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Spanish CAM Bank in New ‘Rent to Buy’ Partnership

October 20, 2010 1 comment

Due to the amount of unsold properties in Spain coupled with falling home prices, Connells Group is to market thousands of heavily discounted Spanish properties.

Connells is partnering with Mediterranean CAM, the property branch of the Spanish savings bank CAM.

The rent to buy program will give buyers the option to rent a property for up to seven years. If the renter decides to purchase the property in the first two years, all the rent paid may be deducted from the purchase price.

In addition to the rent to buy option, buyers will have access to 90% mortgages through CAM.

According to Stuart Flavell, Connells chief executive: “We are delighted to have been chosen by Mediterranean CAM to market properties abroad. CAM Bank is the fourth-biggest savings bank in Spain and is an important financial institution with an impressive track record.

“Now is a great time to purchase a Spanish property and we believe there is an increasing number of people looking to buy in this market.

“Our customers can now purchase a property abroad, safe in the knowledge that they have the backing of a recognised and respected UK estate agent, together with guidance and advice from a well-established and successful Spanish Bank.”

To read more, click here.

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Hong Kong Rent-to-Buy Initiative to Improve Housing Market

October 14, 2010 Leave a comment

In Hong Kong, a two-tiered solution to the skyrocketing home prices experienced over the few years has been proposed. The country will stop offering residency to foreigners who buy property. The second part of the proposed changes to Hong Kong’s policy is the implementation of a rent-to-buy program.

The new rent-to-buy program will offer 5,000 units for first-time property buyers. Buyers will able to rent for up to five years before eventually purchasing.

Cusson Leung, a Hong Kong-based analyst at Credit Suisse Group AG, commented that “many of the policies announced today may have only limited impact on the property market in the near term.”

“Take the rent-to-buy scheme,” said Leung, “a lot can still happen over the next few years.”

The rent-to-buy program will let first-time property owners rent a house for up to five years at a fixed rental cost. Half of the total rent paid during the rental period will be put towards a down payment to buy the home.

According to Wong Leung-sing, a research director at Centaline, Hong Kong’s biggest privately-held property broker, “These are good measures..I think this whole policy address is a move in the right direction.”

The first stage of the project is scheduled to be completed by 2014, and will include 1,000 units in the Tsing Yi district. Officials hope the new rent-to-buy initiative, coupled with a cease in residency offers to foreigners buying property will cool home prices and allow the housing market to settle. Only time will tell.

To read the original article on Bloomberg,  click here.

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Bank-owned Homes Make up 42% of Las Vegas Home Sales

October 12, 2010 Leave a comment

The Greater Las Vegas Association of Realtors (GLVAR) has reported relatively steady home sales in recent years, with a slight dip in local Las Vegas home prices. President of the GLVAR and local realtor, Rich Shelton, believes the GLVAR findings indicate that the local housing market is “bouncing along the bottom.”

The most recent report by the GLVAR highlights the following facts:

  • An increase in the value of local real estate transactions tracked through the MLS during the month of September by 0.1 percent for homes to more than $476 million.
  • An increase in the total value of all sales of condos and townhomes to more than $77 million in September from $73 million in August.
  • Total home sales in September were down 15.5 percent from last year.
  • Total sales for condos and townhomes were up 7.7 percent from last year.
  • In August, 68.1 percent of single-family homes and 66.3 percent of condos and townhomes sold within 60 days.
  • In September, 66.6 percent of homes and 66.6 percent of condos and townhomes sold within 60 days.
  • The median price of a single-family home in Southern Nevada in September was $135,000, down 3.6 percent from $140,000 in August.
  • The median price of local condominiums and townhomes sold in September was $65,000, down 3.0 percent from $67,000 in August.

“We don’t like to make predictions about the future of the market. All we can say with certainty is where we’re at today and where we’ve been,” Shelton said. “but if the rest of 2010 continues to follow these recent trends, as many housing experts suggest, I think we’ll look back on this period and say we are now at or near the proverbial bottom of the housing market here in Southern Nevada.”

Shelton refers to government incentives, tax credits, and other forms of outside factors that could have an impact on the housing market. An example he cites is of the federal tax credit for homebuyers that stimulated home sales starting last summer through the end of April. After the tax credit expired, home sales have slowed.

