BUYER with less than perfect credit or looking for alternative financing to buy property. If you do not qualify for traditional finance, we can help with our many financing options and lenders relation.
Who is this for?
Homebuyer looking for the following benefits:
- Down payment: The tenant will finish the lease term with a considerable down payment saved by simply paying rent.
- Convenience: Rather than move again, the tenant can offset those moving expenses and hassle by simply buying the home they’re already renting.
- Credit score: If the buyer doesn’t have a qualifying credit score for a mortgage, a lease purchase agreement can give the buyer time to repair their credit score or other credit problems while working towards homeownership.
- Build equity: If the property’s value increases above the agreed-upon purchasing price, the buyer has already built equity in the home.
How can we help?
- We have the expertise to produce fast, quality results.
- We have the systems and processes in place to get the job done right every time.
- We have the connections and teams ready to complete any project.
- We have a large network of financing and lenders available for any size project.
How does this work?
Property goes under lease with an understanding that at the end of the lease period, the tenant will receive the deed to the property from the seller. In the case of a lease option, you, the buyer can simply choose not to exercise the option to buy the property and walk away from the transaction. The landlord keeps the option fee and can rent or try and sell to someone else at the end of your lease term.
Lease Option vs Contract Deed
How a lease option works
Property goes under lease (3 year lease) with an option to buy the property at a pre-negotiated price (often the loan balance) sometime over the next 3 years.
Lease options tend to leave the buyer off the hook if they do not want to continue the transaction. A lease option contract for a home is both a standard lease and an option contract to buy the house. You begin by performing the typical procedure of any rental, filling out a lease with the seller/landlord. If you decide not to exercise your option to purchase according to the contract, the landlord keeps the option fee and can rent or try and sell to someone else at the end of your lease term.
Keep in mind that those who are renting a home are able to learn a great deal about homeownership during the rental period. This may include information about maintaining the landscaping of the property and dealing with conflicts with neighbors. Some renters are not quite sure they are ready to handle all of these issues and may use a lease option agreement as a trial period to determine whether or not homeownership suits them.
How a contract deed works
Property goes under lease (10-30 year lease) with an understanding that at the end of the lease period, the tenant will receive the deed to the property from the seller.
Why work with us?
Working with us means not only a smooth transaction, but it also could mean thousands upon thousands of dollars in savings as compared to traditional means.
When you work with us, you can rest assured knowing that whatever situation you are in, we’ve got the solution. We take pride in our reputation for working one-on-one with each client to achieve a WIN-WIN situation.
We know that we truly do provide unique alternatives. It doesn’t take long to see why you should work with the REAITeam before you’ll be ready to figure out how.