CG The Group Blog http://www.cgtheblog.com CG The Group Blog Tue, 17 Aug 2010 17:51:12 +0000 en hourly 1 http://wordpress.org/?v=3.0 How to Buy Real Estate after a Previous Bankruptcy http://www.cgtheblog.com/2010/08/17/how-to-buy-rancho-cucamonga-real-estate-after-a-previous-bankruptcy/ http://www.cgtheblog.com/2010/08/17/how-to-buy-rancho-cucamonga-real-estate-after-a-previous-bankruptcy/#comments Tue, 17 Aug 2010 17:51:12 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=898

A past filing of bankruptcy does not mean you can’t buy Rancho Cucamonga real estate.  Your real estate agent may be able to help you get a mortgage or find other ways to buy a home, if you do get turned down for a traditional mortgage.

Before you meet with your Rancho Cucamonga real estate agent, here are a few ways to prepare:

  • Have a copy of your current bank statement
  • Have written proof of your monthly income
  • Make a list of all your current monthly bills
  • Collect all your recent credit card statements
  • Have a copy of your bankruptcy agreement

Put all this info in a file folder and take it to your meeting.  Your Rancho Cucamonga real estate agent will appreciate you doing your homework!

If you have straightened out your credit since the bankruptcy, you are in a much better position to get a mortgage. Hopefully, you are currently paying all your monthly bills on time and rebuilding your credit rating.

The bigger your down payment, the easier it will be to get a mortgage.  So, where can you get money for a down payment?

  • Have you been having money taken out of your checks and put into a savings?
  • Do you have any money market accounts?
  • Do you have money invested in mutual funds?
  • Do you have certificates of deposit about to come due?
  • Will you be receiving a bonus from your employer?
  • How about a friend or relative who would loan you the down payment?

Hopefully, you are now ready to go shopping for your new home. To get started, Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Rancho Cucamonga Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/08/17/how-to-buy-rancho-cucamonga-real-estate-after-a-previous-bankruptcy/feed/ 0 3 Things You Need to Know About the Mortgage Payment for Your Home http://www.cgtheblog.com/2010/08/17/3-things-you-need-to-know-about-the-mortgage-payment-for-your-corona-home/ http://www.cgtheblog.com/2010/08/17/3-things-you-need-to-know-about-the-mortgage-payment-for-your-corona-home/#comments Tue, 17 Aug 2010 17:28:14 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=894

When you look for a mortgage, you want to find one that allows you to buy the biggest house possible for a monthly payment you can afford. This seems simple enough. All you need to do is a little division to determine your monthly payment.

Unfortunately, this isn’t the entire picture of your monthly mortgage payment, and lenders don’t always explain this to you. Here are three things you need to know about your monthly mortgage payment for your new Corona home:

  1. Interest and Principal. Only part of your monthly mortgage payment actually pays down your loan. A portion of your mortgage payment goes toward your loan principal and part of it pays the interest. The longer you have your loan, the more money goes toward your principal. Be aware that at the beginning of your loan term, most of your payment goes toward interest and does little to reduce the amount of money you owe on your home.
  2. Homeowner’s Insurance and PMI. Typically, your lender collects money to pay your homeowner’s insurance premium. This increases the amount of your monthly payment and can change if your insurance company raises or lowers premiums. Depending on your loan amount and property value, you may also have to pay private mortgage insurance (PMI) which protects a lender against loss if you default on your loan.
  3. Property Taxes. In most cases, your annual property taxes will be paid through your lender. The lender collects extra money each month that they pay to your local government at the end of the year. When local taxes increase or decrease, so does your payment

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Corona Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/08/17/3-things-you-need-to-know-about-the-mortgage-payment-for-your-corona-home/feed/ 0 Owe More than Your Home is Worth? http://www.cgtheblog.com/2010/08/17/owe-more-than-your-fontana-home-is-worth/ http://www.cgtheblog.com/2010/08/17/owe-more-than-your-fontana-home-is-worth/#comments Tue, 17 Aug 2010 17:20:25 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=891

If you’re a homeowner who is unable to refinance to a lower interest rate because your Fontana home’s value has decreased, there’s hope.