According to the GLVAR, the percentage of homes sold due to short sales and foreclosures stayed relatively steady last month. Out of all existing homes sold in Southern Nevada in September, 30 percent were short sales. Bank-owned homes made up 42 percent of local home sales in September, down slightly from 43 percent in August and 53 percent from their most drastic peak in February. The amount of local homes, condos, and townhomes sold in September was 3,603; total sales shrunk from 3,638 in August and 4,217 one year ago.

Shelton discussed the nature of home purchases. According to Shelton, almost half of all home purchases involve cash (45.4 percent in September, 45 percent in August). He says that this may very well be the highest percentage of people buying property with cash out of all metropolitan areas.

Shelton also references the buyer benefits of increasing real estate inventories. September was the fifth month in a row that inventory categories saw an increase in the number of homes for sale. There were 11,887 single-family homes listed for sale on top of the 3,151 condos and townhomes listed. The increase in inventory for single-family homes from September 2009 to this September was 50.3 percent.

To read the original article, click here.

For comprehensive real estate listings, including bank-owned properties, visit Rent2Buy.

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Rent2Buy Real Estate Updated With 2,310,380 Homes

October 11, 2010 Leave a comment

“Home shoppers now have an innovative new path toward a home purchase.” – Moti Kahana, founder of Rent2Buy

(WHIPPANY, N.J.) – Rent2Buy.com, the world’s eMarketplace for renting or leasing nearly anything with the option to buy, has updated Rent2Buy Real Estate with more than 2,310,380 homes.

Rent2Buy Real Estate offers a full inventory of real estate listings across the United States. The easy-to-navigate, live server includes real estate data and seller contact info in the categories of foreclosure, bank owned, homes for sale and for sale by owner

A portion of the homes listed on Rent2Buy Real Estate are eligible for Rent2Buy’s unique “try-before-you-buy” program, a powerful new financing alternative for property seekers on the path to home ownership.

“Home shoppers now have an innovative new path toward a home purchase,” says Moti Kahana, founder of Rent2Buy.

The Rent2Buy Real Estate system allows future homeowners to rent a property with the goal to apply the rental fee as a down payment toward the purchase of that home. Or they can walk away.

For Americans with credit scores below 620—nearly one-third of the population—getting an offer of even one conventional loan quote by lenders is rare, according to loan-request analysis by Zillow.com.

“Rent2Buy Real Estate gives future homeowners the opportunity to prove their creditworthiness by paying on time and then taking ownership of the property,” says Kahana. “Conversely, sellers are exposed to a larger base of potential homeowners who are motivated to buy.”

Click here to browse the new Rent2Buy Real Estate site. Check back soon, as more and more homes are added to the Rent2Buy inventory.

To read the article on RTO online, click here.

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Rent2Buy Real Estate Updated With 2,310,380 Homes!

September 24, 2010 Leave a comment

The Rent2Buy real estate site is now up and running with a full real estate inventory. The live server includes real estate data in the categories of foreclosure, homes for sale, and user inventory. You can now access over 2,310,380 records on the Rent2Buy real estate site.

We’ve shown you bits and pieces of what the new Rent2Buy real estate site would look like over the past few months, but now you can see for yourself! The new site makes it easy to search for homes in your area and allows you to act on those leads. Rent2Buy real estate is easy to navigate, and with over 2 million records, you’re bound to find the perfect home.

Click here to browse the new Rent2Buy real estate site. Check back again on Monday as about 200 additional rent to buy homes will be added to Rent2Buy’s inventory.

Let us know what you think of the new look and functionality of Rent2Buy Real Estate! We look forward to hearing your feedback.

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New homepage for auto.rent2buy.com to launch 2011

August 31, 2010 Leave a comment

What do you think about auto.rent2buy.com’s new homepage? The homepage, shown below, will be your go-to portal for searching autos of any kind on the rent2buy site.

The auto section of rent2buy will be coming in early 2011. On the rent2buy site, you will be able to browse cars by type, make and model. You will also be able to search for rent to buy, rent to own, lease to buy or make an offer.

