What Is A Lease Purchase:
Here's how a lease-purchase typically works: The tenant/buyer (called an optionee) leases the property from the seller (called an optionor) for a period of time. The lease contract gives the optionee the right to buy the property at the end of the lease period, or earlier by mutual agreement, at a price agreed upon in the contract. The optionee pays a sum, called option money, to the seller at the onset of the lease. This money is applied to the purchase price if the option is exercised.
Lease Purchases & The Current Market:
The global economic meltdown has put many homeowners in unexpected situations. Finding creative ways to solve problems in this market is critical, since there are few options available to some home owners who want to sell their property quickly or need to have someone take over the payments. Selling your home in the form of a lease purchase can be a great solution. A lease purchase transaction can also attract a higher number of potential buyers.
A Brief Overview Of How It Works:
-The first step is filling out our inquiry form and we will contact you with further details and requirements.
-If we think your property is a good candidate for a lease purchase, we will schedule an appointment for a viewing, go over the lease purchase process and answer any questions you may have.
-Once we decide the property is a good candidate, we will move forward with the contract. Once all details have been worked out we will sign the agreement and advertise your property.
-Buyers we select must meet certain requirements to qualify as a buyer/tenant. All buyers credit history, debt and employment are considered prior to approval. Our main objective is to make sure each client who enters into a lease purchase agreement with us will be able to purchase the property at the end of the lease portion of the agreement. This creates win-win situations for all involved.
-We require all mortgage payments to be made directly to the mortgage company.
-We will be responsible for all aspects of the property including maintenance and management during the lease purchase time frame.
-We require all properties to be vacant prior to entering into a lease purchase agreement with a homeowner.
Home Owner Options If Tenant/Buyer Does Not Purchase The Property:
If the tenant is unable to purchase the property for any reason, homeowners will have the following options:
A New Lease Purchase:
If the homeowner chooses, we will lease purchase the property to another tenant/buyer.
We can rent the property out to offset the mortgage payments for the homeowner.
Sell The Property:
We can list the property for sale and assist you in finding a buyer. How fast the property sells depends on certain market factors. Deciding to sell will also depend on your current situation.
The Home Will Go Back To The Homeowner:
When a property is not purchased by the tenant/buyer the lease purchase agreement ends.
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