A program called the Home Affordable Refinance Program (HARP) has been extended for another year.  This program, intended to help borrowers whose homes have fallen in value, was due to expire as of June, 2010.  Fortunately, HARP has been extended and will now stay in effect through June 30, 2011.

How does HARP help?

The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates.  It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.

If you’re a Fontana home owner whose mortgage interest rate is significantly higher than the current market rate, you could see an immediate reduction in your payments.  However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment.  Those include homeowners who are:

  • paying interest only
  • have a low introductory rate that will increase in the future
  • face a balloon payment

If you are one of these homeowners, you should still consider refinancing because it could save you a great deal of money by reducing the amount of interest you pay over the life of your mortgage.

Who qualifies for HARP?

You may qualify if:

  • You own and live in your home.
  • The loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac.
  • When you apply, you are current on your mortgage payments.
  • The amount you owe on your mortgage does not exceed 125% of the current market value of your property.
  • You’re able to pay the new mortgage payments.
  • The refinance improves your ability to pay your mortgage long term.

If you have questions about HARP or if you are thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Fontana Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/08/17/owe-more-than-your-fontana-home-is-worth/feed/ 0 3 Tips to Protect Yourself from Real Estate Fraud http://www.cgtheblog.com/2010/08/03/3-tips-to-protect-yourself-from-real-estate-fraud-in-fontana/ http://www.cgtheblog.com/2010/08/03/3-tips-to-protect-yourself-from-real-estate-fraud-in-fontana/#comments Tue, 03 Aug 2010 23:58:12 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=885

A little-known tool that I use to keep updated on national and Fontana real estate news is Google Alerts. It’s a handy tool. A few days ago, Google Alerts sent me a list of online links, along with one talking about an individual being indicted for real estate fraud. Today, I received another Alert with a link to real estate fraud. Unfortunately, it turned out to be another case, rather than the same one.

I love Fontana real estate. I enjoy being able to help home sellers find buyers, and buyers find their dream homes. With all those trying to sell homes, buy homes or keep the homes they have, I get angry when I see reports of fraud like these:

  • On June 18, 2010, Sacramento Today reported that two individuals were arrested for six counts of real estate fraud, pretending to be licensed with the Department of Real Estate.
  • On July 8, 2010, Fraud News reported that three individuals in New York were found guilty of real estate fraud to the tune of $23 million.

It’s become enough of a major issue, in fact, that the IRS has created a page on their website specifically for information on real estate and mortgage fraud.

Your home is too precious to risk with these con-artists. Don’t take a chance on giving away your savings or your house. The following tips, while few in number, can help ensure that the home you buy is a home you get to keep:

Tip #1: Research potential real estate agents or agency.

Don’t just ask about their credentials, because credentials can be faked. Ask for their client lists. Contact those clients personally to discuss their experiences with the real estate agents. When you do look at their credentials, take it one step further and check with their real estate boards. Are they actually members? Interview them and gather as much information as you can before hiring anyone to sell or find you a home.

Tip #2: Verify details with your lender.

Many agents do the paperwork for you. In fact, it’s one of the big selling points of having an agent. However, an unscrupulous person may provide your lender with a fraudulent amount for the selling price. Before signing any deal, check with your lender and verify the details. Talk with them face to face, if possible, rather than on the phone.  Read everything before signing.

Tip #3: Never use an agent who will “fudge the facts.”

Some agents may be willing to adjust your qualifications to help you get a loan. While this might sound like a great deal if you have a bad credit history, consider this: if an agent is willing to adjust this part, what else are they willing to adjust that they may not tell you about?

While owning Fontana real estate can be a dream come true, not doing your homework can turn it into a nightmare. Be careful and, if you suspect fraud, report it!

