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What is "Lease with Option to Buy"?
We offer this program to help customers become homeowners. We are proud of our Option to Buy Program because it is unique compared to most Option plans offered by others in our business. |
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Option to Buy:
- similar to putting "dibbs" on your home
- LOCKS in your purchase price for 12-18 months!
- monthly rent is discounted cheaper than regular rent
- allows you opportunity to:
1.) obtain financing
2.) exercise your Option
3.) and purchase your Home |
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| Most other programs charge an additional monthly fee for participation in an Option plan. We actually discount your monthly lease payment with your participation in our Option to Buy Program.If someone approaches us and wants to buy the house you are renting with an Option to Buy, -- no deal -- You have an exclusive Option to Buy on your home and nobody can buy it during your Option period. |
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| Established customers may be offered Owner Financing, including no money down, after developing an excellent relationship with us while leasing the home. |
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COSTS:
You can purchase an OPTION TO BUY for an option fee of between 2%- 3% of the price of the home (negoiatable). If you elect the OPTION TO BUY program, your monthly rent will be slightly less than with a straight rental agreement. The OPTION price is will be stated. These are general guidelines and all deals can be negoiated on a case by case basis. |
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What's the Catch?
Here is the fine print, and the ugly stuff.
- Please note that with this Lease with Option to Buy Program, you are buying an "Option to Buy" on a house.
- This is NOT a "down payment" on the purchase of a house.
- Your Option to Buy fee provides you the benefits listed above.
- At the time you exercise your Option to Buy and actually purchase your home, your fee will be credited to the purchase price. |
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This program has discounted monthly rent for customers who purchase an Option to Buy; therefore, no part of the monthly rent is credited toward the purchase price of the home.What happens if I do not exercise my Option to Buy?
Sometimes this happens. If this occurs you still have several choices:
a.) You will not forfeit your entire Option Fee
(part is set aside similar to a traditional Security Deposit)
b.) Maintain excellent relationship with us & pursue Owner Financing
c.) You may renew or purchase another Option
(remember Houses usually go up in value) |
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What is "Owner Financing"?
This program is for individuals who want to purchase the home outright and want to move in quickly. With 7% down plus small closing costs you will own the home. This means you will be responsible for insurance and taxes (which will be escrowed) and all home repairs. You also get to deduct mortgage interest and capture any appreciation when you sell the home. The rate and term are negotiable, however the note is typically set up with a 3 year balloon. Call with any other questions! |
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