Who is a good candidate for a Rent To Own (Lease Option) home?
Generally speaking, a good candidate is somebody who can afford a home NOW but cannot qualify for a mortgage now, or doesn't want to buy now for some other reason.
Maybe you are nervous in these uncertain economic times and don't want to actually buy yet.
Maybe you need some time to bring your credit score up to qualify for a mortgage. We can refer you to professionals that will assist you with Credit Repair/MAX Credit Scores and making sure you get the lowest possible rate on a mortgage, if necessary.
Maybe you want some time to save for a bigger down payment before you feel comfortable buying.
Maybe you are self-employed and are having documentation issues and need more time before you can qualify for a mortgage.
Maybe you own another home and are trying to sell it.
Maybe your job moved you to Denver but you aren't sure whether you'll stay long term or not yet.
Maybe you want to "try it before you buy it" and make sure you like the house/neighborhood before buying.
There are many reasons and circumstances that could make the Rent To Own (Lease Option) a great solution for you.
Even though the terminology and combination of contracts for this non-traditional method of purchasing a home is a little confusing, the basic concept is fairly simple:
#1 - Option To Purchase Agreement: Buy an "Option" to purchase your new home later. The Option To Purchase Agreement/Option Deposit will secure your new home NOW. The Option To Purchase Agreement gives you an "exclusive right" to purchase your new home by a future date for a predetermined price. If you "exercise" your Option and purchase the home, per the terms of the Agreements, your Option Deposit will be applied to the purchase. If you do not exercise your Option, for any reason, your Option Deposit will be forfeited. Based upon future circumstances, you have the choice to exercise the Option, or not.
#2 - Lease Agreement: Move in to your new home NOW and Lease it during your Option term of 24 months.
SPECIAL #1 - $50 Rent Discount PER MONTH - if we receive your monthly Rent/Lease payment no later than the 1st @ 5pm every month.
SPECIAL #2 - $200 Rent Credit PER MONTH - in the form of a Price Reduction at Closing - if we receive your monthly Rent/Lease payment no later than the 1st @ 5pm every month.
#3 - Purchase Agreement: Exercise the Option and purchase your home, per the terms of the Agreements. Unless you win the lottery and pay for your home with cash, you will need to obtain financing/mortgage before closing - legal Title to your new home transfers at closing.
Pets OK (Security Deposit may be required)
Bad Credit OK (we can refer you to professionals NOW that may be able to help you prepare for the best rate on a Mortgage later, if applicable)
EASY TERMS - To proceed with Agreements after seeing the house just submit (fax or e-mail ok) our 3 page application and we'll take it from there - no other "information" will be requested and we will give you an answer within 2 business days at the most.
***Call for a private showing TODAY - 720-425-0283***