How does your Rent-to-Own Program Work?
We can lease you the home with the exclusive right to purchase it at a later date.
Our Tenant/Buyers love it because it gives them the time they need to save up for a larger down payment,
time to clean up past credit problems, time to sell another home, and also time to try out the
neighborhood before buying.
Get into your new home ..... THIS MONTH!
It doesn't matter if you have bad credit, bankruptcy, late payments, judgments,
liens, tax problems or charge offs, it is still possible you may be able to buy one of our homes.
We are in the business of helping Buyers and Sellers.
We obtain houses every week and then offer them to our Registered Tenant/Buyers
on a Lease with an Option to Purchase program.
We assign our option to lease and option to buy the property to you. The lease and the option
are for a specific period of time, usually 12 to 24 months, which can sometimes be extended
when coming to terms with the original seller to a total of 36 months.
During that time you have the option to buy the property at a price that is set forth
in the option agreement. What you need at a minimum is the Option Consideration
Fee, the first month's rent, and possibly a security deposit before you move in.
The Option Consideration Fee and first month's rent are first submitted to our escrow account
where they are held until the lease agreement and option to buy are assigned to
the original seller.
The Option Consideration Fee applies towards the down payment for the house if and
only if the Tenant/Buyer exercises his option to purchase the property.
Any on-time rent credits do not apply to the down payment, however they do apply
toward the total purchase price of the home.
Each property is different and has a different agreement. Let us know how much you can afford.
As a Tenant/Buyer, your goal to eventually qualify for a mortgage and refinance the house, and
eventually pay off the note to own the property free and clear.
Remember, you do NOT have to qualify for a mortgage now as long as you plan
to improve your credit to qualify for a mortgage within the next 12 to 24 or 36 months.
When we get a new home for sale, they move pretty quickly.
We send out emails and voice mails to everyone on our Tenant/Buyer list when a property fits
the profile of the property they are looking for. Tenant/Buyers with higher money amounts to
put down and better credit rating tend to have their choice in selection of available properties.
After you register we will start sending you properties to look at.
Sometimes we may only have one or two a week, other times we will have many more.
When we email you the address of the property and a brief description of it we encourage you to drive by
to check if you like it.
If it looks interesting to you call us and one of our people will schedule a time that is convenient
for you and your family to show you the property.
If you drive to the house without one of our representatives, please do NOT knock on the door.
Someone may be living in the house at the present time.
It may be the previous owner who hasn't moved out yet or a tenant who is entitled to their privacy.
Please do not disturb the tenant. It can create lots of problems because we have so many people
looking at these properties. It's not fair to the existing occupants if people are knocking on their door all day.
If you like what you see fill out the paper work.
It explains the move-in date, the price, the terms, the monthly payment, the length of the option and
it lays out who is responsible for what, in the agreement and what happens in the case of default.
You are to take special care of the property, just as if it was yours, because your goal
is to be buying it one day soon.
Buyer Frequently Asked Questions
Do you arrange owner financing for the homes you sell?
Yes, we sell many homes with owner financing or by creating Rent-to-Own situations.
We also work closely with licensed mortgage brokers who work with many lenders to find the right loan for you.
Do I need to qualify to buy a home?
Your past credit status does matter somewhat, however your ability to make
reasonable monthly payments and your desire to be a homeowner now
is what is really more important.
How can I buy a home when I have bad credit?
You can't through conventional lenders, but you can with our help.
We can setup owner financing or Rent-to-Own situations to help improve your credit over time.
We also work with mortgage brokers who may be able to arrange a loan for you.
How much down payment do I need?
We are very flexible with your down payment. The more money you have to put down,
the easier it is to eventually obtain financing. 3% to 5% down is expected. 7% down
is teriffic. 2% down is the minimum that we can possibly work with.
What other methods of down payment are accepted?
Unlike most lending institutions, we can accept borrowed funds.
If you have a close friend or relative willing to lend you money for your
option consideration fee, you can use that with our program.
Do you offer down payment assistance programs?
Yes, we do. Sometimes, if you are a little short on the money you have to put down,
we can set up a monthly payment plan spread out over 6 to 12 months.
If I find a property that you Owner Finance, instead of 'rent-to-own',
what is the interest rate on your home purchase programs?
We are flexible with our terms to meet your needs. Typical interest rates range from
7.5% to 10.5% depending on your down payment and application.
All credit is accepted and applications are necessary to verify income and employment.
I love the home, what is the next step?
All we need is your application.
It consists of 3 parts.
Your Dream Sheet - What Are You Looking For?
and
The PreQualifying Tenant/Buyers Form
and
The Rental Application Form
You can then mail your application forms to us.
Here is the mailing address.
You can even fax them to us at 206-337-4651 for fast processing! We will then contact you within 24 to 48 hours once we are able to verify your revenue and employment. Please keep in mind that our homes go quickly, so time is of the essence.
The home I wanted has been sold. Can you find me another one?
Yes we can. Our homes go fast, so the best thing you can do is join our online Tenant/Buyer's List.
Tell us what you are looking for, how soon you are looking to move and we will do our best
to find you your next home. As soon as a home becomes available, we will call or email you about the home.
Do you work with investors?
Yes, we can help you whether you are just beginning or if you are an experienced property owner.
We can supply you with properties needing repairs at wholesale prices or those already repaired
and with or without tenants occupying them.
