Our company helps individuals with less than perfect credit to achieve homeownership utilizing our Rent to Own program. Lease options are reserved for sellers that are having a hard time selling their property.
The way that it works is we make contact with the seller, ask a few questions and then set an appointment to meet with the seller to inspect the property, if available. The home doesn’t need to be in perfect condition to sell but it must be livable for a prospective tenant/ buyer. Selling a home as-is gives the buyer a chance to make any updates to their liking.
After an offer is accepted and put under contract with the seller, we then promote an Open House to our email list of prescreened buyers of the available home. If a buyer is interested in it before the Open House, we’ll set up an appointment for a private showing.
Related: Lease Options: The Smarter Approach to Selling…Better Than Renting!
We lease homes to prescreened tenants who will purchase a home at a later date, along with the assistance of a mortgage broker. Each month, we meet with a broker to ensure that the buyer is proactively improving their credit score. Typical leasing terms are 1-3 years. This gives the buyer enough time to qualify for a mortgage loan. If a tenants lease is about to expire and they are close to buying but still working to improve their score, we will gladly extend the lease on a month-to-month basis.
Unlike other rent to own companies, we only advertise homes that are under contract with our company. Other companies connect the MLS to their website, hoping to get a bite. The only problem with the MLS is that Real Estate Agents have access to the same information. While you may have your heart set on a particular home, it could already be under contract with a qualified buyer who is pre-approved for mortgage loan.
However, if there is a home listed for sale that has your interest, we will be glad to contact the homeowner with the assistance of one of our Realtors.
With Lease Options, it is a WIN-WIN situation for everyone involved. The seller gets rid of the home that is becoming a burden and the buyer has a new place to call home.
Minor Realty Group 