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Sellers FAQ – Selling Your Own Home With A Rent To Own

Selling Your Own Home With A Rent To Own Tags: , , , , , , , , , , , , , ,

Sellers FAQ - Selling Your Own Home With A Rent To Own

How soon can the tenant/buyers normally get a mortgage?

Every case varies some, but most tenant/buyers that come to us can actually qualify within 12-36 months. There are just blemishes on their credit that need to be resolved or removed. If the tenant/buyers need to have discrepancies on their report resolved, we require that they begin the process with a credit repair company for they are able to move in. This way we know the process is started, and it reduces the amount of time needed before they can qualify for a mortgage.

I just don’t feel easy about “renters”. You know how “renters” are.

The tenant/buyers that are approved or that come to us are not what you would typically think of as renters. The people that come to us are great people with great jobs, but something has happened in the past that has caused them to feel as if they can’t qualify for a mortgage. Most of the people that come to us have been paying quite a bit to lease nice homes in nice neighborhoods for sometime. The family and kids are established in the neighborhoods and schools, and now the family is tired of leasing and ready to lease purchase, but they just need a small cushion of time.

How much cash flow can I expect every month?

Of course, that depends on your situation and your current mortgage. Depending on your situation, you may benefit from refinancing the property for a longer term or lower rate, thereby greatly increasing your monthly cash flow.

What if the tenant/buyer decides not to buy?

This is highly unlikely, as the tenant/buyer has two major ties to the property. A financial tie, and an emotional tie. The financial tie comes from the fact that all of the money they have paid is non-refundable. This is normally thousands of dollars in most cases. The only way they will see that money again is if they close on the property. They would be better off to close on the property and then resell it themselves.

There are only three cases that we have come up with where someone may not purchase the property, and they are all pretty catastrophic situations.

  1. Loss of or transfer of job
  2. Death
  3. Divorce

We have purposely put everything into place in our program to get the tenant/buyer to close on the property. From the non-refundable option fee payment, to immediately putting them in contact with a mortgage broker.

What if one of those situations occur, and they don’t close on the property?

If for some reason they decided they couldn’t close on the property, the house is still yours and in your name. You may decide to use a lease purchase again, or you may decide to try to sell it on your own or go through a Realtor. The decision is yours. You are not contractually bound to anyone in any way. But we are here to help you in anyway that we can.

For more information go to : http://fchomesbroward.com/lease-to-own-program/  or call us at 786 505 8884

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