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Fontana Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/08/03/3-tips-to-protect-yourself-from-real-estate-fraud-in-fontana/feed/ 0 5 Tips to Creating Stress-Free Homes http://www.cgtheblog.com/2010/07/23/5-tips-to-creating-stress-free-rancho-cucamonga-homes/ http://www.cgtheblog.com/2010/07/23/5-tips-to-creating-stress-free-rancho-cucamonga-homes/#comments Fri, 23 Jul 2010 19:20:40 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=878

Many people have trouble relaxing, even in their [city] homes.  Why?  Frequently, it’s because of too much visual stimuli such as unfinished projects, knickknacks and clutter.

You may think the answer to being able to relax is to move into a “better” home.  However, what usually happens is that you move your unfinished projects and clutter with you.  Instead, if you take the time to get organized, you may find – like many owners who have backed out of a sale – that you don’t need to move, you just need to re-organize.

Take a moment from your busy, stressful life to read these tips and discover how you can improve and de-stress your personal castle:

  1. Add money to your wallet. Unwanted or unused items can be turned into cash. eBay and Craigslist are two heavily-used websites where you can sell your unwanted/unused items.  Make a little cash and clear the clutter.
  2. Be generous. If you don’t want to sell your items, don’t throw them away.  Donate them to places such as Goodwill. Online, there’s FreeCycle, where you can share your items and give them away to those who really need them.
  3. Keep it clean. Set up a system to decide what to do with mail. Many people end up with piles of mail throughout the house. Rather than letting it pile up, decide the day you get it where that mail goes: trash, take action or file away.
  4. Include your family in the de-clutter process. After all, your spouse and kids live there, too. As well, if others have a chance to give their input, they may be more willing to keep your Rancho Cucamonga home organized. Let others in your family have a part in the decision-making process and implementation.
  5. Take stray worry off your mind. You may be subconsciously worried about things in your home. Reduce the potential stress by creating a sense of safety. For instance, make sure your smoke detectors are working, that you have a radon meter (if necessary) and a carbon monoxide detector.

You may be thinking, “Home isn’t what stresses me out.”  Are you sure?  You might be pleasantly surprised how relaxed you’ll be when your home is de-cluttered. Your [city] home can truly become a place where you leave the stress at the door.

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Rancho Cucamonga Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/23/5-tips-to-creating-stress-free-rancho-cucamonga-homes/feed/ 0 How to Write a Winning Hardship Letter http://www.cgtheblog.com/2010/07/22/how-to-write-a-winning-hardship-letter/ http://www.cgtheblog.com/2010/07/22/how-to-write-a-winning-hardship-letter/#comments Fri, 23 Jul 2010 01:04:44 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=873

I’ve seen a lot of sellers struggle with writing a short sale hardship latter.

Generally speaking, they start out OK by talking about how they got into their present situation, but about one-third of the way through the letter, they seem to change course. They take this unexpected 90-degree turn. It’s as though it’s all too depressing for them to continue writing in the same vein.All of a sudden, they’re wearing rose-colored glasses and laying out how they plan to turn around their lives and what nice, responsible people they are. They are, in effect, giving the bank every reason to either reject their short sale on the basis that their hardship is only temporary or to smash those dreams by demanding a seller contribution from these pure-as-the-driven-snow and under-water sellers.

Before a bank will approve a Short Sale or a Loan Modification, the bank will ask to see your hardship letter. What is a hardship letter and how do you write it? Don’t panic. If you can write a letter to your mom, you can write a hardship letter.

What Constitutes a Hardship?

Lots of people think a hardship is based solely on financial matters, and that’s not necessarily true. Just about anything that makes it difficult for you to continue making a mortgage payment might qualify you for a hardship.
The one thing that a bank does not want to see is a homeowner who wants to walk away simply because the home is no longer worth the amount the owner paid for it. While being upside-down is one of the qualifications for a short sale, a bank is under no obligation to grant the short sale solely on that basis.

