FAQ - The benefits of placing my home in the "Perfect Tenant Program"
Q - What are the benefits of selling my house on a lease option?
A - PRICE, CONVENIENCE, and SECURITY. We offer to buy your house near today's full market value and take care of the rest.
When we lease option a house, we guarantee in writing that all maintenance and repairs will be paid by us while we are selling your house to a tenant/buyer. We only deal with high quality people who are looking to buy, not just rent a house.
When you sell your home to us, we handle all of the marketing of the house. This includes paying for advertising, screening potential tenant/buyers, and showing the house. We want the process of selling your home to go as smoothly as possible, with no more headaches for you caused by buyers who tell you that they want a house, but end up not being able to qualify for financing.
You are also relieved of having to pay double mortgage payments in the event that you have to move before you are able to get a buyer for your home. We simplify the process of selling your home by handling all the details that waste much of your time and money.
Q - What are the advantages of selling my home by lease option over listing it with a Realtor?
A - We make your monthly payments while a tenant/buyer is qualifying for a loan. All your expenses related to the house are taken care of. Try getting a realtor to do that while listing your home!
Another advantage is that our objective is to put only high quality tenant/buyers in the house since we make our profit by selling for higher than we buy. Since we guarantee all maintenance on the house, it is in our best interest to ensure that our tenant/buyer will take care of the home and eventually secure financing to cash you, the seller, and us out. This means that we put our tenant/buyers through an intensive pre-screening process before they are even permitted to look at the house.
We don't work for commissions, so you keep your equity. And, because our profits are made by selling for slightly higher than what we buy for, we have a vested interest in the house and in making sure it gets sold.
Q - How long does it take before your tenant/buyer cashes me out?
A - That can depend on a number of different factors. Many mortgage brokers are usually able to get most people financed after they have paid for 12-24 months on the lease option. Since everyone's credit history and circumstance vary, that time period can be shorter or longer for the tenant buyer that we eventually put into the home. Because of this, we cannot guarantee the exact time our tenant/buyer will secure financing.
However, until our tenant/buyer qualifies for financing, we continue to pay all the expenses related to the home. It is also in our best interest to get our tenant/buyer a new loan as soon as possible, since that cashes us out as well. We aggressively work to get our tenant/buyer financed as soon as possible.
Q - Why don't I just sell my house myself or rent it in the meantime?
A - These are always options available to you. The difference would be that you are responsible for your monthly payments, maintenance and repairs during the selling period. You need to try to find someone who can actually qualify for financing, wait for them to get approved, and hope that they don't pull out of the deal, making you start the whole process over again. Renting during this period opens entirely new difficulties that would-be landlords often overlook, especially when you are trying to show the home and sell while renters are living there.
Q - Why don't I just find my own tenant/buyer?
A - If you have the expertise to screen potential tenant/buyers, check references, know what sort of credit scores will allow someone to be able to be financed, deal with maintaining your home while someone else lives in it, work with mortgage brokers to get them financed, and finally, process all the paperwork and set up a closing, then finding a tenant/buyer on your own would be a viable option for you. If you lack the expertise in any of these areas, we are able to help.
Q - What if our tenant/buyer doesn't buy the house?
A - Our tenant/buyers are carefully pre-screened to ensure that they want to buy the house and are able to do so at some point in the future. However, circumstances can change in someone's life, such as an unexpected job transfer that can make it necessary to move. In situations like that, we continue to pay all the expenses for the house while we find another qualified tenant/buyer to put into the home. Remember, we make our money when your house sells!!
