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Rentals are a Great Option for Both Buyers and Sellers
Author: Kimberly Cohen
Written On: Fri, 31 Oct 2008
It seems that everyone is on pins and needles about the market these days and rightfully so. When I get up in the morning, one of the first things I do is turn on 1010 Wins so I can find out what’s happening on Wall Street which in turn affects the Real Estate market. With all that is going on, I tend to look on the bright side of things. You may be in a position where you are ready to buy a home but just don’t want to make that commitment because of your uncertainty of the market. A seller is ready for someone to buy their home, but things are moving much slower than they would like finding a buyer.
I’m not going to tell you anything you may not have heard already. But if you haven’t, think about renting. You can rent in the town that you actually want to buy in and then you will really know if you like the town. Due to the current market conditions, many homes are on the market both for sale and for rent. If you’re working with a Realtor, ask them if the seller has a “Rent with Option to buy”: this is when the tenant (buyer) has the option to buy the property at a specified time period down the road. Also, consider asking about “Rent with right of first refusal”: this gives the tenant the courtesy of being offered the option to purchase the home before anyone else or the right to match or surpass an offer that has been placed on the home. So, when the time is right, you will be able to purchase the home of your choice.
So, there is a light at the end of the tunnel, because there is always an option and it may be renting. For more information on rental options, please feel free to contact me.
Kimberly A. Cohen
Realtor Associate
550 Sylvan Avenue
Englewood Cliffs, NJ 07632
(201) 569-1002 office
(201) 569-3002 fax
(201) 390-0423 cell
