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Fast, Friendly & Personal Real Estate Assistance
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But What About...????
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We're sure that you have questions whether you are buying your new home or selling your current home. Here are a few of the more commonly asked questions, with answers...
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Questions about Buying your New Home on Lease Option
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Down Payment
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Building Equity
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Taxes
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Home Improvements
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HOW MUCH OF A DOWN PAYMENT WILL I NEED?
That depends on your monthly payment, gross income and the price of the home. Most of our homes are offered as non-qualifying lease-purchases. The range for the option/(downpayment) can be as low as $2,000 or up to $10,000 for most of our homes, in otherwords, 3-5% of the home's purchase price. Remember, we can accept borrowed funds and can give you up to 45 days to make the down payment. However, we want to avoid characterizing our down payment as a ‘security deposit’ applied by a renter.
CAN I BUY THE HOME BEFORE THE END OF THE LEASE?
Yes, you can exercise your option to buy at virtually anytime during the lease period. We are obligated to sell you the home at the time you choose to purchase it outright.
WILL THE PRICE OF THE HOME GO UP?
NO! We freeze the price of the home for the duration of the option (usually 24-36 months). At any time during that period, you can purchase the home for the option price. By freezing the price of the home, you won’t be ‘shooting at a moving target’ when you talk with the lenders.
AM I BUILDING EQUITY IN THE HOME?
Yes! We encourage you to build equity in the home while you are renting. You can build equity in two ways while you are renting. First, we give a $100/month renters credit towards the purchase of the house if you are on time with your payment to us. Second, you can always add equity by submitting more funds with your rent. We also help you to build a paper trail and good credit so that you can qualify for a mortgage when you go to a bank to refinance the home in your name.
HOW SOON CAN I MOVE INTO ONE OF YOUR HOMES?
We only show homes that are currently available. So if you see one of our homes you can move in immediately. We will continue to notify you of homes that we have available. However, be sure to let us know of your specific needs so that we may contact other investors for properties that meet your desires.
WHAT IF THE PROPERTY TAXES GO UP?
We pay the property taxes and the Real Property Insurance. If they go up, we absorb those increases. You will have to pay for your utilities, club membership and any association dues. This seems fair, since you receive the benefits from those. You will also need an insurance policy for your personal possessions.
WHAT KIND OF IMPROVEMENTS CAN I MAKE?
We want you to feel that the home is yours. You can make any improvements, however for major improvements we require that you notify us and obtain any required local permits and follow the proper building codes.
CAN WE BUILD A DECK OR A FENCE?
Like we said above, we want you to make those improvements. You should enjoy the benefits of home ownership.
YOUR PROGRAM IS UNIQUE, SHOULD I TELL OTHERS?
We provide a $300 finder’s fee to you if you refer someone to us that contracts for one of our homes. When they sign the lease, we’ll send you the fee.
If you’re ready to act now or have some immediate questions, you don’t have to wait for our call. You can contact us right away at (901) 270 - 0746. If you want an alternative to the stale, conventional ways of buying a home, pick up the phone and give us a call. You have everything to gain and nothing to lose. We specialize in finding ways to give you the pride of home ownership. We urge you to let us try.
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