We’re sure buyers and sellers have lots of questions about our service before making a decision. Hopefully this frequently asked questions section will answer them for you. If you have additional questions, feel free to use our contact form and ask us.
How Much Does Your Service Cost
There is no cost to the home seller, no gimmicks. There are literally hundreds of thousands of people looking for off market, rent to own, also known as lease option houses to buy. I get the house under lease, and then the lease is assigned to the new home buyer for an assignment fee.
What If I Don’t Approve Of The Tennant Buyer
You have the final approval of who moves into your home. You’ll get it in writing.
Who Is Responsible For Maintenance
You don’t have to do maintenance on the property – the new buyer/tenant is responsible for repairs.
What About The “Due On Sale” Clause
The lender would see this as a lease, not a transfer of ownership.
If the person walks away from the lease what becomes of their down payment
It is non-refundable to the buyer. When they end their lease, we would be happy to help you fill the property again – we have a very active and growing list of buyers.
How do buyers get financing when it’s time to exercise their option
They go to any conventional lender and apply for a loan. The reason they are buying “Rent To Buy” right now is because they do not qualify for a conventional loan. Since 2007, conventional loans have become much harder to qualify for. That is why so many properties that are for sale by real estate brokers don’t sell. Buyers just can’t get loans without almost perfect credit. Appraisals have also been a problem recently, so even if the Buyer qualifies, if the appraisal doesn’t come in, they won’t be able to finance it.
Our goal is to help good, responsible people get into a home. People who will take care of it and treat it like their own. We’ve had good luck finding just that over the years.
Why would someone lease to buy rather than traditional financing
There are several reasons, including
- Selling another house
- Self Employed
- Credit issues that can be corrected in the next few years
- You no longer have to lose your mortgage or property tax payment every month. Your buyer will be making your payments.
- You don’t get calls like renters. The tenants are usually more responsible because they are in the process of owning the home.
- You get a 1 to 3 years lease rather than 1 year for most renters.