"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."
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.
- 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
a note to let you know how much we appreciated working with you and your
company. We originally lease-optioned a house from you 3 years ago. After
putting down an option deposit and accumulating a monthly rent credit, we were
finally able to fulfill our lifelong dream of home-ownership. We can't thank you
enough! You were very professional and honest with us and we will tell everyone
we know. Thanks Again! Aaron & Abby Gallagher - Champaign, Illinois
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,
- "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.
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!!
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