Rent to Own

Q: Do I Qualify to Rent-To-Own a home?

If you have the money for the down payment ($3,000 to $5,000 usually), you feel
comfortable that you can make the monthly house payment on time each month, and you
are not currently behind on your bills, chances are we can get you into a new home fast.

We focus on people with less than perfect credit, so we overlook most credit problems
that are a year or more old. If you have late pays, collections or even bankruptcy on your
credit report, we can work with you. We understand that life happens and sometimes
people get in over their heads. We will work with you during the lease period to clean your
credit up and get you qualified to buy the house.

While we try to help people with credit problems that are a year or more old, we can not
work with people who are currently behind on their payments. Also, we can not work with
people who have a history of not paying their rent. Please be prepared to verify rental
history.

Finally, prospective tenant/buyers must have the minimum required option fee/down
payment of $3,000 to $5,000. Often times, people call us and only have $1,000-$2,000
for the down payment. Unfortunately, we simply can not work with that little money. We do
not mind if you need to borrow the money from relatives, friends, credit cards, etc.

Q: How Much Income Do I Need to Qualify for Rent-To-Own?

That depends on how much your other expenses are. While part of our application
process is to ensure you can comfortably make the monthly payments, we are not as strict
about this as most banks and lenders.

We pretty much leave it up to you to determine if you can make the monthly payments
comfortably. You will want to be sure that you can make the payments, on time, every
month, to avoid eviction and losing your option money.

Q: How Much Money Will I Need Up Front?

The actual amount of the down payment (also called an option fee) depends on the value
of the house and your credit. A more expensive house will require a larger down payment.
If your credit is really bad, you are a greater risk and we will require a larger down
payment. This said, the typical down payment is between $3,000 and $5,000.

Q: I Like a House I See Here and Probably Want to Move in. What is My Next Step?
1) Contact us by one of the methods shown below. You can contact us just to ask more
questions or to actually set up an appointment to see the house. If you are really serious
about a particular house, you bring a deposit to hold the house ($500 to $1,000) when you
come to see it. This will hold the house for you pending the application process. This
deposit of course is put towards your option fee if we choose you or is immediately
refunded to you if we choose someone else.

2) If you like the house, we'll ask you to fill out an application, check your credit and
references, and make a decision within 48 hours (assuming we can verify everything
within that time).

3) If you are approved, we will set a time to sign the paperwork (this takes about an hour)
and you tell us when you want to move in. At the time of signing all the paperwork, and
before moving in, we will need the balance of the down payment/option fee, as well as the
first month's rent payment.

4) In many cases, we can arrange to get you the keys early in case you want to do some
painting, move some things in early, and so on. At this point, we are very flexible and try to
make things as easy as possible for you.

Q: What If You Don't Have a House that I Like Right Now?

Every month, we have a few new homes available on a rent-to-own basis. Please
bookmark this site and visit it often. Also, click on the "Looking To Buy" key and submit
your information so that we can put it on file. You can also call us directly and tell us what
you are looking for so we can search in the right area for your future home

Q: What Price Ranges of Houses and Condos are Available?

We have had condos available from $95,000 to $150,000. Houses usually range from
$150,000 to $300,000, although we have had a few above $400,000. What is available at
any given time just depends on what we have been able to buy.

Q: What Happens If I Don't Pay the Rent?

We still have to pay our mortgage. Our mortgage company does not like us missing
payments!!!! We try to avoid this situation by requiring all rental payments be paid on
time. That is why your monthly rent credits are based on on-time rent payments.
Unfortunately, we have to be very strict about these situations.

If we don't receive the rent payment by the 5th of the month, you will be charged a 6% late
fee. If rent and/or late fees are not received by the 5th of each month, rent will be
considered "unpaid" and you are technically in default of your lease agreement.

At that time, we will post a 3-day Notice on your door (as required by law) and start the
eviction process. If you do not bring your rental payments and late fees current promptly,
we turn it over to our eviction attorney and you are evicted. Corporate policy prohibits us
from accepting partial rent payments at any time.

If you are evicted, you lose your option payment and the right to buy the property. We also
reserve the right to seek further damages, as allowed by law. Further, all evictions are
reported to a national tenant agency and may affect your ability to rent in the future.

It is the tenant's responsibility to make sure rents are paid on time. We are not flexible on
this matter.

We really are not a good match for someone who does not pay their bills. Please take this
into consideration before committing to a lease/option contract with us.

Q: How and When Do I Actually Purchase the Home and Become the Full Owner?

That varies with each house and how quickly you can qualify for a loan. We recommend
that our tenant/buyers begin working with a bank or a lender immediately after you start
working with us. Show them our contracts and the numbers we have agreed upon so they
know how to guide you to getting your credit repaired, down payment for the mortgage
saved and qualified for a loan.

We are all in this together and remember, we WANT you to buy the house!

Q: What If I Have Other Questions?

Please feel free to contact us at any time and ask as many questions as you need. There
is never any obligation or pressure and we are glad to answer any and all questions you
might have.

There are many ways to contact us:
1-866-304-8926 ext. 78
toll free, 24 hour recorded message

E-mail us at info@buying-selling-houses.com

See our available homes on the Home page or fill out our questionnaire on the
Looking To Buy? page.




				*- Rent-To-Own Frequently Asked Questions -*