Sellers Frequently Asked QuestionsTable of Contents
What is a lease Purchase?A Lease Purchase is essentially a purchase contract with pre-negotiated terms combined with a rental agreement. The buyer leases the property for a specified length of time and then has the option of purchasing the property before the end of the lease agreement. Sales price, length of rental, rent credits, escrow instructions, closing cost, maintenance, etc., are all negotiated much the same as in a conventional Real Estate Transaction. A Lease Purchase, if properly utilized, is both the seller's and the buyer's dream come true because it can eliminate many of the negative normally attributed to the selling and buying of Real Estate. What if the tenant tears up my house?There's no way I can guarantee that a tenant will not damage your house since you or I will not be living with them. But understand the agreement that I will have with you, the seller, if that happens. I will repair the damages at my expense. My objective is not to find a "Tenant" but my objective is to find a buyer that will eventually be the owner of your house. I investigate them thoroughly before entering into an agreement. Damages are rarely a problem. In fact in most instances that our buyers many times have improved the house with paint, carpet, or some other upgrades such as fencing. Again, if it does happen, we will fix the damages and I will put it in writing. When will you sell my house?I can not give you an exact date. It will be up to the tenant/buyer to make that decision in the time frame that they have. I will tell you that I don't get paid until they buy, so obviously, I will be pushing them to do so...Quickly! In the mean time, your payments will be made each and every month, which will relieve you of you financial burden while we are selling your home. How do I know I can trust you?I am a Real Estate Investor that has been buying, selling and leasing homes for 9 years. We have bought, sold, and leased dozens upon dozens of homes. I have never had a single complaint against me from any buyer or seller in my entire history of doing business with the public. How do I know you will make my mortgage payments?I pay your mortgage company directly. It is simple, if I don't pay, the lender will immediately notify you. Further, you can contact your mortgage company at any time to verify that they have received the full payment. Why don't I just list my house with a realtor?That certainly is an option, but obviously a Realtor will not make your payment for you while they are attempting to sell your home. Also according to a recent survey, less than half of the houses listed with Realtors sell during the initial listing period. What
is the difference between renting my house and Renting to Own my
house?
There is a huge difference! With a Lease Purchase I require that the tenant/buyer put up a large binder deposit. That is to be applied toward the purchase of the property. If the tenant/buyer does not buy the property, that "deposit" is non-refundable. The "deposit" serves as an "insurance policy" against non-performance as well as damage to the property. Because of the amount of the "deposit," it assures us that they are serious buyers, not just renters. How
can you or your program help me sell my house?
First of all I am not a Realtor. I am a Real Estate Investor that has been buying, selling, and leasing homes for 9 year and I know what home owners go through when they try to sell their homes. You may be in the "thinking about it" stage of selling. Maybe you have already tried to list your house with an agent..maybe you haven't decided that you are ready to go that route yet.
While it can't hurt to list your house with a Real Estate Agent or Broker, by the same token, do they have the same feel for you as I do? After all, if you had a computer sitting in your office loaded with thousands of nice, beautiful houses of all sizes, and all price ranges, what kind of real "selling" would you actually half to do to earn a living. Come on, you would go with the numbers. After all, you don't have any personal liability if the seller's house sits on the market an extra month or two..they're paying the mortgage every month, and besides, there is always the next customer...and the next listing. This is why more and more folks, like you, have gone the "For Sale by Owner" route. You buy your sign at the local hardware store and call your local newspaper to place your ad and you have to keep the house all picked up and clean all of the time so that you can show whenever someone wants to see your house. You wait. You call back the messages from the answering machine. You call back the lookers. You place telephone tag with their answering machine. And maybe you actually get a live one and try to figure out how to write up a contract. Several weeks pass. You start thinking something is wrong. Financing? But it is supposed to be the buyer's job to find the money for a loan, not yours. Right? Q-Can you tell I've been there? Right back to square one, with a beautiful house, priced right, and not a clue as to how to make problems go away while looking down the barrel of a deadline to move...and an extra mortgage payment to make. A-I know this is a lot of information to digest at one time, but if your still with me chances are you are interested in doing what it takes to get your house sold quickly. I do not know of an easier or faster way to sell your house, that can give you more money with none of the hassles normally involved in selling a house. If you are seriously ready to act right now, or if you have some questions that I haven't answered call me right now!!!!
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