Innovative Lease-Purchase Program Available in Naperville Because of Quality of Schools

Homes for sale with lease-purchase options in Naperville are a rarity. There are currently only forty-nine detached, single-family homes for rent in Naperville.  Of those single-family homes, only five offer the option for a lease with the option to purchase.

So what is a family here in Naperville to do if they want to lease a home with the option to purchase and want more than five choices?

I’m very excited about one solution that has recently become available because of the quality of the schools at Naperville North, Naperville Central, Waubonsie, Neuqua Valley and Plainfield North. A corporate investor is looking to enter into communities with high schools in the top half of the state to provide a funding solution for people looking to utilize a lease-option.

The concept is simple. The person who wants to lease with an option to purchase applies with the investor and once approved by the investor, identifies a local home for sale. The investor purchases the home at a price they agree to with resident and then leases it to the resident and provides the resident a purchase option. If the resident chooses to do so, they can exercise the option to purchase at pre-determined prices anytime within a 5-year period. 

Who should consider this program? First, people who are in transition. Divorce, foreclosures, and short-sales all create the need to move now but may damage credit and leave people unable to qualify today for a mortgage loan. Those people may want to remain in the community and have a reasonable opportunity to rebuild their credit over the course of their option period. This locks in pre-determined purchase prices along with eliminating the need to move again in order to purchase. 

Second, people who may want to take a wait and see position on owning a home.  For example, should home prices decrease further than they have, the resident is under no obligation to purchase the home. 

Third, people who want more choices when renting.  Nearly every home on the market becomes an option for lease-option to rent under this program.  Even homes that might require kitchen or bath upgrades are eligible. In Naperville, that expands the choice of homes available for lease-purchase from five to literally hundreds.

So who wouldn't the investor approve?  People in active bankruptcy, any family that has a felon, and people who have been evicted.  These are the sole exclusion criteria.  This program is designed for people with other types of financial difficulties looking to re-build.

If you want more information e-mailed to you, email me at snowling@starckrealtors.com.  I can also be reached at 630-254-5004.