Think back to when you took out the loan and what your life was like then. Has it changed since then? If your situation is unchanged, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship:

  • Unemployment
  • Reduced income (furloughs, new job, partner’s loss of job, pay cut)
  • Illness or medical emergency
  • Job transfer (voluntary or involuntary)
  • Divorce, separation or marital difficulties
  • Exotic mortgage terms (an adjustable-rate loan)
  • Military service
  • Death in the family
  • Incarceration
  • Increased expenses and excessive debt
  • Unexpected repairs or home maintenance

The Basics Behind a Hardship Letter

When I initially interview sellers who want to sell on a short sale in Sacramento, I ask the sellers to describe their hardship. Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For example, when a seller says she is getting divorced, it’s possible that my eyes might light up and I’ll blurt out, “That’s fabulous.”But then I realize how that comes across, which is not at all in the way I intended it. It’s good to be getting a divorce and trying to do a short sale or loan mod because relationship difficulties generally meet bank guidelines. It’s not fabulous that the parties are splitting up.In your hardship letter, you want to explain 3 things:

  • How you got into your present situation
  • What you have done to try to get out this situation
  • Why this situation is permanent because nothing you can do will change it

Hardship Letter Mistakes

Writing a hardship letter is not a lot of fun. In fact, it can be downright depressing. Many people have no idea how bad their lives have become until they start to write a hardship letter. Sometimes, seeing all those awful things in black and white is startling. Don’t be surprised if you cry. But don’t take a 90-degree turn and talk about how your life will improve.

Your life won’t improve. In fact, it will only get worse. If there is hope on the horizon, if there is a chance for recovery, for you to become whole again, trust me, the bank will not hesitate to grab a knife and plunge it into your heart. If the bank senses vulnerability, responsibility or anything else that shows the bank you might have the financial means at some point in the future to repay part of that debt, the bank will jump on it like hot fudge on a sundae. If the bank sees disposable income, it might ask for a seller contribution to grant a short sale or deny your loan modification.

Don’t share your hopes and dreams for the future with the bank. It’s none of the bank’s business. The bank doesn’t care about you or protecting your precious credit rating. In fact, if you’re on the brink of bankruptcy or headed to foreclosure, you’ve got a story the bank should hear. So, tell it. Be truthful.

What Else Goes Into a Hardship Letter?

You should put everything but the kitchen sink into a hardship letter and then, just for good measure, throw the sink in, too. Use numbers and percentages to explain loss of income or negative cash flow. Instead of saying you’re borrowing money to make the mortgage payments, disclose the dollar amount and source of that debt such as “I’ve borrowed $10,000 against my VISA card to make my payments over the past 6 months, and I have tapped my cards to the max.”

If your car needs maintenance or repair, if the cat has cancer and your vet bills are mounting, if your kids are starving to death on peanut butter sandwiches, and your fingernails are worn to the quick scrubbing other people’s floors for pennies a day because your mom has moved in with your family and needs round-the-clock medical care, put it into your hardship letter. Paint the worst picture that you honestly can and keep going downhill with it.

Use simple words geared toward the education of a 6th grader. If you don’t feel sorry for yourself by the time you have finished, maybe you didn’t do the job right

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Inland Empire Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/22/how-to-write-a-winning-hardship-letter/feed/ 0 Buying a Home with a Fontana Real Estate Agent http://www.cgtheblog.com/2010/07/22/buying-a-home-with-a-fontana-real-estate-agent/ http://www.cgtheblog.com/2010/07/22/buying-a-home-with-a-fontana-real-estate-agent/#comments Fri, 23 Jul 2010 00:39:22 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=868

If you have never purchased a home before, you may not yet recognize how crucial it is to acquire the services of a professional Fontana real estate agent.

Buying a home will probably be the most expensive purchase you ever make.  Therefore, you undoubtedly should consider enlisting the help of a REALTOR® who has experience, extensive knowledge of the area and integrity.

Benefits of using a professional Fontana real estate agent

Having your own buyer’s agent to walk you through the entire home buying process saves you a lot of time and stress, as well as money.

