LEASE-OPTION
THE EFFECTIVE WAY FOR ONE TO SELL OR BUY A HOME

 

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"Randy has been the best landlord I have ever rented from, and when the opportunity to purchase arose he pulled out all stops to make it work for me. I recommend Randy as both a realtor and a landlord." Mark Orstead

"Dear Randy, The decision to rent to own has been one of the best we have made in our married life.  Another great decision was working with the friendly folks at Hughes Real Estate Inc.  Randy and his team were always available to take care of whatever came up.  They were considerate and attentive, working with our schedule to arrange the original showing of the home (which we immediately fell in love with!), all updating and repairs, and the final run-up to closing as we decided this was the place for us to begin our life in Champaign-Urbana.  We would strongly recommend Hughes Real Estate Inc. to anyone interested in renting, renting to own, or flat out purchasing.   Ben and Laura Chandler

I needed to downscale to one story on short notice, and Randy Hughes took over my problem.  I had circled ads in the paper and burned tanks of gas looking for a rental with great disappointment.  Randy personally took over.  Not only did he find a place I could enjoy, but his unquestioning maintenance was as if he were taking care of a family member.  I converted the rent to own option with ease and now consider Randy a friend.  You can trust this man to keep his word and to help when you have a problem. Bob Auler

Randy, I just wanted to say Thanks for taking care of my family needs. You knew we had to find a home as quick as possible to insure our Child's education in Champaign since we had relocated from Chicago due to work. Your company handled itself in the most highest professional manner and even met with me during late hours to complete all our needed paperwork. I personally applaud you and your company and would recommend Randy & Hughes Real Estate without hesitation or reservation.  Thank You, God bless and keep on doing the great work for other families as you did for our family!!    J & S  Calderon

"As a young couple purchasing our first home, the rent-to-own option worked well for us. We were able to 'lock' in the price of our home and accumulate a monthly rent credit all while we improved our credit. We signed a 1 year lease to purchase agreement and that gave us plenty of time to see if the house was everything that we wanted and needed. And in 8 months we were able to make the house we once rented our 'Home'. Randy Hughes & Hughes Real Estate is the way to go for a Rent/Own Option. They are there with you every step of the way to help your dream become reality. We will definitely recommend your company to others! The West Family :)

 

"I was very happy being able to try out the house first before buying it. The best part was not having to move after we exercised our option and purchased the house".  Joanne - Champaign, Ill.

 

"Just wanted to write you and let you know how pleasant an experience it was with you and your company on the lease/purchase of my home. This was a great way for me to lock in the price of my house, have time to accumulate cash for my down payment, and take a 9 month "test-drive" of the house. I would recommend you, your company, and this program to anyone!"  C.J.- Champaign, IL.

 

 

One of the most effecitve, but least understood home sales techniques is the"Lease with Option To Purchase".This method is a variation of the well-known land contract (called a contract for deed or installment land contract of sale in some states). The Lease-Option home seller holds legal title, but the tenant-buyer has possession.

 

THE SHORT TERM LEASE-OPTION.

One variety of the Lease-Option is the short term type. This is a sales technique which:

• Moves the buyer into the home;
• Gives the buyer time to either raise cash for a down payment or await favorable mortgage financing; and
• Provides the seller with immediate cash from rent and usually non-refundable "consideration for the option" money.

A short term Lease-Option is usually one (1) to two (2) years, but it can be shorter or longer. The tenant-buyer's rent is often partially credited toward the agreed sales price when the Lease-Option is exercised. If the buyer doesn't complete the purchase, he loses the rent credit and part or all of his consideration paid to buy the Lease-Option.

Other advantages of a Lease/Option or "Rent-To-Own":

• Locks in today's price for tenant-buyer

• Seller is "committed" to buyer, but buyer can decide not to exercise his/her option for any reason.

• Tenant-buyer can make improvements to increase the value of the property during the fixed price option period.

• Tenant-buyer can "build equity" while renting through rent credits (usually $100 per month for 12 months).

• Tenant-buyer can leisurely get a "feel" for the neighborhood prior to committing long term to the property.

• Tenant-Buyer has time to leisurely "clean up" any credit problems prior to closing the purchase of the property.

• Tenant-Buyer has time to save additional down payment prior to closing the purchase of the property.

• Once the purchase of the property is completed, the tenant-buyer does not have to move again!!

?ANY QUESTIONS?

E-Mail us at :

RANDY@HUGHESRE.COM