Cherry Hill | Camden County | NJ | Rent to Own

Again today I was working with a client who is selling there home in a short sale. When we first listed his home for sale, he had plans to move in with family, but unfortunately that plan has changed. I have worked with several homeowners in similar situations, and it is usually a challenge. It is typically difficult to find rentals for a client with poor credit, which includes most short sale sellers. Often the properties that landlords will rent to people with poor credit are in less then desirable areas, but this is not always the case.

Lately though I have noticed that more and more there are investors out there who are offering Rent to Own properties in Cherry Hill and the sourrounding areas. These investors are specifically looking for tenant/buyers who had previously had good credit, but ran into problems with the recent mortgage mess. They are less concerned with credit because they are usually collecting a good sized down payment upfront, and this gives them a little security. Many are also requiring would be tenant/buyers to enroll in credit repair programs so they know that when the time comes for the tenant to purchase the property they will be able to qualify for financing.

It's great that these new housing opportunities are showing up for people who are in foreclosure situations, but I would caution anyone who is looking into these properties. Not all Rent to Own opportunities are created equal so it is important to consult with your local real estate professional and your attorney prior to signing any real estate agreement.

Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com