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We understand that in this tough economy that bad things happen to good people. That is why we work with folks to give them a second chance. People face all types of problems in the financial world. Sometimes it is job loss, medical bills, or maybe they even got caught up in the current foreclosure crisis and lost the home they owned. Many times this results in filing a bankruptcy! Regardless of the situation, we can work with you to get you back on track and make you a homeowner again.
What is a rent to own?
A rent to own is another name for a lease option. This is where the tenant/buyer, puts a down payment deposit down upon moving in, and it is credited to the purchase price of the home. Usually 20% of rent for the entire term also goes to the purchase price. Within a 12-36 month period, the tenant/buyer follows certain steps to build a payment history, and repair their credit. At the end of the option, the tenant buyer obtains permeate financing trough a regular lending institution.
What if the Landlord/seller goes into foreclosure?
As a tenant/buyer, you have the right to request a paid mortgage statement form us or anyone that you enter into on this type of arrangement. This will keep the sellers on track to close the deal with you in a timely fashion. We also have a third party escrow in place to guarentee the money gets to the right place.
How much of a down payment is required?
We typically look for a 5% of the purchase price for a down payment, but it is negotiable and we also have a program to lend you a portion of the down payment. You do need something more than just first month and security deposit though, otherwise you are not really a buyer, you would be classified as a tenant. Every ones situation is different, and the best thing to do is fill out the dream sheet, and mark down any notes in the selected areas, and we will talk to you one on one about what you need.
What if we decide not to buy the home?
In the event you decide not to exercise your option, you will forfeit any deposit you paid, and any rent credits you accumulated would not have a cash value. This program is really designed for people that are sure of what they want for the future and to give those people a second chance. If you think you may not want to own, and remain a tenant, I would not suggest working with us in this program.
Who is responsible for taxes and insurance on the property?
While you are in the leasing stage and rebuilding your credit, property taxes and insurance are rolled into your monthly payment. You will still need to carry your own renter’s policy. Once you secure permeate financing, you will have your taxes and insurance escrow with your new bank.
Who is responsible for repairs on the property?
Everything in the initial walk through of the home is completely negotiable and put into writing. There will also be a final walk through where changes can be made. Once the keys are delivered for the first 30 days, the homeowner is responsible for the furnace, water tank, and electrical panel. Everything else is the tenant/buyers responsibility. After the first year, everything becomes the tenant buyers responsibility.
