this week, primarily linking to this Blog from the footer on all pages of our website. Additionally, when a quote is requested for Selling Multiple Properties, we have made the E-mail that comes to the requester into a much more detailed quote format. Once again, all of these changes are being made to simplify the experience for people who are buying or selling a Rent to Own Home or other property.

We have some more improvements in the pipeline, and we will keep you updated as the week continues. Please feel free to comment here and let us know what improvements you would like to see !


NOTE: The Podcast for this Post is available at: http://www.box.net/shared/ngq38qsv5u


Have a Great Week, and Happy Rent-to-Owning !

Flipping, Homes Available, Mortgages, Tip of the Day...

Hi Everyone,

Hope everyone had a great weekend. It was a really warm weekend here in New York, and of course, that means, "Daddy, I want ice cream", and of course, my personal favorite, the resulting sugar rush !

A few business partners/investors and I went looking at some local properties this past weekend to get a better sense of the underlying market conditions, and to potentially make some offers on some of them in order to flip/rehab, and then Rent to Own them afterwards. The funny thing is that we have actually made contact with a customer who placed an Ad on our site and we are going to see their property this week. When they heard that it was members of HomeRun Homes who are actually coming to see their home, they had a good laugh, due to the irony. We had wanted to see their home this past weekend, however, they were showing the property to people who contacted them via their Ad on our site (their "Home Available" Ad).

We have been receiving a lot of E-mails from people asking us about certain properties or homes that they desire to have, so we wanted to clarify here, that you can always check out homes and contact the owners (for free !) via the "Homes Available" link on the side of our website (www.lease2buy.com). If you do not see the property you are looking for, you can let "the world" know what you need by clicking the "Find a Rent to Own" Home link on any page of our website, and following the prompts to create your own, "Home Wanted" Ad.

Tip of the Day: When we originally purchased our primary residence, our mortgage broker quoted us a specific rate. When we got to closing, there was a 1/8 point discrepancy above the quoted rate. After some yelling and screaming during the closing (of course), the broker agreed to compensate us by cutting a check to hedge the "loss" for us. All worked out well, and this kind of thing does happen from time to time, and it may not be malicious on their part - it could just be an oversight. But the tip of the day is 2 words: "In Writing". Make sure you get every single quote, whether it's a mortgage interest rate, a home price...anything...in writing, on the letterhead of the broker, seller, etc, along with the date and their signature.


We will be doing some cool structural work on our site this week, and we'll let you know.

As always, remember to "Follow" our Blog (see the left-side of the page), so you can be notified when a new post is made, and as always, we welcome your valuable comments and insights!

Have a great week, and Happy Rent-to-Owning !

New Residential Construction, Loans, Referrals and Affiliates, Free Book...

Hi Everyone,

A Happy Friday to All.

Things have been simmering here at HomeRun Homes, with traffic to our website at all-time highs, and we are proud to say that we have received the most "Thank You" E-mails from our customers within one week since we began doing business 8 years ago.

OK, some important news coming out next week:

Tuesday the 18th brings the newest figures for New Residential Construction - Building Permits, Housing Starts, and Housing Completions

Friday the 21st brings the Loan Performance Housing Price Index


These are both very important numbers. The announcement of New Construction, coupled with Housing Prices, should paint a better picture of where things have been over the past few months, and if they are positive, they can hopefully continue throughout the summer and beyond.

Now, we usually like to throw some exciting promo on the table at least once a week, so we are letting everyone know that we offer a generous Referral and Affiliate program. If you are interested in learning more, please leave comments here, or you can send an E-mail to homebuyer@lease2buy.com with the subject line of "Referrals/Affiliates", and we'll send you more details. It's a great way to earn some extra money and some free months on your Ads.

As a final note, we are responding to a question from one of the buyers who has received a large amount of responses from sellers this past week. Our best advice is to make a document or spreadsheet with the name and contact info of each seller, along with the details (prices, etc) of their homes. Once you have it all down visually, it's much easier for you to make a decision and make further reminder notes once you have viewed their properties. Good luck, and we hope you found your new castle !

