Buyer Services, Lease to Own Program North Texas Residents
Are you considering buying a home in North Texas in the next year? But not sure if you can purchase a home because of your credit scores, or other financial situations we’ve got access to a lease to own program.
How a Lease to Own Program Works
A lease to own agreement means an owner has promised to sell their property to a tenant for a predetermined price within a specific time frame. Usually, a portion of the lease payments will go toward the purchase price or buyer’s closing costs associated with the transaction. When the buyer signs a lease to own contract, they agree to rent the property for a specific amount of time before buying the property when the lease expires.
Where Do the Payments Go?
The good news is if you’ve ever been concerned your monthly payment is money down the drain. Lease-to-own offers an additional benefit in the form of rent credits. Rent credits apply a portion of your monthly rent to the purchase price of the home.
Say the price of the home is $300,000, and the landlord agrees to apply 30% of your $1,500 monthly rent payment throughout your two-year lease agreement. This would bring the purchase price down to $289,200.
You’re able to build equity while leasing and the landlord has added security you’ll follow through with the agreement.
Maintaining the Home
Lease to own is more complicated than a traditional tenant/landlord relationship. Maintenance and repairs fall solely on the shoulders of the landlord when renting the conventional way. That’s not always the case with lease to own. Your lease to own agreement should clearly outline who is responsible for what. It’s common, however, for small repairs and regular upkeep to be the responsibility of the tenant. Significant repairs may remain in the hands of the landlord.
Buyer Services We Offer
We know that buying a home can feel overwhelming. Aside from helping those that thought they were unable to purchase a home, buy a home. We offer the following services for home buyers.
- Talk about your goals, needs, and priorities in buying a home
- Discuss your desired neighborhoods and the features you want in a home
- Search for properties based on your selection of desired features, location and budget
- Provide access to the best real estate search sites (i.e., Multiple Listing Service)
- Inform you of the general real estate procedures and market customs in the area
- Contact brokers/real estate agents, and schedule appointments to view properties