What is a Lease Option?  This agreement allows you to move into a home and have the option but not the obligation to purchase the property at a later time once the issues that stop you from purchasing the home have been resolved.  You can either select from our existing homes, or if you’d like to choose any home for sale, you’ll need to put at least 5% down.  If you decide to buy the home, your deposit and a portion of your monthly payment will go towards the purchase.  If you do not choose to buy the home usually about half of your deposit is refundable. 

What is a Lease Purchase or Rent-to-Own? It is just like a Lease Option agreement except that you agree to buy the property at some time in the future.  Deposits are usually not refundable, but the terms are usually a little better since you are committing to eventually buy.

HERE'S HOW IT WORKS

If you can put down $10 to $30k you can pick any home you like, and we'll make it happen for you!

1.    We'll meet with you and discuss your specific circumstances.

2.    We'll then evaluate your options and set a 'target home' type and price range.

3.    You help select the home you wish to purchase.  You can choose any home listed by a real estate agent, For-Sale-By-Owner, HUD Home, new homes - basically any home that is for sale in the area.

4.    Once you've found the home, we'll begin the process of making the offer and negotiating terms, etc. on your behalf and we will then PURCHASE the home.

5.    You'll move into the home under a lease agreement with a Lease Option or Purchase Agreement.  Your closing will take place when you are ready, however, you don’t have to wait until the end of the agreement.  You can close at any time within the contract term.

6.    We will even help you improved your credit score by the time you close on your loan.

7.    Your Purchase Price will be cost +7.9% in the first year and then +2.9% each additional year.

8.    To get started - Click here to download our application and contact us to set up a time to discuss further.  You'll be on your way to owning your own home!

BENEFITS OF LEASE OPTIONS AND LEASE-PURCHASES

Here are some of the Benefits you enjoy:

• TIME:  You'll have plenty of time to repair credit, secure the best financing and investigate the home and surrounding neighborhood - all BEFORE you actually buy the home.
• YOUR RENT IS BECOMING YOUR DOWN PAYMENT:  Each month you pay rent on time, a portion is credited and will accumulate to apply towards your down payment, closing costs or reduction from the sales price when you close.  The more you put down, the more credit you’ll get each month which is applied towards your purchase.  Monthly credit is not refundable if you do not purchase the property.  (click here for chart)
• MINIMUM 'OUT-OF-POCKET' CASH:  When you purchase a home using conventional financing you must also pay such items as: Closing costs, prepaids (taxes, insurance, etc.) and a down payment.  With a Lease Purchase or Option you pay ONLY the first month's rent and a down payment. 
• LITTLE TO NO CLOSING COSTS AT CLOSING:  Since you have given the seller or landlord a down payment AND a portion of your monthly rent is credited toward the purchase, usually there is very little or NOTHING that you'll have to come up with for a down payment at closing.
• CREDIT PROBLEMS ARE Not A Problem:  Restrictions on qualifying for a lease purchase ARE NOT as strict as in conventional home financing.  Therefore, your seller or landlord has complete discretion on what they will accept.
• LEGAL CONTROL OF THE HOME:  In a lease purchase you have LEGAL CONTROL over the property during the contract period without having to actually OWN the property.
• PRIVACY IS ASSURED:  Since you are not listed as the property owner (until you actually complete the purchase) there will be no public record of where you live.

• Look up MLS numbers of all listed houses by street or subdivision:  RealtyCenter.com
• Ward Sibold at Re/Max Renaissance Realtors can help find and see any listed home for sale.  www.ChattanoogaLiving.net