Remember, we are offering a Free Copy of "Secrets of Rent to Own", when you purchase an Ad of 3-Months or longer.

If you're Looking for a Rent to Own Home, you can get your very own "Home Wanted" Ad at http://www.lease2buy.com/prospectivetenants.php

If you're Selling a Rent to Own Home, you can get your very own "Home Available" Ad at http://www.lease2buy.com/prospectivesellers.php


Have a Great Weekend, and Happy Rent-to-Owning !!

Silly Real Estate Sayings, Huge Traffic, Featured Ads...

Happy Monday to Everyone,

A taste of fall is in the air here on the East Coast, but as we all know...not for long!

We have a very exciting week ahead, as many of you who already have Ads on our website can imagine. We have had a humongous surge in traffic on the website over the past few days, and a lot of you have been deluged with responses to your Ads.

Please always respond to them as quickly as possible to show them you are serious, and that you want to rent to own your home or find a rent to own home fast ! With the end of the FHA Tax Credit, people are realizing the benefits of rent to own more and more each day.

Website tip of the week: With all of this huge additional traffic, this could be a great time to put your Ad on top of the State page where you have the Ad, so these visitors see you before anyone else! (We described this feature in detail in the following blog post: http://www.blogging.lease2buy.com/2010/04/lease2buycom-updates-featured-free.html

One of our customers suggested this to us over the weekend: "Get more Sellers selling lower priced properties.". The short answer is that we can't control the values of the properties that are posted on our site. Now, that being said, price is relative, and by that, I mean that a price that is high for one potential buyer might be just right for another. A quick glance through our site will show prices on the very low end numerically, on up to a few mega-mansions with high-end numbers. It's all a matter of taste and preference. A seller of a "low-priced property" may be in just as much of a need to sell their property as a seller with a "high-priced property". Again, "relative" sums it up.

Some food for thought on a very interesting article on Yahoo Finance, titled, "4 Biggest Lies in Real Estate". To summarize, they listed them as: Phony Photos and Videos, Valuations Lacking Value, Mortgage Rates You Can't Get, and Unreal Property Descriptions, plus, they also tossed in a "Euphemism Alert".

The interesting thing about the Euphemism alert is that all of you have probably read these types of Ad descriptions, for example, "Handyman's Special" (you have to gut the whole property first), and "Great View" (you'll break your neck twisting your head out the window to see the water). Some of these just go with the territory, and the old rule of "Caveat Emptor", or Buyer Beware, applies here.

Either way, this makes a great educational read for those of you on either side of the table, as a buyer or a seller.


We will check in with you during the week with more information.


Have a great day, and Happy Rent-to-Owning !

Helpful Tips when doing your Walk-through...and More..

Hi All,
We hope you had an absolutely fantastic weekend, and we welcome you back.

A few interesting items happening today and this week:

Since the Spring is here for most of us, our market tends to pick up (we hope!), and buyers start doing their walk-throughs of properties that they are closing on. This brings me to the "Tip of the Day":
When doing a walk-through of a property, make sure you bring a small electrical outlet tester, as well as a phone jack tester.
These are two very inexpensive items that can save you time and money !
I've been burned on that a few times and it is quite irritating, so please learn from my silly mistakes.

OK, now, for HomeRun Homes, we have been compacting our database of properties and buyers, since it was a very busy February & March. Basically, to spare you the technical jargon, we compressed the data so that the site works faster.
Additionally, we have edited our YouTube Video for Rent to Own Homes over the past few days. Please take a glance at it here: http://www.youtube.com/watch?v=NlOZxvY2gg4

Please also note: You can Follow our Blog and be notified of new posts by clicking on the "Follow" Button on the Right-hand side of the page - we promise that we will not bore you or let you down !

Finally, New Residential Construction numbers are coming out this Friday, the 16th. These numbers, as you can imagine, are very important for the housing market and the Economy, since this takes into account Building Permits, Housing Starts, and Housing Completions. For more information and details on this upcoming Report, here is the link: http://www.census.gov/const/www/newresconstindex.html

Thank you.
Have a Great Week and Happy Rent-to-Owning !!