Buyer FAQ
Q: How does this rent to own system work?
A: Our rent to own program is a very popular because it lets people “test drive” their home before making the commitment to purchase. Our company will work with you to determine what monthly payment and option fee will work best for you. The option fee is a nonrefundable fee that you pay up front for the option to buy the home. This option fee is later counted toward your downpayment along with any monthly rent accrual. All you have to do is simply sign a 12-36 month lease and start enjoying your new home!
Q: What kind of people can benefit from the rent to own program?
A: Anyone who wants the flexibility of leasing without a commitment to purchase. Typically, many applicants have less than perfect credit or don’t have the financial capability to come up with a large enough downpayment on their own.
Q: Does the option money paid up front count toward my downpayment?
A: Yes, 100% of the option money goes towards your downpayment. This option money is similar to a “security deposit” that would be required by any apartment complex or landlord. Should you decide not to exercise your option to purchase, this option money is forfeited.
Q: Does part of my monthly rent go towards my downpayment?
A: Yes! If you pay $100 over the required monthly rent, you will receive a $200 credit toward your downpayment. Pay $200 over the required monthly rent and receive a $400 credit each month. These credits could add up to $4,800 in just 12 months!
Q: Do I lose the option money if I don’t exercise my right to purchase before the lease is up?
A: If you choose not to purchase your home when the lease expires you will be given a chance to renegotiate for another 12 – 36 months. If you decide you are still not interested, your option money is forfeited and you are free to move out.
Q: How much of an option fee is needed?
A: Typically, only 2% of the agreed upon purchase price is required. This can often be as low as $3,000. The larger the option fee you can provide, the lower your monthly payments will be.
Q: Do I need to have good credit to qualify?
A: No! This program is designed for people with bruised or bad credit. After you’ve been in the property for 12 months and have made all of your payments on time, it will be extremely easy to qualify for financing! If you're still having problems qualifying after your rental period, we may offer owner financing.
Q: What is owner financing?
A: Our owner financing program allows you to enjoy all of the benefits of homeownership without all of the hassels of a traditional mortgage. We provide you with a private mortgage so you can buy your own home today.
Q: How long can I lease the property for before I decide to purchase it?
A: Typically, properties are leased for 12 – 36 months. The length of time often depends on the situation of the lease/buyer. If you are not ready to purchase the home as your lease expires, a new lease may be negotiated assuming the payments were made on time and good care was taken of the home.
Q: What happens if I decide not to purchase the property after the lease is up?
A: If your lease expires and, for any reason, you decide not to purchase the property, the option money is forfeited and you are allowed to move out. Remember, we are required to sell you the home if you want it but you are not obligated to buy.
Q: Who is responsible for any maintenance or repairs while I’m leasing the property?
A: All maintenance and repair costs up to $200 are the responsibility of the lease/buyer. You will not be responsible for any expense over $200. Often, a home warranty is in place that covers any repair costs for a minimal $50 deductible. Utilities are also the responsibility of the lease/buyer.
Q: Okay I’m convinced! What’s the next step?
A: Call 407-538-7150 today to schedule an appointment to view one of our beautiful homes. You may also view our available properties online to see homes that are currently available or write us an email. If there are no homes currently available when you call or visit our website, please allow us to take down your information and contact you as soon as we find a home that fits your needs. We keep a list of serious folks who are looking for a home on file at all times. We notified these folks of new properties available first. They get a shot at them before anyone else even knows about them. Sometimes we do not even have a chance to advertise them on our web site. So, even if you don’t like one of our current homes, make sure you click on the my dream home button to help us get started helping you find the home of your dreams. It costs nothing to explore your options.
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