Rent to Own, Lease Option, and our "Lease Now Sell Later" programs are a fast, easy way for you to put a good tenant/family into your property now, who will strive to upkeep your property as well as make your mortgage payment monthly until they (or we) "close" and buy the property. It may also allow you to move into a new home of your own, relocate for a new job, or simply ease the financial burden caused by one of many situations that leave homeowners with an unwanted, vacant, or unneeded property.
Due to shifts in the economy, banks and mortgage companies are asking for close to a 20% down payment as well as perfect credit to issue a new home loan. Because of this situation, good families without a large deposit or stellar credit who would have easily qualified for a home loan a couple of short years ago, have been forced to live in small cramped apartments, and in homes unsuited to fullfill "The American Dream".
A bi-product of the increased credit requirements are tens of thousands of properties sitting vacant with no buyers, the highest foreclosure rates in decades, and houses sitting on the market for record lengths of time, in some cases YEARS, instead of months! Homes are sitting vacant and being vandalized, sellers are making payments on multiple properties, and good families are forced to "rent" with no hope of ownership.
Our "Lease Now Sell Later" program allows a typical seller to rent/lease the property either to our us, or a good family seeking a home of their own, get their mortgage payments covered, and have their property upkept and protected until the property is "closed" upon and completely purchased from the seller.
The best part, is our complete fee comes from above and beyond the asking/selling price of the house, or out of the deposits made by the tenant/buyer that we find for your property... so there is never a fee to you, the seller!
| If Your Property Qualifies... |
After we have agreed upon both a fair monthly rental amount and final selling price of the property, we will sign a simple form allowing us an interest in the property and stating the terms of the agreement. We will then begin the process that moves us towards a preliminary closing. We will either move forward on our own, or look to our list of good families who want to rent then purchase a property just like yours.
If we choose not to take over the property ourselves, and do not have a family on our list seeking a property in your area, we may offer the property on the MLS as well as in the local newspapers, online, or by one of many different methods we use to find a food family who will treat your property as their own.
In many cases, we will already have multiple tenant/buyers on our lists who are waiting for a house just like yours! If not, we will work diligently both day and night to find and qualify the party who wants to rent, then buy your unique property!
When a Tenant/Buyer Wants to Rent & Buy...
Once we, or they have visited the property and decided to move forward, the buyer will sign a form showing intent to rent to own, and we will begin the process that moves the parties towards a preliminary "closing". This preliminary closing will be held at an attorneys office, where all paperwork will be completed with legal council present, to insure the protection and documentation of all parties and paperwork.
If a third party will be moving into the property, we will ask for information about their employment, past rental history and ability to make the monthly payments, and present you with this information for your approval and confirmation. In addition, we will do a tenant screening on your behalf that will show if and/or when the tenant/buyer has ever stood in eviction court in any state in the nation. We do a comprehensive search to help make certain your payments are made, and the house fully upkept until it is purchased.
We will take diligent measures to both protect you, as well as the tenant/buyer from entering into a stressful situation. For this same purpose, the tenant/buyer will make monthly payments to a management service, who will in turn make your mortgage payment for you, as well as send you any balances left over after completing your payment obligations.
The future buyer will then be pre-screened by a mortgage professional, who will assess, coach, and work with the party on an ongoing basis to qualify them as quickly as possible for a final purchase and closing. Our tenant/buyers are as eager to finally "close", own the property and pay off your mortgages in full as you are! In some cases, it's simply a matter of a buyer saving towards a larger down payment, or raising a credit score a few points to qualify and close.
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