Why Is A LEASE OPTION or RENT TO OWN Becoming A Top Choice Alternative To Selling A Home?
Our fast, easy approach to home selling has helped hundreds of people in the United States.
How can it help you?
Our objective is to make this as SIMPLE AS POSSIBLE for you so that you can move on with your life, and quit worrying about your house.
It is our goal to ensure the process of selling your home is a smooth and easy one for you. We strive to achieve a win-win-win situation in all our lease option purchases.
You, as the seller of the house, win by receiving the assurance of knowing that while the house is being sold, all of the expenses are taken care of, the house is maintained, and you are receiving all of the tax benefits associated with being a landlord, with none of the management responsibilities.
Our tenant/buyer wins by getting to own a home in a shorter amount of time than it would take them if they were trying to buy conventionally, as well as being able to immediately occupy their new home while qualifying for a loan. We have created a system that creates the paperwork that mortgage lenders look for when qualifying people for loans to assist our tenants/buyers. In addition, we give our tenants/buyers immediate credit tips to assist in the loan qualification process.
We win by profiting from the sale of the home, as well as gaining two more satisfied customers.
The reason that we are in business, of course, is to make a profit, as well as to use our
expertise in real estate transactions to assist home buyers and sellers in making the sale or purchase of their home an easy, stress-free one.
What is a Lease Purchase
A lease to buy option allows a buyer to rent a property, with an option to buy it at a predefined price after a predefined period. For example, a buyer agrees to rent a home for $1,300 per month, with an option to buy the property for $250,000 after one year.
The lease to buy transaction process is similar to that of a regular property purchase, but there are some differences explained below.
Option Money – This is similar to an earnest money deposit. The buyer provides Option Money to show that they are serious. The money is held in a real estate brokerage account and is refundable until the buyer due diligence period has expired. Note this is not the same as a security deposit, a separate renters security deposit will have to be agreed and collected when the buyer decides to proceed with the lease.
Due Diligence – It is down to the buyer to perform all necessary due diligence before the deadline expires. This should include performing a home inspection and may include a home valuation, plus anything else that the buyer deems necessary to confirm their wish to proceed with the lease to buy.
Notice of Intent Deadline – This is the date by which the tenant needs to inform the seller of their intent to proceed with the purchase. The date is usually 1 or 2 months before the date on which the lease is due to expire. If the tenant does not notify the seller by this date then the tenant/buyer loses their right to purchase the property. One thing to note is that there is no loan denial deadline, which means the tenant/buyer must have their loan in place before they confirm their desire to exercise the option to purchase the property. Once the tenant notifies the seller of their intent to purchase, they are obligated to proceed with the purchase/settlement.
Summary of Benefits For You:
● No more vacancies
● We take the house in an as-is condition
● Save or repair your credit
●Immediate debt relief
● We make your payments, guaranteed.
● No more missed or late mortgage payments
● Longer than a normal lease period
● No management / rental headaches.
● No more minor repairs
● Opportunity for a significant increase in total income
● You retain all property tax benefits
● You may qualify for additional tax deductions (including depreciation, improvements, and repairs)
● Possibly decrease tax liability by turning short-term capital gain into long-term capital gain (lower tax
rate)