You decide:

  • Size of home desired
  • Style preferred
  • Location
  • Price range

That’s easy!  With this basic information, your agent begins the hard part: searching for the perfect home for you and successfully guiding you through the purchase process.

Your agent helps with:

  • Generating a small defined list of good choices
  • Forming a realistic budget
  • Financing
  • Determining what a home is really worth
  • Making offers for you
  • Negotiating with the seller
  • Alleviating stress that’s a part of any transaction of this magnitude
  • Overseeing your home inspection
  • Renegotiating any problems found in the home inspection
  • Explaining and demystifying taxes, interest, and other particulars
  • Finalizing all the paperwork and details with the lender, seller and title company
  • Closing on the sale

All the hours your agent invests assisting you and making sure your best interests are looked after financially, legally and emotionally are well worth the real estate commission he or she receives after you finalize your purchase.  And typically, as the buyer, you don’t pay the commission.  The seller pays it!

Where to find a professional Fontana real estate agent

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Fontana Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/22/buying-a-home-with-a-fontana-real-estate-agent/feed/ 0 When You Can’t Sell Your Home to Younger Buyers… http://www.cgtheblog.com/2010/07/22/when-you-can%e2%80%99t-sell-your-fontana-home-to-younger-buyers%e2%80%a6/ http://www.cgtheblog.com/2010/07/22/when-you-can%e2%80%99t-sell-your-fontana-home-to-younger-buyers%e2%80%a6/#comments Thu, 22 Jul 2010 19:04:42 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=863

You may just be targeting the wrong market. Young families, Gen-Xers and 30-somethings tend to want to move into a Fontana home with high technology: expensive items like home theatres or home automation. Older buyers, however, have a frugal mindset, are often on a fixed income, and have a different set of requirements for their potential Fontana  home.

Why would you want to market to older buyers? Several reasons, but the main reason is the size of this market, especially the size of the baby boomer generation.

The Population Reference Bureau reports that there were 76 million births during the 19 years covering the baby boomer generation.  A large percentage of these baby boomers, who are now between the ages of 46 and 64, are looking or soon will be looking for a home to live in during their retirement years.

What are they looking for? The National Association of Home Builders says this market wants practicality over technical advances:

  • Storage space – Most have amassed a lot of personal belongings they aren’t willing to get rid of when they move.
  • First floor master bedrooms – The older you get, the less stairs you want to climb as a rule. First floor master bedrooms are an excellent selling point.
  • Easy-open windows – No one wants to struggle with opening windows. This is especially true with the older generations.
  • Room-related aids – Grab bars in the bathrooms, easy-to-reach kitchen cabinets, railings on the porch: these aids can make a big difference to older buyers.
  • Public transportation access – Many of the older generations prefer public transportation to driving, and easy access to that transportation is paramount.
  • Non-slip flooring – It’s a fact of life. The older you get, the more fragile your bones and muscles are. Non-slip flooring reduces the chance of severe injury.

The two major features older generations want fall under the categories of “easy living” and “security.” Home maintenance and repair services, outside lawn maintenance and security systems are big sellers. As well, home entries without stairs, lever-handled doors, wider hallways and walk-in showers and tubs are all extras that raise the chance of the older generation buying a home.

If your Fontana home isn’t bringing younger buyers, take a second look. You may very well be targeting the wrong market!

