Selling your home is a serious undertaking, so any questions you might have are very important. Here are some frequently asked questions.
Leave a comment if you have a questions that’s not included here.
Q: Is the lease/purchase plan the only way you can buy my house? Can’t you just purchase it conventionally?
A: Yes, I can purchase your home quickly and conventionally, but normally don’t recommend this, because it requires a much lower purchase price, and is usually not economically practical or desirable. The lease/purchase plan allows me to pay a much more reasonable price for your home, and even save you money by eliminating Realtor’s commissions, mortgage payments and expenses.
Q: What percentage of market value can you offer for my home?
A: There is no set percentage or formula. The price I can offer depends on a lot of different factors, including:
- The condition and location of the home
- The market value
- Recent sales volume in the area
- The amount of your mortgage payment
- The specific details of our plan
Q: How quickly can you provide us with an offer to purchase our house?
A: Usually within 48 hours. Just complete and send all the information on the contact form and I’ll get on it right away! I can usually provide you with several different options for you to choose from!
Q: At what stage in this process do you actually purchase my house?
A: When my Buyer is ready, I purchase the property from you at our agreed price and then sell the property to my Buyer. In the meantime I can do some amazing things that Realtors cannot and will not do!
Q: How long does the it usually take for the home to be sold?
A: The time frame can vary considerably depending on how long it takes to find a buyer, and whether it’s a conventional sale or a lease/purchase:
- A conventional buyer can usually be ready to close in 30-45 days.
- Some lease/purchase Buyers can be ready to close in just a couple months, while other need more time. Normally, the longest term we allow is 12 months.
- Offering both conventional sale and lease/purchase opens up the property to a greatly expanded pool of serious buyers and puts it on the fast-track to being sold!
Q: How do you screen potential lease/purchase buyers?
A: Potential lease/purchase buyers receive a thorough credit evaluation by an experienced Mortgage Loan Officer. We do not take risks- we want to be confident that the steps a buyer must take to qualify for a mortgage are entirely reasonable. The Loan Officer is available to the buyer throughout the lease/purchase process to insure that they are on the right track. If our buyer is currently renting, they must have an excellent rental history.
Q: What if your lease/purchase buyer decides to move out and buy another house?
A: This is not likely because the buyer will have invested a substantial initial down payment (earnest money) deposit sufficient to demonstrate their commitment to follow through and provide a good start toward the total amount they will need to close.
Q: What if your lease/purchase buyer fails to sufficiently improve their credit or moves out for some other reason?
A: This is very rare, but has happened a couple times over the past 14 years. We do everything possible to insure that the Buyer has all the resources and incentive necessary to purchase, but we do not have a crystal ball and sometimes life happens:
- Separation or divorce
- Job transfer
- Failure to take the necessary steps to improve credit: This one is very unusual and difficult to understand because of the investment the Buyer has made and the assistance that is available, but regrettably we have seen it happen.
In any event, the only impact is on the timing. If this happens we immediately place the property back on the market while continuing to make our payments and honor all our commitments to you.
On one occasion we had a lease/purchase buyer move out after just a few months because of separation/divorce. We immediately put the house back on the market and had it sold to a conventional buyer within just 2 months!
The vast majority of our lease/purchase sales have been problem free! Even in these very rare and unusual circumstances, we have always been able to ultimately purchase and sell the property.
Q: Have you ever been unable to sell a property? I don’t mind waiting, but certainly don’t want to end up getting the house back at the end of the road!
A: No. As of this writing I have a 100% closing history and every seller has been extremely pleased with the process and the results!
Q: Is there a time limit? I don’t mind waiting in order to save money and get the house sold, but don’t want this to take forever!
A: My lease/purchase plan opens up the property to a much larger pool of serious buyers and saves you money by stopping the cash bleed from mortgage payments and expenses. The trade off is that it may take a little longer, but under current market conditions it’s not unusual to see a house listed with a Realtor sit empty longer than it might take to sell to a lease/purchase buyer. And you can be sure those Realtors aren’t paying anyone’s mortgage or expenses!
Normally the minimum term of my agreement with you is for one year, with the option to extend for an additional year, if necessary. But once the property is under contract with me there is only one objective: to get it sold a.s.a.p.!