The rent2buy site is about all 4 search options : rent to buy, rent to own, lease to buy, and make an offer to a dealer. You can search specifically for each kind of transaction, or explore them all! This means there are four entirely different options available for how to structure your transaction.

The rent to buy transaction is short term, and all about giving you an opportunity to ‘try it before you buy it.’ The rent to own transaction is more long term and entails monthly payments over a longer period of time until you eventually own your vehicle. Lease to buy is similar to rent to own in that you make a monthly payment over a period of time; the difference is that with lease to buy, your payments are smaller, and there is a large balloon payment at the end of your transaction if you want to purchase the vehicle. If you decide not to purchase it, you can return the car at the end of the lease term and you do not need to make a final balloon payment. The last option is to make an offer to a dealer. This means setting your own parameters in terms of how long you would like to rent the vehicle and how much you are willing to pay to do so. The make an offer option allows you to make an offer to a dealer and then work out an agreement that is suitable to you both.

On the site, you will also be able to search used rental cars by make, model, zip code, and desired pick-up date. With all of the available search options, you are guaranteed to find a car that suits your needs.

The idea behind auto.rent2buy.com is to allow you, the consumer, to easily search for autos that fit your needs. What makes rent2buy unique in the auto industry is that you have various options for purchasing a vehicle. The rent to buy process is a valuable option that many are not aware exists and have not considered exploring.

Rent to buy allows you to try out a car before you buy it. Let’s say, for example, you have searched used rental cars by make and model and have located a car near you. You aren’t sure if this car is going to be big enough for you and your family to fit comfortably. Constantly shuttling your kids around town to various sports and other activities, you know how important it is to find a car that fits just right.

The rent2buy site allows you to rent a car for a short period of time and try it out before you buy it. After the rental period is over, you can choose whether or not to buy the car. If it was a great fit, go ahead and buy it! If you think there’s another option that might be better for you, go ahead and try out something different.

Because you can try it before you buy it, the vehicle that you purchase in the end is guaranteed to be exactly what you want. There is no commitment at all to buy the car. So hop in that red Camaro, take your wife for a spin, and convince her you really, really need it. Who knows, at the end of a few short days of chauffeuring her around town in it, you may just be the owner of that bright red sports car you always dreamed of.

Thoughts on the rent to buy process? Thoughts on the look of the new auto.rent2buy.com homepage? Let us know!

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New Trulia Survey Finds a Quarter of Renters Won’t Ever Buy

August 19, 2010 Leave a comment

Trulia is a real estate information business based in San Francisco. A recent survey conducted for Trulia by Harris Interactive, found that 27 percent of renters do not plan to ever buy a home. Of those surveyed who said that they did plan to buy a home, at least 2/3 intend to wait more than two years.

For those planning to buy a home eventually, the three factors cited that could influence them to buy a home within the year were being able to save for a down payment, getting a new job, and a low or lower interest. The most influential factor in whether or not people would purchase a home was their ability to save for a down payment, cited by 47% of those surveyed.

Of those surveyed, only a mere 9% said that a big home (more than 3,200 square feet) was ideal. Most favored a home between 1,400 square feet and 2,600 square feet. Trulia interprets these results as a shift in the preferences of American homeowners from large trophy homes to more modest accommodations.

Regardless of the types of properties home-seekers prefer, their decisions about whether to rent or to buy have a definite impact on the real estate market. If people decide to rent instead of buy, or wait a longer period of time before purchasing a home, the housing market will suffer. In order for the market to recover there must be an increase in the number of houses sold.

Peoples’ hesitation to buy homes at this time is reflected in the results of Trulia’s survey. However, if the main concerns people have about buying a house are regarding their ability to be financially prepared and able to make the purchase, a rent-to-buy agreement could eliminate these woes.

The rent-to-buy process may very well increase the amount of people willing and able to purchase a home instead of rent indefinitely. Trulia’s CEO, Pete Flint, stated that “renters converting into buyers are crucial to turning around the housing slump.” Giving home-seekers the option of a rent-to-buy transaction could be the key to turning more renters into buyers, and in turn stimulating the housing market.

Click here to read the original article in the San Francisco Business Times

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