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Fontana Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/22/when-you-can%e2%80%99t-sell-your-fontana-home-to-younger-buyers%e2%80%a6/feed/ 0 4 Tips for Buying Fontana Homes for Sale http://www.cgtheblog.com/2010/07/21/4-tips-for-buying-fontana-homes-for-sale/ http://www.cgtheblog.com/2010/07/21/4-tips-for-buying-fontana-homes-for-sale/#comments Wed, 21 Jul 2010 20:01:36 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=857

We, meaning the real estate industry, say, “It’s a buyer’s market!”  Buyers think that means that deals are available out in the big wide world of Fontana homes for sale. Although that’s true, it’s not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you’re in the market for one of the Fontana homes for sale, follow these tips to help you get a great deal:

  1. Go back to school. In other words, do your homework. Yes, due to the buyer’s market, you have an advantage, but you still need to do your research.  Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The main point of the research is to find out how much homes are actually selling for in the area in which you want to live, and to determine if you can afford to buy there.
  2. Line up the home team. Be prepared to jump on a deal as soon as you find it. Get pre-approved for a mortgage. Gather your real estate agent, home inspector and insurance agent. By having this team of real estate professionals on hand, the transaction will be smoother and faster.
  3. Look for motivation. There are motivated sellers and not-so-motivated sellers who just “think” they “might” want to sell if “the right buyer” comes along (quotes are so handy, aren’t they?). You don’t have to guess which is which, however. Has the price been reduced? Is the home vacant? These clues lead to a motivated seller, willing to genuinely negotiate to get the home sold.
  4. Don’t buy angry. One of the worst mistakes a buyer can do is to get into a war with the home seller. Emotions grab hold and you find yourself in a fierce competition based on who’s going to WIN WIN WIN! If you find yourself in this situation, learn how to negotiate and listen to your real estate agent’s advice. If you don’t, your great deal can turn into a big mess.

There are plenty of Fontana homes for sale out there and great deals to be had, but being cautious is the best way to get the best deal.

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Fontana Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/21/4-tips-for-buying-fontana-homes-for-sale/feed/ 0 Can’t Sell Your Rancho Cucamonga Real Estate? http://www.cgtheblog.com/2010/07/21/can%e2%80%99t-sell-your-rancho-cucamonga-real-estate/ http://www.cgtheblog.com/2010/07/21/can%e2%80%99t-sell-your-rancho-cucamonga-real-estate/#comments Wed, 21 Jul 2010 19:13:41 +0000 Giovanny Aguilar http://www.cgtheblog.com/?p=851

If you watch the Rancho Cucamonga real estate market, you probably know it’s finally showing a little bit of upswing, with national home sales going up by 2.4% in June.  While lower mortgage rates and more affordable home prices, along with an $8,000 tax credit for first time buyers, has made selling a home easier, you may still end up holding on to that house for quite awhile.  Instead of selling straight out, consider renting to own.

Called a “rent-to-own” or “lease-option,” these deals normally require paying around 5% of the overall purchase price in up-front fees.  In addition, buyers are usually required to pay extra rent each month.  This is a win-win situation for both the buyer and the seller.

For you as the seller, you have regular rent that goes into your pocket, either to pay down the mortgage you still have on your home or to go toward your new home.  In addition, you keep the property profitable as well as get it off the over-stuffed Rancho Cucamonga real estate market.

For the “rent-to-own” buyer, the additional rent payment knocks down the selling price.  Properly drafted, a lease option agreement can help buyers having trouble arranging financing or money for the down payment.

Typically, lease agreements are written in 12 to 36 month increments.  If the buyer decides they don’t want to buy after all, you can:

a) Put the house back on the market to sell straight out.

b) Put it back on the market as a rent-to-own.

This is also a plus for you, as you can have the contract state that you keep the deposit, as well as the extra rent they have paid.

Don’t think this is just for home sellers, either.  Many condominiums are offering the option as well.  Some developers are even offering to apply 100% of the rent toward the purchase of the condo.

There are some possible drawbacks to this option, but it is something to consider if you’re trying to sell your Rancho Cucamonga real estate and can’t get it off the market.

Thinking of Buying a Home or Selling a Home? We can help you. Give us a call today at (909) 278-7008 or e-Mail us at Homes@CGThegroup.com Our Real Estate Agents are experts on the Rancho Cucamonga Real Estate market. They can help you find different kinds of properties:

]]> http://www.cgtheblog.com/2010/07/21/can%e2%80%99t-sell-your-rancho-cucamonga-real-estate/feed/ 0