A typical lease its customer desperately wants to become a home owner, but their credit scores are not sufficient to obtain a mortgage based on the moment.
Rent own customer usually requires 6-24 months to restore the credit goes to monthly rent credits and save money for their down payment.
Advantage to the buyer, they can live at home now, and they get their financial affairs, that the construction of locks and price installment loans.
Advantage to the seller, they usually have much stronger tenant living in your home vs. renting a typical scenario. The seller also collect more non-refundable option fee payment from the tenant. Lessee now, and the interest in buying the option period the seller owned.
Credit repair is a very important component of your rental home buying process. The buyer must be actively engaged in building a better credit throughout the option period. It is recommended that the lease the buyer's own work wit h respect for the lender and / or credit repair company to help rebuild credit. The seller should also be working with our prospective buyers to ensure that they remain on track to buy their own homes.
The current difficult real estate market, it is very important to hire their own buyer and seller work together as a team. Some key questions everyone needs to pay special attention are:
1st Is the property valued correctly? If not, the buyer shall have difficulties when trying to get their financial risk. If your house is assessed for the agreed sale price, the seller needs to step up and re-negotiate or decide to risk losing all of them.
2nd Do buyers pay rent on time each month? A good lender will be able to use this "time" by paying rent to use its history of the buyer at closing.
3rd Is the seller willing buyer credit (rent credits) in time of rent payment? It is very important, helping to hire a buyer's own contribution to the construction of additional funds.
4th Does the vendor comply with all their mortgage repayment obligations of the tenant and the process of buying a home? Unfortunately, there are cases where the seller fails to fulfill their mortgage obligations and closing the building had fallen into rent to own buyer had the opportunity to buy homes. It is rare but can happen ... Be careful ... ask customers to show th e current mortgage statements every so often.
5th Does the vendor name free and clear? It is very important to look at, because the seller may have difficulty in closing, if you are serious constraint or a court decision is attached to their home.
There are a few things, look out for when entering into the lease agreement, but to a large extent this may be a viable option for both parties. The seller can sell their homes creatively slower real estate market, the buyer locks cost and time to build your credit.
Pinyin Real Estate, Inc., the Chicago-based real estate company, which was launched in 2007 http://ChicagoRentToOwnHomes.com specializes in renting their homes, as well as learn how to lease option, lease or lease with option to buy.
The company's main goal is in Chicago Western Suburbs, the application of affordable housing to middle-income range. Rental homes are all wonderful condition ... many are near new, most are less than 1 0 years of age and the minimum was just renovated.
The results have been fantastic so far. Listen to what people are saying:
"My husband and I would like to thank you for your time and effort in helping us find a wonderful home for our family so quickly. Working with you and your rental house in Chicago was so pleasant and easy experience.
Your program is very much appreciated for hard working families like ours that it was difficult trying to buy homes. I really encourage you to others looking for his rent in hViable option for disabled Credit Home Buyers and Frustrated Sellers - For Rent your home
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